ISSUE #14 – I Will Protect Your Job
June 4th, 2009
“I’ll make it my job to protect your job.”
– Terry McAuliffe, Television Advertisement, Jan 26, 2009
THE FACTS
A Disturbing Pattern. “…McAuliffe has made a fortune investing -- sometimes in companies that went bust, laid off thousands and drained investors' and employees' savings.” [emphasis added] (The Washington Post, McAuliffe’s Background Could Prove a Liability. May 3, 2009) It has become clear that Terry McAuliffe can’t be trusted to protect Virginia jobs and that he has no record of creating jobs in the Commonwealth. On more than one occasion, McAuliffe drained millions from failing firms while hundreds, and sometimes thousands, of people lost their jobs.
600 Jobs Lost at Telergy. McAuliffe makes $1.2 million. As a Board Member at Telergy, McAuliffe oversaw the collapse of the telecom firm and firing of over 600 employees. He was paid $1.2 million by the company and bailed from the Board within days of hundreds of layoffs. (The Post-Standard, Wired: Inside Telergy, December 10, 2000; Associated Press, Tech Bust Hits Telergy, 150 Lose Jobs, August 9, 2001; The Post-Standard, Florida Company Owed $47,000 by Telergy, August 18, 2001; The Post-Standard, Telergy Founders Share $1.5 M; Nothing for Laid Off Workers, December 6, 2001; The Post-Standard, Judge Agrees to Liquidation for Telergy, December 15, 2001)
Five Businesses, No Jobs. “…McAuliffe boasted of launching five businesses in Virginia. It turned out that all five are investment partnerships, with no employees, registered to his home address in McLean.” [emphasis added] (The Washington Post, McAuliffe’s Background Could Prove a Liability, May 3, 2009)
10,000 jobs lost, $18 million made at Global Crossing. McAuliffe was a consultant to the CEO of Global Crossing, working out of their DC office. (New York Times, Friendship Counts; Clinton’s Top Fundraiser Made Lots for Himself, Too, December 12, 1999) McAuliffe made upwards of $18 million, according to the New York Times, while 10,000 people lost their jobs and the company went bankrupt. (CBS News Web Site, Troubled Companies: Global Crossing, Date ) During his time at Global Crossing, he convinced the company to invest $40 million in Telergy, a telecom firm where he was the Board of Directors.
– Terry McAuliffe, Television Advertisement, Jan 26, 2009
THE FACTS
A Disturbing Pattern. “…McAuliffe has made a fortune investing -- sometimes in companies that went bust, laid off thousands and drained investors' and employees' savings.” [emphasis added] (The Washington Post, McAuliffe’s Background Could Prove a Liability. May 3, 2009) It has become clear that Terry McAuliffe can’t be trusted to protect Virginia jobs and that he has no record of creating jobs in the Commonwealth. On more than one occasion, McAuliffe drained millions from failing firms while hundreds, and sometimes thousands, of people lost their jobs.
600 Jobs Lost at Telergy. McAuliffe makes $1.2 million. As a Board Member at Telergy, McAuliffe oversaw the collapse of the telecom firm and firing of over 600 employees. He was paid $1.2 million by the company and bailed from the Board within days of hundreds of layoffs. (The Post-Standard, Wired: Inside Telergy, December 10, 2000; Associated Press, Tech Bust Hits Telergy, 150 Lose Jobs, August 9, 2001; The Post-Standard, Florida Company Owed $47,000 by Telergy, August 18, 2001; The Post-Standard, Telergy Founders Share $1.5 M; Nothing for Laid Off Workers, December 6, 2001; The Post-Standard, Judge Agrees to Liquidation for Telergy, December 15, 2001)
Five Businesses, No Jobs. “…McAuliffe boasted of launching five businesses in Virginia. It turned out that all five are investment partnerships, with no employees, registered to his home address in McLean.” [emphasis added] (The Washington Post, McAuliffe’s Background Could Prove a Liability, May 3, 2009)
10,000 jobs lost, $18 million made at Global Crossing. McAuliffe was a consultant to the CEO of Global Crossing, working out of their DC office. (New York Times, Friendship Counts; Clinton’s Top Fundraiser Made Lots for Himself, Too, December 12, 1999) McAuliffe made upwards of $18 million, according to the New York Times, while 10,000 people lost their jobs and the company went bankrupt. (CBS News Web Site, Troubled Companies: Global Crossing, Date ) During his time at Global Crossing, he convinced the company to invest $40 million in Telergy, a telecom firm where he was the Board of Directors.
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