Live Blogging Joseph Nacchio Opening Arguments

The jury was sworn in this morning in the insider trading trial of Qwest former CEO Joseph Nacchio.

I'm over at 5280.com live-blogging opening arguments from the courthouse.

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    Jeralyn. . . (none / 0) (#1)
    by LarryInNYC on Tue Mar 20, 2007 at 04:29:59 PM EST
    questions for you:

    1. Do you place any credence in an idea I saw advanced at dKos that the Nacchio prosecution is payback for Quest not cooperating with Governmental seizure of phone records?

    2. If I understand correctly, the defense claims that the stock sales were planned in advance of the adverse news that Nacchio is accused of trading on.  Is there any material evidence that that is true and, if so, would it constitute a valid defense?

    Answer to #1 is (none / 0) (#2)
    by Jeralyn on Tue Mar 20, 2007 at 07:03:44 PM EST
    No. I don't think they are related at all.  

    As to #2, the defense did make the point that the plan to sell was formulated months before he got a memo from the President of Qwest (Nacchio was CEO) but they are also saying the memo was wrong, it doesn't mean what the Government says it means and it was written out of a desire by the company president to increase his own financial status.  They say the President, when he testifies, will confirm their interpretation of the memo.