Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2002
Accounting and securities-fraud allegations
During and after the bankruptcy, executives were accused of using improper accounting to inflate reported revenue and support the company’s market valuation. Investors and former employees filed lawsuits, and former executives later reached settlements.
2002
Executive compensation during bankruptcy
The company faced criticism because executives received substantial bonuses and loan relief while employees experienced layoffs, unpaid obligations, and canceled pensions.
2002
Political influence and lobbying scrutiny
Global Crossing’s political contributions and its reported engagement of lobbyist Anne Bingaman to oppose competing cable licensing arrangements attracted scrutiny during the company’s collapse.
2002
Bankruptcy
The January 2002 bankruptcy became one of the largest corporate failures of its period and exposed the risks of the company’s debt-funded global fiber expansion.