Joe Nacchio, a former AT&T executive, who got his big chance when he became chief executive of Qwest Communications. For his efforts, Jack pocketed a cool $100 million. Twelve are now bankrupt and others are on the verge. During the height of the mania in 19, he had buy recommendations on 20 telecommunications companies. Jack Grubman, known as telecom’s pied piper-a telecom analyst at Salomon Smith Barney. Bernie Ebbers, the WorldCom chief executive who used the broadband hype to boost the WorldCom stock, and then built a private fortune that includes ranches in Canada and timberlands in the American South. His take from Global Crossing: $735 million. Meanwhile, his company blew through $15 billion in investors’ money in less than five years and has become the fourth largest bankruptcy case in U.S. The Bosses Gary Winnick, cofounder of Global Crossing, who holds the record for becoming a billionaire faster than anyone in U.S. 0973-dc21 2002156438 Printed in the United States of America 10ĬONTENTS Broadbandits: The Most Wanted ListīROADBANDITS: THE MOST WANTED LIST Broadband (noun)īroadbandit (noun) One who padded his coffers by $50 million or more riding the bandwidth bubble. Consolidation and merger of corporations-United States. Telecommunication-Corrupt practices-United States. Broadbandits : inside the $750 billion telecom heist / Om Malik. For more information about Wiley products, visit our web site at Library of Congress Cataloging-in-Publication Data: Malik, Om. Some content that appears in print may not be available in electronic books. Wiley also publishes its books in a variety of electronic formats. For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 80, outside the United States at 31 or fax 31. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. #SAGA FRONTIER REMASTERED SHOPAHOLIC PROFESSIONAL#You should consult with a professional where appropriate. The advice and strategies contained herein may not be suitable for your situation. No warranty may be created or extended by sales representatives or written sales materials. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 97, fax 97, or on the web at Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 20, fax 20, e-mail: Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. BROADBANDITS Inside the $750 Billion Telecom HeistĬopyright © 2003 by Om Malik.
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