Broadbandits : inside the $750 billion telecom heist / Om Malik.

Format:

Book

Author/Creator:

Malik, Om.

Language:

English

Subjects (All):

Telecommunication--Corrupt practices--United States.

Telecommunication.

Consolidation and merger of corporations--United States.

Consolidation and merger of corporations.

Telecommunication--Corrupt practices.

United States.

Business failures--United States.

Business failures.

Physical Description:

xvii, 334 pages : illustrations ; 24 cm

Place of Publication:

Hoboken, N.J. : Wiley, [2003]

Summary:

Before the ink was even dry on the Telecommunications Act of 1996, a telecom bubble larger than that of its dot-com sister was quickly beginning to form. With the deregulation of the telecom industry finally complete, the race was on; and what ensued was nothing less than a financial hit and run, which left the telecommunications industry in shambles and investors broke -- but made the broadbandits who led this charge rich beyond their wildest dreams.

Broadbandits: Inside the $750 Billion Telecom Heist goes behind the scenes to uncover the actions and motivations of a handful of men and a few dozen companies who worshipped at the altar of corporate greed -- and for the most part got away with it! Through interviews with numerous industry insiders and real-world stories, investigative reporter Om Malik follows the money trail to reveal the events that all but destroyed an industry and decimated thousands of portfolios in the process.

Broadbandits offers a candid look at how fiber barons such as Bernie Ebbers of WorldCom, Gary Winnick of Global Crossing, and Joe Nacchio of Qwest turned simple light and glass fibers into veins of gold that allowed them to build enormous personal fortunes, even as their companies were going down in flames. You'll be there to watch as eager venture capitalists and unknowing investors try to buy their piece of the American Dream -- only to get burned by once high-flying companies such as Excite@Home, Winstar, McLeodUSA, Nortel, and Sycamore.

Broadbandits puts you face-to-face with the shameless individuals who used the hype and hysteria of the telecom revolution to pump up telecom stocks and line their own pockets -- even when there was little evidence to substantiate their claims. You'll learn how the former pied piper of the telecom industry, analyst Jack Grubman, played both sides of the fence to make millions, while pundit George Gilder's pie-in-the-sky predictions transformed him into a cult hero, until everything came crashing down on him. The broadband bubble was the result of overblown expectations and irrational exuberance. Broadbandits provides an inside look at the financial schemes and misguided power plays that made victims out of everyone and brought an industry to its knees.

Contents:

Broadbandits: The Most Wanted List vii

Part I The Fiber Barons

1 Bernie's Bad Idea 3

2 Rocky Mountain High 37

3 Once a Junkie, Always a Junkie 63

4 Billionaire versus Billionaire 87

5 The Attack of the Clones 99

Part II The Mile Nigh Club

6 Fresh Prince of Hot Air 115

7 Nobody@HOME 139

8 Teddy Gets Taken to the Cleaners 161

9 The House (of Cards) that Jack Built 181

Part III The Light Knights

10 Canadian Rhapsody 203

11 The Dan and Desh Show 235

12 Just an Illusion 253

13 The Swami of the Broadband Boom 275

Epilogue: The End Game 291

Appendix A Cash & Carry 295

Appendix B Bank Balance Buildout 299.

Notes:

Includes bibliographical references (pages 301-319) and index.

ISBN:

0471434051

OCLC:

51297106