Qwest Communications Shows You How to Allocate Resources Poorly
There are so many ways to waste money within an organization, but companies are always doing creative things to find new ways to do this. Qwest Communications has come up with a good way to waste shareholder money.
To recruit CEO Edward Mueller, the “Denver telecom agreed to purchase his home if he couldn’t find a buyer” according to the WSJ. They paid $8.9 million and sold it for $7.1 million. That’s a cool $1.8 million down the drain. All this while the company’s stock is down nearly 60% over the last year.
Looks like Mr. Mueller really is doing wonderful.
Tags: edward mueller, housing, poor resource allocation, qwest communications
