Leo J. Hindery Jr. (with Deborah)
March 5, 2001 Leo Hindery Jr. has long been a legislative liaison for the cable industry on Capitol Hill. A former chairman of the National Cable Television Association, he was a strong proponent of the Telecommunications Act of 1996, which deregulated much of the industry. In 1997 and 1998 he testified before Congress three times, arguing for less government regulation and relaxed oversight of industry mergers. It's an issue Hindery knows something about: He was president of telecommunications giant TCI when it merged with AT&T, and negotiated AT&T's acquisition of the MediaOne Group. More recently, Hindery served a seven-month stint as chief executive Global Crossing, a fast-growing firm specializing in underseas cables and wireless communications. He stepped down to head the company's Internet division, Global Center, while it completed its sale to Exodus Communications. Despite his rapid turnover in job titles, Hindery has remained a consistent political booster, even appearing on television last year to promote Al Gore's plans for the economy. And Global Crossing has continued its wheeling and dealing in Washington, reeling in congressional favors, favorable regulatory decisions, and a battery of powerful backers in a recent legal case to salvage wireless frequencies. Hindery serves on the board of several companies, including TD Waterhouse Group, GT Group Telecom, and HL Capital, his family's private investment concern. But after announcing his last job change, he told the Industry Standard that he was done running companies. "I picture the rest of my life in public service and charities," he said. Having made a reported $247.5 million in stock from the recent deal with Exodus, Hindery should have little difficulty doing whatever he wants. -- Michael Scherer | | |
