Crime Does PayQwest book cooker still getting paid ( old news - 09:53AM Thursday May 06 2004) tags: business Former Qwest CEO Joe Nacchio, accused of cooking the company's books and running the company into the ground, is still being paid $125,000 a month in consulting fees, notes "Broadbandits" author Om Malik. The company apparently paid Nacchio a $15 million severance package on his way out, continues to pony up consulting fees, and will provide him with 10 years worth of free long-distance and phone service as apparent thanks for a job well done. Qwest engaged in the now infamous rounds of "network capacity swaps" with companies such as Global Crossing and Enron, and was forced last year to remove $2.5 billion in inflated 2000 & 2001 revenue from the books thanks in part to Nacchio's "leadership". Qwest retirees and shareholders, needless to say, didn't make out quite as well as Nacchio.
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bmupton
join:2001-08-19
Saskatoon, SK
| Re: Jebus... said by Subaru  :
$125,000 a month...
I won't make that much in 5 years. Or rather, if you convert that to Canadian, I wouldn't make that in nearly 8 years. (Since I'm Canadian and all)
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psychowolfman, webmaster
»www.saskmetal.com | |
| | | sonicice
join:2001-07-25
Coldwater, MI | Re: Jebus... 5 years american for you... 13 years american for me  | |
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andrewe77
Gonads And Strife
join:2000-09-17
Blue Springs, MO
clubs: | Re: Jebus... 2.3 years here. God bless Engineering. | |
| | veh
join:2003-04-05
San Francisco, CA | Wow, I wished I am paid that much a year. | |
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csiemers
join:2000-09-16
Portland, OR
 ·EarthLink
| the inhumanity of it all Just think of all the employees that will have to be fired or moved overseas to pay money to that crook!
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»www.wwiivehicles.com
World War II Vehicles and Advanced Squad Leader | |
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SuperJudge
Magus
Premium
join:2002-11-14
Albany, GA
clubs: | Re: the inhumanity of it all I bet there are others who get the same for the same, too ;o | |
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daniyel
join:2001-05-10
Tucson, AZ
| Exactly
CUT that pay, and give it to some AMERICAN support agents...not India, China, Pakistan...
I guess thats why I never liked Qwest...but now I am sleeping with the enemy since I have DSL now.
Damn...Run a compnay into the ground and be rewarded
7.5 years of PAY for me - New Mexico is a third world state..and we even speak english..LOL | |
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MarkyD
Premium
join:2002-08-20
Oklahoma City, OK
clubs: | What a douchebag! Wow. I wanna run a company into the ground, get fired, and still get paid a gross sum of cash. That sounds like fun.
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Like Mountain Dew? | |
| lesopp
join:2001-06-27
Land O Lakes, FL | Possible Solution Joe Nacchio and the Qwest Board of Directors need a high velocity 180 grain cranial implants. | |
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AthlGrond
Premium,MVM
join:2002-04-25
Aurora, CO
 ·Comcast
| Or To Rephrase quote:
The company apparently paid Nacchio a $15 million severance package on his way out, continues to pony up consulting fees, and will provide him with 10 years worth of free long-distance and phone service as apparent thanks for a job well done.
Or as a thanks for not fighting when we replaced you.
How much of this kind of thing is just paying for something to go away, and how much is it friends paying friends? Does anyone know how many of the board members where Nacchio's golf buddies?
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System protected by Impregnable Ignorance (TM) | |
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garagerock
Premium
join:2002-06-14
Louisville, KY
| Re: Or To Rephrase It's all about a return to the glory days of 1980's capitalism...acquire, dissect, crash and burn, bankruptcy, get out and collect millions...taking all of the employees who built the company in the first place with them. (or sending their jobs to India) | |
| | | ackman
join:2000-10-04
Acworth, GA
| Re: Or To Rephrase said by garagerock :
It's all about a return to the glory days of 1980's capitalism...acquire, dissect, crash and burn, bankruptcy, get out and collect millions...taking all of the employees who built the company in the first place with them. (or sending their jobs to India)
The American way of business perfectly summarized | |
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Transmaster
Don't Blame Me I Voted For Bill and Opus
join:2001-06-20
Cheyenne, WY
·Qwest.net
| Damn! And while this bastard gets his golden parachute he left behind employees of Qwest, some of whom are friends of mine,with 401K's that where gutted. One of these days one of these modern bunko artists is going to be shot dead by someone who lost everything just before retirement. If this happens I really can't get too upset about it, a leech gone and good ridence. Thanks be to God my 401K is not hooked to any one company or investment type.
