'Club Fed' a positive experience for disgraced CEO

Joseph Nacchio, the former CEO of Qwest Communications International Inc., was recently released from a minimum-security Federal prison -- and it seems that jail time had a positive experience on him. Whether he's rehabilitated is another question, however. Unrepentant, he still blames the National Security Agency for his legal troubles, claiming the feds targeted him for insider trading after he refused to turn over customer phone records in 2001. A jury convicted Nacchio of selling $52 million of stock as Qwest's finances deteriorated when the telecom boom went bust in the early 2000s. He paid a $19 million fine and forfeited $44.6 million. Even so, Nacchio says he's still got plenty of money and owns several residences. In a fascinating article about Nacchio and his life in prison, The Wall Street Journal relates:    Former telecommunications company chief executive Joseph Nacchio entered prison in 2009 out of shape,...(Read Full Post)