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BEVERLY HILLS — Global Crossing, which is seeking bankruptcy protection after one of the most spectacular flameouts in U.S. telecommunications history, gave contracts to a fledgling Internet firm run by the son of one of its own senior executives. 

Global Crossing did at least two deals last year with Chicago-based Withit.com, a streaming media company run by the son of Joseph Perrone, executive vice president of finance, the New York Times reported Monday. 

Analysts say there was nothing illegal about the transactions, but there were other firms that might have been better suited to do the jobs. 

“There are a number of companies that are well known and established who stream financial content to investors and traders over the Internet,” said Paul Ritter, an analyst with the Yankee Group, a telecommunications research firm. “Withit is not one of them.” 

Global Crossing spokesman Daniel Coulter said Perrone was not involved in approving the Withit contracts. He could not give details on how the two companies came to work together. 

Coulter said the company was reviewing whether it needed to disclose its relationship with Withit in a future filing with the Securities and Exchange Commission. 

Withit’s chairman and president, Joseph Perrone Jr., told the Times: “In no way can I comment on any of that, or whatever is happening with the Securities and Exchange Commission,” he said. “I can’t help you. I can’t talk about this matter.” 

The revelation brings more questions about the finance department of Global Crossing, which filed for bankruptcy protection last month. 

Perrone joined Global Crossing in 2000 after overseeing the company’s accounting methods for independent auditor Arthur Anderson. Those financial practices are now under investigation by the SEC and the FBI. 

Among investigators’ concerns is whether Global Crossing misled investors by booking swaps with other telecom firms as revenue, even though cash often never changed hands. 

In one contract, Global Crossing hired Withit to evaluate the technology in a desktop securities-trading operation Global Grossing was preparing to sell to Goldman Sachs for $360 million. 

Corporate governance experts question whether Global Crossing’s board was objective enough to review the company’s activities properly. 

“In the case of both the Perrone relationship and the board structure, it is not ideal, but from what we know, not necessarily wrong,” said Michael Useem, professor of management at the Wharton School of the University of Pennsylvania. 

But the fact that the company is now looking at disclosing its relationship with Withit to the SEC suggests that “it may be a significant business relationship” perhaps one worth the board’s attention, he said.