Word: nacchio
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...insider trading. Financier Michael Milken, the "junk-bond king" who famously earned $550 million in 1987, avoided prosecution on similar charges by pleading guilty to other criminal counts. But the largest insider-trading conviction came two decades later, in 2007, when former Qwest Communications head Joseph Nacchio was convicted of selling $52 million in company stock while knowing the company was headed for trouble. He was sentenced to six years in prison, though an appeals court later ordered his sentence reduced...
...federal district court jury in Denver deliberated six days before finding Joseph Nacchio, former CEO of Qwest Communications, guilty of 19 counts of insider trading. Nacchio, 57, made millions selling Qwest stock, touting the company's bright prospects even while its fortunes were tanking. Sentencing is set for July. The fallen corporate star could face a decade in prison and millions in fines...
...fourth firm, Qwest, refused the government's request for its records, despite what USA Today reported was heavy pressure by the NSA, including a suggestion that Qwest might not get future classified work with the government. In a written statement, the attorney for former Qwest CEO Joseph Nacchio said Nacchio believed that "these requests violated the privacy requirements of the Telecommunications...
...forced into the congressional spotlight on boardroom greed. Anschutz has thus far avoided a hearing by privately convincing investigators he had no role in his company's day-to-day operations--including deals in which the Denver telephone company allegedly booked phantom revenue. But Qwest's ex-CEO Joseph Nacchio, in little-noticed testimony last week before the House Energy and Commerce Committee, said he had consulted Anschutz on all major decisions. Now committee staff members plan to question Anschutz again on the deals, and if Democrats get their way, on his sale of $2 billion in Qwest stock before...
...problem is that too many boards demand someone who has already been a CEO somewhere else, to avoid the criticism that would follow if a rookie CEO didn't work out. So we get a transient band of failed leaders like Michael Armstrong at AT&T and Joseph Nacchio, most recently at Qwest. Whenever possible, companies should promote from within, as at IBM and GE. One immediate improvement would be to index the price at which a CEO can exercise stock options so the options have value only when the stock outperforms a peer group. And as Paulson said, CEOs...