The former CEO of Qwest, Joe Nacchio who ran the communications company for a chunk of the western U.S. had his insider trading conviction reinstated today. A jury convicted Nacchio in 2007 of 19 counts of insider trading. Federal prosecutors alleged Nacchio sold $52 million worth of stock at a time when he knew Denver-based Qwest Communications was at risk while other investors did not. Nacchio could be ordered to begin serving a 6-year prison sentence.
Now why do we care about this? Besides the retirees who lost huge amounts of their retirement due to the down turn of Qwest. I’ve been following this story since it started in the court. And, every photo or video show Nacchio grinning away with that damn dead cat on his head.
Could this be the worst toupee ever? Does that rotting kitty fool anyone? So, every step in the judicial process gets me more excited for the day he heads to prison. That means he has to surrender Fluffy as a deadly weapon. I’m giggly with excitement. The big COE getting his comeuppance.
But seriously, don’t sell your multimillion dollar stock right before your companies’ economic downturn. That’s bad. Also, don’t waste your nights lurking around the alleys of Denver for cats to glue to your head. That’s really bad.