New trial for former Qwest CEO Nacchio

[El Supremo]

Source: 9NEWS

DENVER (AP) - A federal appellate court has ordered a new trial for former Qwest CEO Joe Nacchio, saying the trial judge incorrectly excluded expert testimony and classified information important to his defense.

At his trial, a jury concluded Nacchio sold $52 million worth of stock when he knew Denver-based Qwest Communications International Inc. was at financial risk but didn't tell investors.

The jury acquitted Nacchio of 23 counts.

Nacchio was sentenced to prison for six years but remained free on bail pending the outcome of his appeal.


Read more: http://www.9news.com/news/top-article.aspx?storyid=88289

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Damn! Maybe his lawyers will take all of his money in the process.

[Warpy]

1. It's important to remember Qwest told the NSA

to go jump in a lake when they wanted them to cooperate with illegal wiretaps.

I have no idea whether or not Nacchio is guilty of real wrongdoing. I do know that the first trial was full of prosecutorial wrongdoing and that he does deserve a fair trial with all the evidence presented.

If the government wants to convict somebody it doesn't like, it had better play by the rules or the conviction won't stand.

[El Supremo]

2. Man are you ever wrong.

This has nothing to do with wiretapping. This has everything to do with stealing money from shareholders and ruining jobs all while knowing your company is going to tank. Next to Kenneth Lay, Naccio was the biggest Republican supported crook of this decade.

[Warpy]

4. Then let him be convicted honestly

BTW, you might read my whole post.

[nvme]

3. Qwest

I am no fan,but the fact that he turned down illegal wiretaps and then later is prosecuted is a little too coincidental. Under any other administration I would have said justice has been served. Under this regime however, I question all coincidences.

[peacetalksforall]

5. Yes, it's important to look at it. Betrayal and revenge + highest motivators for Dick and George.

1) Two Governors?
2) x # of U.S. Attorneys ?
3) CEO's ?
4) Clarke, two O'Neills, how many more = smeared or more. ?

Just thinking about the VAST number of operatives it takes to plan, coordinate, and act.

We need to know.

Given their record for lying, stealing, destroying, plundering, snearing - we need to ask.

[krkaufman]

6. And Nacchio's story is that Qwest lost money because of his refusal to wiretap

He's saying that other federal contracts, upon which Qwest revenue projections were based, were pulled when Qwest refused to go along with Bush's warrantless wiretapping program.

[UpInArms]

7. Among the big telecommunications companies, only Qwest has refused to help the NSA

http://www.usatoday.com/news/washington/2006-05-10-nsa_x.htm

Among the big telecommunications companies, only Qwest has refused to help the NSA, the sources said. According to multiple sources, Qwest declined to participate because it was uneasy about the legal implications of handing over customer information to the government without warrants.

Qwest's refusal to participate has left the NSA with a hole in its database. Based in Denver, Qwest provides local phone service to 14 million customers in 14 states in the West and Northwest. But AT&T and Verizon also provide some services — primarily long-distance and wireless — to people who live in Qwest's region. Therefore, they can provide the NSA with at least some access in that area.

[maddezmom]

8. kick

[flashl]

9. (Qwest CEO) Nacchio's Convictions Are Overturned

Source: Washington Post

A federal appeals court overturned the 19 insider-trading convictions of former Qwest Communications chief executive Joseph P. Nacchio after concluding that the trial judge improperly excluded expert testimony that would have helped Nacchio advance his defense.

The U.S. Court of Appeals for the 10th Circuit said yesterday that the mistake justified a new trial because a business law professor could have offered important context in Nacchio's bid to persuade jurors that he had an innocent explanation for more than $52 million in stock sales while Qwest was struggling to meet profit targets.

The central issue in the case is whether Nacchio dumped stock in early 2001 because he knew the company was faltering or because he simply sought to diversify his financial holdings.

The three-judge panel's ruling erases the jury verdict from last year, as well as a six-year prison sentence for Nacchio, who had remained free pending the results of his appeal. "Armchair economics is not the way to decide complex securities cases," the appeals court wrote.

Washington Post

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2008/03/17/AR2008031702776.html

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The best justice money can buy or the finance meltdown makes Qwest CEO dealings seem normal?

[DiverDave]

10. Edwards was right, there are 2 Americas.

If it walks like a duck, and qu...oh fuck it, we are going the way of Rome...

[laylah]

11. This phrase struck me...

"The three-judge panel's ruling erases the jury verdict from last year, as well as a six-year prison sentence for Nacchio, who had remained free pending the results of his appeal". And Mr. Siegelman is in prison pending his why? Mr. Nacchio was targeted for refusing to unconstitutionally invade the rights of we, the people, and tap our phones. Good on him!

[KeepItReal]

12. K&R for Nacchio standing up for the rule of law

<eom>

[acmavm]

13. So this guy was free pending the results of his appeal? What

about Siegleman? Why isn't he free? Oh yeah, because he hasn't been able to file an appeal thanks to bush** administration corruption.

[DCKit]

16. Somebody at DoinJ probably got fired for not following the same game plan...

as with Seigelman.

Regardless, it seems even Nancy, Harry, the minions and other enablers can't hold off the shit-storm that's coming. But I am incredibly disappointed that there aren't more whistle-blowers/patriots willing to rat out these criminals. How bad does it have to get before people who are involved and know what's been going on finally realize the actions of this gang are going to negatively impact them, personally, for the rest of their lives along with the rabble?

[flashl]

17. Maybe whistle-blowers need SOMEBODY to trust?

Did Congress Mistakenly 'Out' Secret Whistle-Blowers?

October 30, 2007

A clerical error by a congressional staffer may have revealed the e-mail addresses of government whistle-blowers.

The addresses were from a list of respondents to a congressional "anonymous" tip line set up to ferret out malfeasance within the Department of Justice.

ABC

[DCKit]

19. I stand corrected. WTF was I thinking? Competence in government? n/t

[raincity_calling]

20. Incompetence?

"In politics, nothing happens by accident. If it happens, you can bet it was planned that way." as stated by Franklin. D. Roosevelt.

[peacetalksforall]

18. ANd remember, Seigelman was manacled and taken from the courtroom to prison.

White collar executives usually get start dates for the term that are later than the verdic tday. So, hauled off to prison just like a murderer. Also gets beaten in prison?

[flashl]

21. Compare Seigelman's treatment to three Execs at Purdue Pharma ...

Purdue pharma admits white lies. Lines up $600 million fine.

IN GUILTY PLEA, OXYCONTIN MAKER TO PAY $600 MILLION

The makers of Oxycontin, a mainstay of cancer patients and fratboys alike, have pled guilty to knowingly promoting the drug as less dangerous and less powerful than it actually is. They argued that since it contained a time release coating, it was safer and less likely for abuse than Vicodin. Obviously nobody did any real research (or any research they did must have been covered up) because people will hork this shit up their noses until their body gets so friggin’ down that their heart is too lazy to breathe. That’s how you die from Oxycontin.

Oxycontin competes with crack cocaine in street sales and causes hundreds of deaths. Yet, after more than ten years of ignoring oxycontin's addictive properties, the execs were fined and walked away.

[bean fidhleir]

14. Let's see, he's wealthy and gets his convictions overturned because of a process issue

but the poor guy on death row in Georgia, where most of the witnesses against him recanted, was refused on his appeal.

Justice? Not even close.

[flashl]

15. Exactly. Many dp inmate's appeals are denied for same reasons. nt