Duo try to do right by Qwest
One of Corporate America’s criminal probes earns more hot steam, not in the middle of skyscrapers in Manhattan, but in the shadow of the Rocky Mountains.Minister of Justice American John Suthers, with Top-assistant and friend of longstanding Bill Leone, accused of four former executives of Qwest Communications, Denver-based telephone company, plans to claim $ 2.2 billion for revenue because of poor accounting.From his office a few blocks from headquarters Qwest, the duo indicate that the “multiphased”, the probe is by far not over - even echoed comments by Attorney General John Ashcroft, when the indictment is reached February 25 Suthers declined to talk specifics, indicating that the investigation is divided into “various areas” of the alleged misconduct.
By pressing the low-level targets, prosecutors hope to rise Qwest’s corporate ladder, people close to the downfall say. It is also the case in other studies inspired by the Bush administration too hard on corporate profits of criminal offences, including WorldCom.
What happens in the probe of Qwest, No. 4 in the USA the local phone company, would have a large impact on their 50000 employees and tens of thousands of retirees. While they want the fraud, but also the Confederation, that action Qwest price $ 3.28. That is my approximately 93% of mid-2000, as a telephone company Qwest acquired U.S. West and promised high growth.
“We hope that (the investigation), you can quickly,” said Annie Hill Communications Workers of America in Denver. “Rather, it is a cloud over Qwest.”
Accusations of Qwest so far consists of a single Deal 2001, in Qwest claimed wrongly booked $ 33.6 million from the sale of Arizona at school, he could take the Wall Street expectations of performance. The defendants have pleaded not guilty to fraud and other charges.The Securities and Exchange Commission filed by civilians against fraud, four counts of midlevel officers, three other former executives and a current. Until now, there was no accusation against Qwest Top officials.
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