President (To Win Colorado)
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20%
CO-01 (Denver)
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CO-02 (Boulder-ish)
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(R) Marshall Dawson
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48%
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DEMOCRATS
REPUBLICANS
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April 20, 2007 02:02 AM UTC
23 Comments
Those that mean he’s mostly innocent? 🙂
true, he may have been acquitted on more counts than convicted, but isn’t this like being only a little pregnant?
They were each a count of insider trading that could get him up to 10 years in prison and $1 million in fines (times 19!) so theoretically he could be liable for $19M and seve 190 years, but he probably won’t.
does he have to return the 100 million FIRST and then pay the fines? or can he pay the fines from the 100 million? If the later, the judge will probably only hit him with some ridiculously low amount and then let him off with 10 years each to run concurrently (i.e. no more than 10 and probably only 3-5 years). Basically, he might serve a bit of time in FEDERAL prison (the half way nice ones), and then have say 50 million. I would do that.
but Nacchio’s still in other trouble with the SEC who are suing him for around $250 million. Now, THAT’S going to hurt.
…called asset seizure and forfeiture, but they are fairly easy for the prosecution to win when there’s been a conviction in the underlying criminal case
I distinctly remember the controvrsey about his earnings projections, when they just didn’t seem possible. The press and analysts were questioning him frequently, and he was a blowhard.
So I would have been surprised if there had been acquittals on all charges. Not surprised that he has been acquitted on a bunch of charges. I didn’t follow the trial very closely. No skin in the game.
Joe was the chief sales guy at AT&T before coming to Qwest. In the corporate telecom world, sales guys chase revenues at all costs and promise the moon but routinely under-deliver. (Why do you think AT&T did not make Nacchio their CEO?) Sales guys get compensated based on revenues and revenue growth, not profits. It’s not surprizing that under the leadership of a sales guy Qwest quickly sank into revenue-related deep do-do (e.g., the capacity swaps with Global Crossing and absurd revenue projections).
…..yet another rich and powerful straight white man is gonna be looking for a presidential pardon sometime between 11/4/08 and 1/20/09.
because right now it looks like he was acquitted of the 23 counts of selling stock before a Board meeting and convicted for the 19 times he sold stock after the meeting. I hope the decision is more complicated than that.
I mentioned at length some time back how when Qwest bought USW, they cut the funding to my computer lab the next morning to zero.
Several years later I bought some Qwest stock for $1.15, thank you Joe, I think. One cent more than the absolute low. Now it’s up around $8+. What sucks are all the retirees who lost their retirement so that I could benefit.
I was in USW at at one time (millenium) and then later in the 14th street. That was back in the 80’s and 90s. And now, I am curious as to what is your background?
I have someone in my family that is one of those retirees. I’m more than happy to see this crook pay.
I am starting to think that you have a wry sense of humour in light of our conversation the other day. I was wondering about the use of parsing in your login. Typically that indicates you have a math, languages, or computer background.
getting better at some……
Public school teacher, coal handler C shift in Loveland for Great Western 1972, landscape contractor, drug dealer, sales engineer in hydraulics and pneumatics, motorcycle courier in LA, wholesale mortgage sales, underwriting, handyman, truck driver, hotel dick at the Brown Palace, director of 20 seat computer lab in Curtis Park, chaplain, writer, poet, photographer, medical ethicist, computer repair and services.
And that doesn’t include the filler jobs between the more others!
Your background would give a guidance counselor schizophrenia on career day.
I worked damned hard on some of them. ONe thing or another, company moved, boss changed, whatever. I will admit that I’ve made my share of business political mistakes, bad decisions, etc., but probably not much different than many people who have stayed in a job 20-30 years.
My brother and I have asked my mother, who is a very outspoken person when there is something wrong, how she lasted 23 years in the public school system. She had no idea.
A large portion of luck, I guess. I sure didn’t inherit it.
not unless Judge Nottingham grants an appeal bond…….
One thing to note though…”Spirit of Service” was the slogan Qwest began using in the post-Nacchio regime, in an attempt to cleanse the public image of the Nacchio “stank” and the previous Sol Trujillo-led travesties. Yeah, I know, it’s ridiculous given that it’s Qwest after all, but we should note in all fairness that the slogan under Nacchio was “Ride the Light.”
Nacchio is in good company and comes at the end of a string of telecom execs that got burned by their own greed.
I suspect that Qwest’s stock crash probably destroyed the retirements and financial resources of more Coloradans than any other event outside the Great Depression. It’s a shame that Nacchio and other execs can’t be tried for managerial incompetence and that we have to settle for insider trading crimes. But for its local service business built under a decades-long government protected monopoly, Qwest would have been bankrupt long ago (like Global Crossing, MCI/WorldCom, XO, McLeod, CGI, GST, etc). Qwest’s motto: “It takes a long time to piss away a billion dollars.”
I believe that the salt in the wound of the Nacchio trial is that his legal defense was paid for by Qwest. Nothing like making the victim pay to defend the perp.
Al Lewis’ column today about Tom Hall, a Qwest mid level convicted of a small infraction, basically, implies that he paid his own defense. According to his widow (yes, he had the courtesty to get a brain tumor and die on the day Joe’s trial opened!) they had to sell everything they owned.
The diff? Level of management? Anyone?
Qwest’s obligation to pay for Joe’s defense arises from the terms of his employment contract. Not the sort of thing that’s typically extended to the mere mortals wiped out by the Qwest stock collapse (i.e., regular employees with a 401(k) invested in Qwest stock and virtually anyone else who owned a large cap growth mutual fund in 2000-2002). On top of that, Joe’s employment contract allowed for him to live in New Jersey and commute back and forth to Colorado. At Joe’s level in Qwest, I would not be surprized to learn (but do not know) that Joe’s commute was on the corporate jet paid for by the shareholders.