Broadbandits: Inside the $750 Billion Telecom Heist by Om P. Malik

By Om P. Malik

Investigating the monetary fraud and inaccurate strength performs that introduced down the telecom industryOnce the basis of the Dow and NASDAQ, the telecom has eaten up extra capital than the other in fresh background and has not anything to teach for it. at the present time, it truly is through some distance the worst wrongdoer within the spate of economic soiled dealings which have been splashed around the company pages, and but the rewards reaped by means of most sensible executives at a lot of those failed or failing businesses were inversely proportionate to their decline. Broadbandits takes readers backstage to get the tale they might not get within the media. Investigative reporter Om Malik follows the money path and deciphers the activities and motivations of a iteration of latest economic system "barbarians" that introduced down this as soon as profitable undefined. This fascinating publication bargains an inside of investigate the telecom bubble, with stories and anecdotes approximately mavericks who became uncomplicated mild and glass fibers into veins of gold, financiers who bought grasping and fleeced unsuspecting hundreds of thousands, clueless enterprise capitalists who proposal they might tapped into the mum lode, hapless marketers who believed that they have been altering the area, and self-proclaimed pundits who have been cheering all of it on from the sidelines. Broadbandits is a compelling account of the downfall of telecom giants reminiscent of WorldCom and worldwide Crossing, and may exhibit readers what number telecom upstarts and veterans alike turned sufferers of what one leader government aptly defined as "high-yield heroin."Om Malik (New York, manhattan) is a Senior author for purple Herring who makes a speciality of the telecommunications area. ahead of becoming a member of pink Herring in July 2000, he was once senior editor at Forbes.com. His paintings has additionally been released in newspapers and magazines similar to The Wall road magazine, company 2.0, Brandweek, and Crain's long island company. For a truly short whereas, he used to be a enterprise capitalist.

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Institutional buyers are highly skilled and well paid to do valuation work themselves. To the less sophisticated retail investor, though, the valuation methodology and results can be the deciding factors in whether or not to buy the stock. 94). 29 With stagnating revenues and increased capital expenditures that threatened to cut into WorldCom’s cash flow, it was hard to justify his previous valuation of WorldCom. In the past, acquisitions always helped give an impression that revenues and cash flow were rising.

He accepted UUNet’s offer and joined as CEO in 1994. The company shifted its focus from retail customers to corporations and began building a worldwide network that could service large corporations like Wall Street banks. Since most of these corporations had global operations, they needed the means to exchange data and communicate with each other. UUNet would install special phone lines that would handle data traffic at lightning speed. UUNet also became the company that would provide the backbone for Microsoft’s much-vaunted online service, the Microsoft Network (MSN).

BERNIE’S BAD IDEA 29 So Grubman advised Bernie: Buy Sprint, the third-largest long distance company in the world. It had a lot of revenue and lots of cash. The company even had a cell phone business—Sullivan could create a wealth machine with his accounting machinations. In October 1999, Sprint, which is based in Kansas City, became the center of a takeover war between BellSouth, a Baby Bell from Atlanta, and WorldCom. The initial offers from both companies were about $100 billion, but with the help of its friendly Salomon Bankers, WorldCom was able to up its offer to $129 billion—$115 billion in equity and $14 billion in assumed debt.

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