Broadbandits: Inside the $750 Billion Telecom Heist

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John Wiley & Sons, May 30, 2003 - Business & Economics - 334 pages
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Broadband (noun):–High-speed network access.

Broadbandit (noun):–One who padded his coffers by $50 million or more riding the bandwidth bubble.

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 over-blown 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.

 

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Broadbandits: inside the $750 billion telecom heist

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The latest in an increasingly popular string of works analyzing another burst bubble, this book takes on the demise of the telecom broadband industry. The author, formerly a writer at Red Herring and ... Read full review

Contents

Inside the 750 Billion Telecom Heist PART II THE MILE NIGH CLUB
113
Inside the 750 Billion Telecom Heist PART III THE LIGHT KNIGHTS
201
Inside the 750 Billion Telecom Heist EPILOGUE THE END GAME
291
Inside the 750 Billion Telecom Heist ACKNOWLEDGMENTS
293
Inside the 750 Billion Telecom Heist APPENDIX A CASH CARRY
295
Inside the 750 Billion Telecom Heist APPENDIX B BANK BALANCE BUILDOUT
299
Inside the 750 Billion Telecom Heist NOTES
301
Inside the 750 Billion Telecom Heist INDEX
321
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About the author (2003)

OM MALIK is a Senior Writer for Business 2.0 in San Francisco. Prior to joining Business 2.0, he worked for Red Herring and Forbes Online, where he was a senior editor. An award-winning journalist, his work has also been published in newspapers and magazines such as The Wall Street Journal, Forbes, Brandweek, and Crain?s New York Business. For a very brief while, he was a venture capitalist.

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