Memo to Regulators and Law Makers: Between Martha Stewart and Joe Nacchio, the dude from Denver is a bigger con-man. Just in case you forgot. And he is out there doing business seriously impedes any credibility about seriousness of our government’s desire to investigate fraudsters. The former con-man and former chief executive Qwest is advising Leucadia National’s supposed bid for MCI, according to the Wall Street Journal. Wow!
The relationship between Nacchio and Leucadia is nothing new. Denver Post reveals that “Last year, when Leucadia restructured $600 million of ATX Communications debt in return for the company’s stock, Leucadia transferred 5 percent of the shares to Nacchio, according to an SEC filing.” Elsewhere, Nacchio is also an investor in BCN Telecom of Bedminster, N.J., the daily points out.
“You wonder what they think of, that they would even want to get involved with someone with Joe’s reputation,” Nelson Phelps, president of the Association of US West Retirees told the Denver Post. “No matter what your opinion of Mr. Nacchio is in terms of his past record with Qwest, he knows the business as well as anybody in the country and would certainly be an asset to Leucadia in its efforts to acquire MCI,” Pat Comack, a telecommunications analyst with Guzman & Co. in Miami told Rocky Mountain News. “There’s (still) a lot of headline risk for Nacchio, so I don’t know if Leucadia wants to get too close to him right now, but they can use him as a consultant,” Comack said.
Oh by the way MCI said this morning that nothing is going on with Leucadia.