Nacchio was convicted of running a pump-and-dump insider trading scam that netted him ~$100MM at the expense of common public shareholders. If there's an award for "most obnoxious implication of NSA's wrongdoing", it should go to the attempted rehabilitation of people like Nacchio.

Here's the indictment. It's quite straightforward.

http://extras.mnginteractive.com/live/media/site36/2007/0307...

Here's the cliff notes:

"No later than December 4, 2000, through and including September 10, 2001, NACCHIO was aware of material, non-public information about Qwest’s business, including, but not limited to" [litany of distressing concerns about Qwest's bottom line which ultimately proved dispositive in valuing Qwest].

Note the date.

Now, look at this table of Nacchio's stock sales:

http://oi60.tinypic.com/2n1tgr6.jpg

Nacchio claims to have believed that secret national security government contracts were going to rescue Qwest from their financial problems (note the implicit concession that Qwest had problems from which its financials needed to be rescued). One tie-in between Nacchio and NSA is the notion that by refusing requests from NSA, Nacchio lost those contracts. Stipulate that this is true; it's a plausible complaint. Nacchio still took the money and ran.