Qwest: Tiny Profit Means Big Job Cuts

Trickle-down economics indeed. That thinking has worked wonders so far. Now, as the inevitable recession kicks in, consumers and SMBs are cutting cords. And the rollbacks are slamming the country’s third-largest Bell company.

Qwest Communications International Inc. (Q) on Wednesday said profit fell 93 percent in the third quarter of 2008. Worse, the Denver-based service provider is slashing 1,200 jobs, or 3 percent of its workforce, by the end of the year.

Happy Holidays.

You know, instead of eliminating 1,200 jobs, maybe Qwest could not give its CEO another $17 million bonus?? Maybe it could share that money with its hard-working employees? Just a thought.