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Intertwined Terry McAuliffe Business Failures: Global Crossing & Telergy

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Published on May 5, 2009

Terry McAuliffe will tell you he had nothing to do with Global Crossing, but as this video shows, he was able to use his access to sell Global Crossing on funding Telergy for $40 million. Terry McAuliffe shared office space with the CEO of Global Crossing, and sat on the Board of Directors for Telergy. McAuliffe made out with $1.2M from Telegy for securing the Global Crossing loan, and sold his Global Crossing stock that he purchased for $100K, for $18M.

Soon after McAuliffe sold out, both Global Crossing and Telergy went bankrupt, with thousands of workers losing their jobs and pensions.

Terry McAuliffe took the combined $20 million and never looked back.

Does Virginia need that type of business leadership in a Governor? Nope.

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