It's old news, but is Qwest okay now?

[ProSense]

SEC Charges Former Qwest CEO Joseph Nacchio and Eight Others with Massive Financial Disclosure Fraud

FOR IMMEDIATE RELEASE
2005-36

Washington, D.C., March 15, 2005 - The Securities and Exchange Commission today charged Joseph P. Nacchio, former co-chairman and chief executive officer of Qwest Communications International Inc., and eight other former Qwest officers and employees with fraud and other violations of the federal securities laws. In three separate but related civil actions, the Commission alleges that, between 1999 and 2002, the Qwest defendants engaged in a multi-faceted fraudulent scheme designed to mislead the investing public about the company's revenue and growth.

According to the SEC's complaints filed in the United States District Court for the District of Colorado, Nacchio and others made numerous false and misleading statements about Qwest's financial condition in annual, quarterly, and current reports, in registration statements that incorporated Qwest's financial statements, and in other public statements, including earnings releases and investor calls,. As a result of that scheme, Qwest fraudulently recognized over $3 billion of revenue and excluded $71.3 million in expenses. The Commission, in October 2004, sued Qwest in a settled injunctive action in which the company agreed to pay a $250 million penalty for its misconduct.

In addition to Nacchio, the Commission's complaints name former chief financial officers Robert S. Woodruff and Robin R. Szeliga, former chief operating officer Afshin Mohebbi, former executive vice president of wholesale markets Gregory M. Casey, former senior vice president of pricing and offer management Roger B. Hoaglund, former senior vice president of finance William L. Eveleth, former director of financial reporting James J. Kozlowski, and former senior manager of financial reporting Frank T. Noyes. The complaints seek injunctions, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties against all of the defendants, and officer/director bars against Nacchio, Woodruff, Szeliga, Mohebbi, Casey, and Eveleth.

more...

http://www.sec.gov/news/press/2005-36.htm

January 07, 2002

Qwest Communications Chairman And CEO Joseph P. Nacchio Named Chairman Of FCC Advisory Group

WASHINGTON, D.C., January 7, 2002 -- Qwest Communications International Inc. (NYSE: Q) Chairman and CEO Joseph P. Nacchio has been named to head the Federal Communications Commission's (FCC) Network Reliability and Interoperability Council (NRIC). The appointment was announced by FCC Chairman Michael K. Powell.

In addition to his role as chairman of the NRIC, Nacchio is vice chairman of the National Security Telecommunications Advisory Committee (NSTAC), a select group of industry executives that provides advice on security and emergency preparedness issues to President George W. Bush. Nacchio is scheduled to become chairman of NSTAC later this year. The leadership roles for the government will not distract Nacchio from running Qwest.

Of his new leadership role at NRIC, Nacchio said: "The council’s work at this crucial time is particularly important to the safety and well being of our nation as we study and recommend to the FCC ways to make our Internet, data and voice networks more secure, and more reliable, than ever before. We must ensure that essential security needs of our federal, state and local governments are met while continuing the high quality of service the public requires. I look forward to working with Chairman Powell and the members of the Council to achieve these goals."

more...

http://www.qwest.com/about/media/pressroom/1,1281,870_archive,00.html

[madmark]

1. as a customer, as oppose to a circa 2000 investor, the answer is yes

[Generic Other]

2. The only phone company not to hand over domestic call records

to the government. That's good customer relations if you ask me.

[ConsAreLiars]

3. The only goal of corporations is to steal by any means possible.

Scams like that are standard procedure. Maybe you know of some corporations (other than non-profits) which put honesty, integrity and the greater good above their bottom line. If so they are likely in violation of their charter.

Qwest is being praised for resisting, in some small way. encroaching fascism. That does not mean that it is being regarded as some earthly model of "perfection." That small bit of resistance to totalitarianism may be unimportant to you, and not worthy of the "thanks." But your apparant "reasoning" that a corporation must be above reproach in all of its actions before it can be regarded as "OK" in any other respect id just simpleminded black-white freeper "logic.". The impact of those charges on your investment portfolio may be more important to you (why else would you care?) than the company's refusal to cooperate with the NSA surveillance program - that reflects your priorities - but others here think fascism is a greater evil and any act of resistance is worthwhile.