GOOD DAY FOR: A do-over, after a federal appeals court ordered a new trial for former Qwest Communications CEO Joseph Nacchio, who was convicted of insider trading last April. The appellate court criticized the judge who oversaw the first trial for barring a key defense witness. “This is a setback, not a defeat,” said federal prosecutor Troy Eid, who will retry the case before a new judge. (Reuters)
BAD DAY FOR: Government job creation, after recently nationalized British bank Northern Rock said it will cut 2,000 jobs, or a third or its workforce, by 2011. The bank said it plans to become a “smaller, more focused, financially viable mortgage and savings bank” that will eventually return to private hands. It owes the Bank of England about $50 billion. (Bloomberg)
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