Audio By Carbonatix
Yesterday’s decision by the U.S. Justice Department not to appeal a ruling that former Qwest chief executive Joe Nacchio’s six-year jail term and accompanying $52 million fine were excessive could well mean a couple of years, and perhaps even more, will be shaved off his sentence when Judge Marcia Krieger reconsiders his punishment this fall. And so, with good behavior — and we assume Nacchio will behave well in the pokey, at least — he’ll be out of the Federal Correction Institute in Schulykill, Pennsylvania, where he’s been since April, sometime in the year 2011, if not earlier. Betcha Qwest investors victimized by the insider-trading shenanigans of which Nacchio was convicted won’t be thrilled by this situation. After all, Nacchio may be back sooner than expected, but their money is gone for good.
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