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.