Chrismakkah comes early!
Though footnoted.org doesn’t normally focus on issues going on outside the SEC filings, the news that former Qwest (Q) CEO Joseph Nacchio has been indicted on 42 counts of insider trading is just too much to pass up.
Those of you who have read Financial Fine Print, know that I first got interested in reading SEC filings after getting swindled by Qwest back in 1999 and 2000. I realized that if I had only read the Ks and Qs, instead of listening to Nacchio and his buddy, Jack Grubman, I could have dumped the stock when the dumping was still good. The indictment accuses Nacchio of selling $101 million worth of stock, which ought to help pay for his hefty legal bills.
Though the indictment doesn’t mean that Nacchio will be found guilty (just look at how Scrushy walked this year) and he has, in fact, pled not guilty to all counts, I and other Qwest losers can’t help but feel at least a little bit vindicated. It’s kind of like Christmas and Hanukkah being rolled into one.