Thursday, March 05, 2009

In a parallel Universe very, very close to our own....

We are informed today ex-Quest CEO, Joe Nacchio, will report to federal prison on the 23rd of March to begin serving a six year sentence for insider trading.

Per his "Welcome!" orientation packet sent him from his minimum security prison in Pennsylvania, Nacchio has learned he must provide his own bowling balls and shoes, golf clubs and, if private transportation is desired, his own car/driver.

While chess sets, bathing trunks and tanning oils are included, the leisure activities brochure reminded that a limited number of hangars for corporate jets are also available, but these are on a first come, first served basis. (Plane not included.)


Fran said...

Only $2.2 billion in fraudulent activities?

He still faces a fraud lawsuit that the SEC filed against him and other former Qwest executives. The SEC alleges they orchestrated a financial fraud that forced the telecommunications company to restate $2.2 billion of revenue.

That is considered small potatoes in high finance, right???

Perhaps he can recoup losses when he writes his book, titled "No Fair! Other CEO's committed more fraud than me!"

Too bad about the lack of provisions for private jets. Hard times.

In other news-- Mr. Ramblings former employer-- Monaco Coach got kicked off the Stock Market.
They can't play in the high roller sandbox anymore.

Dada said...

Fran: Shortly before you posted this comment, my curiosity overtook me, i.e., I had to see if I could find out your husband's (former) employer. There were two in similar straits in your area, but Monaco Coach fit the "bill" perfectly.

Thanks for confirmation.

Fran said...

I was reluctant to mention the name while employment was pending, but not that the game's over, the gloves come off.

Since I last posted here, Monaco filed for Chapter 11 Bankruptcy & a Class Action lawsuit has been filed for the company bilking 2000 employees out of the 60 days pay, and 60 days health insurance coverage, and the vacation pay they should have gotten upon termination.

All it took was one terminated employee, to seek out the services of a New York Law firm that specializes in WARN & employee rights law, and the Class Action lawsuit is already in motion.


Fran said...

correction: Now that the game's over.....

but the saga continues.

Who knows... might result in a .03 cent check in 2.5 years?

Dada said...

Fran: OK, OK. Got it. Now I understand the reluctance to reveal Monaco whilst the situation was still unfolding (unraveling?).

Having had one experience in a class action law suit (er, one that reached settlement), I see you have an excellent grasp of the remuneration you can expect at the other end of the process.

I would make only one minor suggestion: Double - quadruple that "2.5 years" the process might take. (See, we got this settlement check totally out of the blue last spring. It was from a mutual fund company on the eastern slopes of the Rockies in CO whose managers were more into skiing than 'managing' in a suit that came about from around the time the irrational exuberance stock market bubble burst in 2000 or so.)

So Mr. Ramblings and you can look forward to a dinner out at a local McDonald's with your settlement windfall in 7-9 years if real lucky maybe. (That is, if McDonald's hasn't gone belly-up by then too.)