Nacchio

Posted on July 27, 2007
Filed Under Uncategorized |

I lost a lot of money on Qwest, which I wrongly believed at the time was more insulated over the long term from the telecom meltdown than other providers. Part of the reason I believed that is because CEO Nacchio forcefully made that argument, of course in the end he was more concerned about one shareholder, himself, than the rest of us.

The fact that he has shown little remorse for the billions of lost shareholder dollars under his watch, and remains unrepentant about his significant part in it, well let’s just say I’m enjoying the news today.

It’s a sad thing when a man like Nacchio sees not only his career wash away, but a significant chunk of his wealth, and then puts on his family the humiliation that he alone should be burdened with. Sadder still is the thought that I, and many others, think he is getting what he deserves.

A federal judge today sentenced former Qwest Communications chief executive Joe Nacchio to six years in prison for insider trading.

U.S. District Judge Edward Nottingham also ordered Nacchio to forfeit $52 million in assets he gained in illegal stock sales, imposed a maximum $19 million fine and ordered him to serve two years’ probation after serving his sentence.

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