Qwest To Write Down $30 Billion

from the a-billion-here,-a-billion-there... dept

Apparently, Qwest saw last week’s announcement that AOL was going to write down $54 billion and got jealous. So, they’re going to write down somewhere in the range of $30 billion. That $30 billion is to take away worthless “goodwill” associated with their merger with US West. That was apparently a $36 billion merger. The quick math (I didn’t even write this down) then obviously suggests that Qwest paid $30 billion too much out of $36 billion. Oops. Also, it turns out that entirely unrelated to that whole mess the SEC is getting ready to slap Qwest on the wrist about other randomly bad accounting practices.

Rate this comment as insightful
Rate this comment as funny
You have rated this comment as insightful
You have rated this comment as funny
Flag this comment as abusive/trolling/spam
You have flagged this comment
The first word has already been claimed
The last word has already been claimed
Insightful Lightbulb icon Funny Laughing icon Abusive/trolling/spam Flag icon Insightful badge Lightbulb icon Funny badge Laughing icon Comments icon

Comments on “Qwest To Write Down $30 Billion”

Subscribe: RSS Leave a comment
Anonymous Coward says:

Then the FTC or FCC should get involved...

… and bitch slap them for their incredibly bad business practices. Have you ever tried to cancel a Qwest account? They block you at every turn. They will slam you in 10 seconds, but it takes two months to change away from them as a LD provider. We finally had to threaten them with a PUCO report to get them to admit that our contract with them had expired three months prior and let our service be moved. You ought to try to read one of their invoices: deliberately obfuscated, and overcharges are a regular occurence. I hope they tank.

Old Man Harris says:

No Subject Given

Did you see the article about Qwest CEO Joseph Nacchio in the Wall Street Journal today? The guy sounds like a pompous ass. It’s too bad that the ones paying the price for his arrogance are the former US West employees. Nacchio has sold over $300 million of Qwest stock and Qwest founder Philip Anschutz has sold about $2.5 billion.

Add Your Comment

Your email address will not be published. Required fields are marked *

Have a Techdirt Account? Sign in now. Want one? Register here

Comment Options:

Make this the or (get credits or sign in to see balance) what's this?

What's this?

Techdirt community members with Techdirt Credits can spotlight a comment as either the "First Word" or "Last Word" on a particular comment thread. Credits can be purchased at the Techdirt Insider Shop »

Follow Techdirt

Techdirt Daily Newsletter

Techdirt Deals
Techdirt Insider Discord
The latest chatter on the Techdirt Insider Discord channel...