Summary:

WSJ.com :: Qwest Communications International Inc. came under intense scrutiny on Capitol Hill as three telecommunications companies said they cut side agreements with the Denver-based telecom concern that purportedly helped Qwest improperly recognize hundreds of millions of dollars in revenue in 2000 and 2001. The allegations […]

WSJ.com :: Qwest Communications International Inc. came under intense scrutiny on Capitol Hill as three telecommunications companies said they cut side agreements with the Denver-based telecom concern that purportedly helped Qwest improperly recognize hundreds of millions of dollars in revenue in 2000 and 2001. The allegations came during a hearing by the investigations subcommittee of the House Energy and Commerce Committee, which has undertaken a seven-month probe into widespread use of telecom “swaps” of fiber-optic capacity. Under such swaps, companies such as Qwest and Global Crossing Ltd. traded sometimes equal amounts of telecom capacity, recognizing revenue gains on their financial statements in the process.

You’re subscribed! If you like, you can update your settings

Comments have been disabled for this post