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(Bold emphasis mine)In 1997, McAuliffe invested $100,000 in Global Crossing,[SUP][/SUP] a Bermuda-registered telecommunications company providing fiber-optic networking services worldwide.[SUP][/SUP] Global Crossing went public in 1998.[SUP][/SUP] The following year, McAuliffe sold the majority of his holding for a $8 million profit (he could have earned $18 million if he had sold earlier).[SUP][/SUP] McAuliffe sold the rest of his shares in January 2002.[SUP][/SUP] The company filed for bankruptcy that same month, causing investors to lose over $54 billion, and 10,000 employees to lose their jobs.[SUP][/SUP][SUP][/SUP] According to McAuliffe's book, he played no management role in Global Crossing.[SUP][[/SUP]
McAuliffe has had a prolific fundraising career within the Democratic Party, and a long personal and political relationship with Bill and Hillary Clinton.[SUP][/SUP] McAuliffe and his staff raised about $275 million, then an unprecedented sum, for Clinton's causes while he was in office. Once Bill Clinton's term was served, McAuliffe loaned them $1.35 million to purchase a New York City home, in a deal that raised ethical questions.[SUP][/SUP][SUP][/SUP] In 2000, McAuliffe chaired a tribute fundraiser to Clinton, which set a fundraising record for a single event, raising $26.3 million.[SUP][/SUP]
It will go nowhere, Repubs control both houses of the VA State legislature.