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"Remember when hacking a loogy it comes not so much from the lungs but from the soul." | |
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ArchAngel21x
MacFan Pro
Premium
join:2001-10-28
Lincoln, NE | Wait How could the stock holders just stand by and let this happen. They have the power to demand that this CEO get booted without pay. | |
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Transmaster
Don't Blame Me I Voted For Bill and Opus
join:2001-06-20
Cheyenne, WY
·Qwest.net
| Re: Wait said by ArchAngel21x :
How could the stock holders just stand by and let this happen. They have the power to demand that this CEO get booted without pay.
I have been wondering this for years.
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"Remember when hacking a loogy it comes not so much from the lungs but from the soul." | |
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b_zen
Premium
join:2002-07-24
Saint Louis, MO
clubs:
·TTNet
| You don't have to be rich to be my girl... Just want your extra time and your... kiss?
Nah... Really, I've been in meetings (and after meetings) with these kind of folks, the cognacs, whiskies (single-malts), girls on the laps (nicely dressed, not sluts?!)...
These guys have no considerations for the 401K-ers, believe me, and golf is just a past-time, not a main always-on mind thing.
I never liked the surroundings, but I did think of somewhat relative instant-gratification. Would I take $125K/month and overlook some guys'/gals' 401Ks? You bet I would, wouldn't you? For the golf, I think I'd rather go to my 'chute or fly my airplane (if i had a license that is  )
Now, lets remember one thing, these companies going into the ground still gave the employees "security" for the life of their contracts. And for the near retiring guy, all I can say is I'm sorry for your situation and I hope the best works out, but I do not have nor the millions to bail you out, neither the wish to be nice to a gazillions employees... You call it tough and insensitive, i call it the real world... (now I'm neither a m/billionaire)
This is how America got big, and every one likes it for it, unless all are ready to take the matter to the streets, you can't expect much in return.
Think and Work America!
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Fiber Optic is the future! 3Plink.com |Voice|Video|Data| | |
| | baked247
Can Nib Is
join:2003-06-25
Phoenix, AZ
| Re: You don't have to be rich to be my girl... Qwest has the stupidest idea to treat their customers like crap while kissing the ass of the fool who screwed them. Pure Stupidity. I just switched my cell service from them to another provider because of their stupidity. I have never disliked a company more than I dislike Qwest. They blow.
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"The internet is a great way to get on the net." - Bob Dole | |
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SkiX
@comcast.net
| This isn't about being cool cause you're making 125k/mo while screwing all the "poor" employees. That's making a hero out of an A-hole. It's about playing by the rules we all set up and agreed to live by. Otherwise, hell, why not just turn US into Iraq and every power hungry despot, I'm bigger than you self interested piece of crap human will be out for themselves and back we go into the caves.
How about football and basketball any other team sport WITHOUT ANY RULES. How soon would that deteriorate into a brawl???
It's disgusting, degrading, and is destroying the fabric of what made us a country the rest of the world USED to look up to. This kind of Machiavellian justification is what destroys thousands of families every single day to support one A-hole.
Put the jerk in jail, auction off his all his assets and donate the proceeds to people who need it, and then let him out in 10 years with a bottom rung job.
I am not putting you on...this is the road to a REAL hell on earth...many of whom are already living. | |
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0zero01
join:2000-08-01
Port Orchard, WA
| Re: You don't have to be rich to be my girl... There are loop holes in almost every law, every rule. The poor feel screwed every day but are too lazy to do anything. That’s why their poor. Lazy = poor. Unless you are lucky, do what ever you can get away with. Power is king and perception is everything. If I can f*ck you and make you happy at the same time you wouldn't care I was f*cking you. That’s the American way always has been. Look at the Indians. Enough said.
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The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. -Thomas Jefferson | |
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WillHaeck
join:2002-01-20
Monroe, WA | I really hope you're joking. Thats all I can say. | |
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0zero01
join:2000-08-01
Port Orchard, WA
| Re: You don't have to be rich to be my girl... said by WillHaeck :
I really hope you're joking. Thats all I can say.
It Works for plenty. WillHaeck, Sorry to burst your "bubble" I'm not joking. Most of you need to open your eyes. This is the way it is. Like it or not. My conscious keeps me at a mere 43k a year right now. (Must have been my strict Protestant upbringing, witch I'm still trying to remove from my repertoire today). My conscious is continuously degrading every time I get F'd. Wipe the semen from your eyes and do something. Get off your collective knees and fight back. Otherwise, the “man” will continue to "F" you in the "arse" and convince you that it feels heavenly.
