This tiny bit in this DSL Reports post about baby Bell, Qwest, caught my eye.
A recent announcement that the company s CFO has decided to resign also included a quiet statement that business is slowing partly because of the housing crisis that is sapping demand for new hookups .
In my interview with Qwest CEO Ed Mueller back in March 2008, I had asked him, if housing downturn was impacting his business, after all Qwest’s fast growing regions like Arizona and Colorado have been hit hard by the housing downturn. Mueller had said that despite the cyclical nature of the economy, the company doesn’t plan to change his course.
In the other housing crisis Qwest had to take a financial loss when it relocated Mueller to Denver. When Mueller joined Qwest, the company bought his home for $8.9 million in September 2007, and recently sold it for $7.1 million. That’s a $1.8 million hit, thanks to the housing crisis.
2 thoughts on “For Qwest, Two kinds of Housing Crisis”