As many of us know, former Qwest CEO Joseph Nacchio was convicted of insider trading yesterday, with the government making the case that Nacchio knew Qwest would fall short of its revenue targets in 2001 and thus dumped $52 million in Qwest shares between April and May of that year.(And as I read the quotes from U.S. Attorney Troy Eid after the conviction, I just wonder how much he and the other attorneys have done to keep in Bushco’s good graces after Abu Gonzales fired the eight who weren’t – I know it’s unfair to “paint with a broad brush” like that, but I still can’t help but wonder.)
Well, before we all celebrate the demise of another corporate evildoer too much here, I would ask that we revisit this great Kos post from the Patriot Daily News Clearinghouse about what happened when Nacchio refused to turn over his company’s phone records to the NSA (indeed, the entire post carefully reconstructs the possible – probable? – payback Nacchio suffered as a result, though his lawyers will appeal this verdict).
Update: Besides, though Nacchio was convicted of insider trading, I know a certain President who was accused of the same thing but "walked" by virtue of his last name.
Update 10/11/07: Uh...yep.
Update 3/17/08: Wow...
1 comment:
i happened to be living in denver (qwest hq) at the time the whole nacchio business came down, and, in my position as cfo of a large nonprofit, got to know one of our board members, a former cfo for u.s. west, a qwest acquisition... while i do not doubt the possibility or even the likelihood of bushco retaliation for the failure to turn over phone records, i also, based on a number of conversations with the former u.s. west exec and following the news of the time, that nacchio played fast and loose with OPM (other people's money)... the general consensus was that he was just another ken lay, taking advantage of buyouts and cooked books to enrich himself to an obscene extent... i'd actually be happy to find out he's a victim of bushco... at least it would render him a more human figure...
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