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Summary:

Finally the noose is beginning to tighten around Global (Double) Crossing promoter, Gary Winnick. The New York Times has a brilliant article in today’s edition about how Gary is now fighting with the same dudes who financed his scam. I love this quote by Judge Gerald […]

Finally the noose is beginning to tighten around Global (Double) Crossing promoter, Gary Winnick. The New York Times has a brilliant article in today’s edition about how Gary is now fighting with the same dudes who financed his scam. I love this quote by Judge Gerald Lynch overseeing the case: “I am prepared to look at this case as, with all respect to the people involved, a bunch of crooks getting sued by a bunch of bankers who are too dumb to stop throwing money down the toilet.” The article basically highlights the Horatio Alger type rise, fall and rise of Winnick, that fat kid from Long Island. Susan Kalla, a telecom analyst at Friedman Billings Ramsey, sums up my feelings when she says, “I believe this guy has set American business culture back greatly. He wasted billions and billions of dollars that could have been spent on far more useful purposes. He’s set innovation in the industry back by a decade because he, and others like him, beat investors down so badly.” The article is a great read, even if a rehash of the old stories. If you read Broadbandits, then you are quite aware of the scope of the fraud. Anyway if you have not read Broadbandits, buy a copy.

By Om Malik

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  1. YEP, Winnick and his bandaided network are sure doing the world no good…….when you SELL for LESS than it takes to produce, your Biz Model is ROTTEN SALAMI dont make filet mignon sandwiches!!!!!!!!

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