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The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. -Thomas Jefferson | |
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WillHaeck
join:2002-01-20
Monroe, WA
| Re: You don't have to be rich to be my girl... I was replying to b_zen, I totally agree with your point. If these corporate thieves keep getting away with this stuff, what's to stop them from just continuing and continuing until we have the rich, and then the 95% who are working their asses off for their 1 bedroom apartments and 3 meals a day. I can honestly say this isn't what America was about, when our country was made they didn't go, "Hey lets make our country so a bunch of people can steal from other people and instead of being punished, they get rewarded!" I would make a jab at Bush right now, but lets not get into that. | |
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0zero01
join:2000-08-01
Port Orchard, WA | Re: You don't have to be rich to be my girl... Did you mean a "Jeb" . . .lol | |
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0zero01
join:2000-08-01
Port Orchard, WA
3 edits | The American Way Screw people and get paid for it (sigh). Must be great.
3yrs here. | |
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W8ASA
Tieng gi vay?
join:2000-07-31
Dayton, OH
clubs: | Ahhhhhhhhhh I made that much last week. I sure hope the IRS isn't monitoring these forums.... lol
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Microwave and RF Components at www.ohiomicrowave.com | |
| RichNice
join:2003-01-09
Columbia, MD
 ·Verizon FIOS
|  4K to be let go.....
Sometimes, free market socities just don't work. | |
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pcscdma
Chocobo Chocobo Random Battle
Premium
join:2004-01-14
Winterset, IA
clubs: | Qwest sucks Sprint PCS is the lesser of the two evils so I chose them for all of my telecommunications needs. | |
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dumas
@qwest.net |  Re: Qwest sucks
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pcscdma
Chocobo Chocobo Random Battle
Premium
join:2004-01-14
Winterset, IA
clubs:
| Re: Qwest sucks And Qwest is the incumbent telco for much of Iowa. The money that I give to sprint doesn't go to Qwest. I have better things to do with my money than fund Qwest's war for less competition.
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Be patriotic or I'm reporting you to Ashcroft. | |
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Nightshade
sic semper tyrannis
Premium
join:2002-05-26
Salem, OR
| A Job Well Done For Taking The Company Down And leaving the investors high and dry to pick up the pieces.
Yet another example of Modern Americian Capitalism at its finest hour.
You know, the more I see this trend going on the more I wish I was living in a communist country.
What Joe is getting from the company that he ran to the dirt is just sick and wrong.
He should be in a Federal Prision and not paid a cent.
But what can I say, cooking the books to ash, running a company to the dirt, and the investors being screwed and left to pick up the pieces seems to be the corporate way these days. | |
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Tabula Rasa
join:2004-03-30
Gatineau, QC | ` Politics are a bitch  | |
| | baked247
Can Nib Is
join:2003-06-25
Phoenix, AZ
| Re: ` Funny since Joe Nacchio has been ousted the quality of the customer service has left with him. Spirit of Service my ass. More like Spit On Service. You thought they were bad a year ago, I can tell you it has gotten incredibly worse when a rep says and I quote " I dont know what your problem is, but let her fix this mistake so you can go and kick the dog , ok ". That was after I pointed out I shouldnt even be talking to them because I disconnected my service with them 3 weeks prior . They supposedly " made an honest mistake" and didnt shut off my service on the 12 of Apr. I called them Apr 30 to ask why my old phone was still on because of the bill I got for service I disconnected on the 12th. Qwest is like a wad of gum stuck to the bottom of your shoe. They will never see another cent from me ever. Qworst than before, with their " Spit on Service" GRRRR
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"The internet is a great way to get on the net." - Bob Dole | |
|
BellAuditor
@xmission.com
| Has Qwest Over-Billed you? US **** and Q**** may have over-collected certain state taxes or municipal fees on package services from customers who meet these criteria.
US **** and Q**** paid any such amounts over-collected to the appropriate taxing authority.
Q***** began providing a bill credit automatically to eligible current customers in December 2004. Current customers need not submit a claim form.
Q**** mailed notice and claim forms to affected former customers in late January 2005. Q**** will refund the amount over-collected to those eligible former customers who file a claim, and will evaluate claim forms submitted
by current customers who did not receive a credit, or believe that the amount of their credit was inadequate.
Has this happened to you? Are you due a refund? Did you get your claim form?
* Sure you can get your own refund, and spend no money...(www.qwesttaxrefunds.com) However your telephone company is depending on your recollection of what features (or
packages) you paid for, and when you paid for them. Do you remember specifically which months, in which years you paid for which package, on which telephone number?
In the press release, they claim that "Current customers need not submit a claim form." We submit that it is in their best interest to say that because whatever is not claimed, does not have to be refunded!
Let BellAudit professionals ensure that you get the full refund you may be due! We handle the paperwork, and you get the full amount of refund due sent to your address. We will audit all of your phone records to find the maximum
refund due YOU!
»www.BellAudit.com | |
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