Qwest chops charity – Living on debt

The corporate foundation of Qwest Communications International will cut its philanthropy this year to $8 million from $25 million handed out last year by USWest, Discount Long Distance Digest reported May 7.

Qwest Chairman Joseph Nacchio told shareholders at their annual meeting May 2 that the company, which bought USWest last summer, would be “living on borrowed money for the next couple of years while it spends billions of dollars improving its network and building its business.”

He added, “I don’t think it’s prudent to borrow money at 9 percent and give it away.”

For full story, go to Discount Long Distance Digest.

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