Telebomb: The Truth Behind The $500-Billion Telecom Bust And What The Industry Must Do To Recover

Telebomb: The Truth Behind The $500-Billion Telecom Bust And What The Industry Must Do To Recover, 9780814408339 (0814408338), AMACOM, 2005

The notorious dot-com crash was heavily covered by the press, but a larger
revolution was going on at the same time in the telecommunications industry
and it received comparatively little attention. The telecommunications
revolution followed a similar trajectory to the dot-com boom and bust, but
it wasted more investor dollars and created much more havoc in the economy
than the dot-coms. In fact, the ‘‘telebomb’’ likely wasted more real
investor dollars than any—and possibly all—of the previous stock manias
in the U.S. equity markets.

The dot-com wave broke and washed away the pretenders, leaving an
industry populated by only a few strong companies. However, the telecommunications
revolution has, through its ups and downs, touched most citizens
in the United States. All are customers and many are investors in and/
or employees of the industry. Even those who have not yet felt the changes
brought on by the Internet revolution will do so in the next few years.

The overall cost of the crash in the telecommunications industry was
staggering. More than $500 billion was lost because of overinvestment and
ill-advised mergers. The network construction boom in the industry led to
a spending bubble that consumed $220 billion above a steady-state investment
rate within the industry that already approached $50 billion per year.
The result of merger mania also brought losses to the industry. High-profile
failed mergers such as AOL/Time Warner, Qwest/USWest, and AT&T’s
many cable acquisitions resulted in asset write-offs of nearly $300 billion.

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