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Global Crossing

   Also found in: Acronyms, Wikipedia 0.01 sec.
Global Crossing
A communication services company that filed for bankruptcy protection amid an accounting scandal where it had allegedly inflated earnings by using capacity swaps, among other things. Capacity swaps are the exchange of telecommunications capacity between carriers that is booked as revenue without money ever being exchanged.

Notes:
This scandal happened around the same time as the Enron transgression. In early 2002, the Global Crossing bankruptcy was the fourth largest in U.S. history. In 2005, it settled with the SEC, having been determined that it did not comply with numerous accounting laws and is to refrain from violating any other accounting laws.


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CHICAGO -- Inter-carrier arrangement with Global Crossing further extends availability of flexible, cost-effective MPLS Virtual Private Network (VPN) services
The outcome of his ambitious effort could well determine whether his battered company, Global Crossing Ltd.
TEOCO, a leading provider of strategic business solutions to large and small enterprises, today announced that Global Crossing has implemented TEOCO's world-class BillTrak Pro(TM) product suite and utilized TEOCO's audit services.
 
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