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Winnick also reportedly gave over $148 million to charities during the time that he was the chairman of Global Crossings (Wikipedia, 2007)
While Winnick's spending might have been a reason for Global Crossings quick fall, one must look at the spending of the entire company. Four of Global's CEO's were giving personal loans totaling of about $23 million. These loans were also forgiven while bankruptcy was on Global's horizon. This same four CEO's were give bonuses of about $13.5 million. The office space of Global Crossing was very pricey and the renovations do on the rented space were extravagant...
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