Summary:

New York Times ::So finally he has been caught lying. I think it is quite evident to us that there is more to Level 3 than meets the eye. Today’s NYTimes reports that James Q. Crowe, another former WorldCom director who is chief executive of Level […]

New York Times ::So finally he has been caught lying. I think it is quite evident to us that there is more to Level 3 than meets the eye. Today’s NYTimes reports that James Q. Crowe, another former WorldCom director who is chief executive of Level 3 Communications, received 170,000 shares of Qwest Communications in June 1997 when that company issued stock to the public for the first time. Mr. Crowe’s holding is notable because he issued a statement in July denying reports that he had received shares in the initial offerings of a variety of telecommunications companies. In his statement, Mr. Crowe said that he considered”such sweetheart deals, even if they may be technically legal, to be wrong.” But the Salomon documents show that Mr. Crowe held the Qwest shares in his brokerage firm’s account for about two months. The shares were transferred out of the account in August and had a value of $3.5 million.When asked yesterday about the apparent discrepancy between the Salomon documents and Mr. Crowe’s statement decrying such deals, his spokesman declined to comment. Of course I think – what there is to say when you have been caught with your hand in the cookie jar.

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