Welcome to the Corpwatch Blog! We're introducing this new feature as a tool for you to navigate our resources, and to help provide context to breaking news elsewhere on the Web.
For example, you may have read today that the ex-CEO of Qwest Communications was indicted today for illegally cashing in on his company's IPO during the Internet boom, to the tune of $100 million. But did you know that Qwest in 2001 entered into Enron's bogus scam to trade digital bandwidth like any commodity? Back then, investigators discovered that the deal was all smoke and mirrors: Qwest agreed to pay Enron $308 million for use of "dark fiber" --
unused fiber optic capacity. In exchange, Enron agreed to pay Qwest
between $86 million and $195 million for access to active sections of
Qwest's network. Both companies could report these phantom revenues on their balance sheets to fool investors.
It's this kind of news-behind the news only CorpWatch can offer, and we think this forum is the place to do it.
We hope you find this new blog to be useful, informative, and enlightening. Of course, we welcome your comments, complaints, and especially compliments.
- 185 Corruption