The Great Telecoms Swindle: How the collapse of WorldCom finally exposed the technology myth - Softcover

Brody, Keith; Dunstan, Sancha

Softcover

ISBN 10: 1841124672 ISBN 13: 9781841124674

Publisher: Capstone, 2003

Synopsis

With the demise of WorldCom amidst a flurry of accounting scandals dominating the front pages, and following hotly in the footsteps of the equally spectacular downfall of other telecoms giants including Global Crossing and Lucent Technologies in recent months, The Great Telecoms Swindle investigates the reasons behind a roller coaster ride that is set to continue for some time yet. Vivendi, France Telecom, Vodaphone and numerous other corporate behemoths all face testing and possibly life-threatening times that will demand radical solutions in the coming months.

The telecoms story is set to run and run and investors are set to continue to feel the heat. For a market that, as little as eighteen months ago amounted to a license to print money, the question 'what went wrong?' must urgently be asked. How could companies like Cisco Systems go from being paragons of virtue in the new corporate age to near pariahs embroiled in a welter of financial difficulties in such a short space of time? Is 'next generation telecoms' nothing more than a myth, a triumph of hype over reality? Tracking the rise and fall of the telecoms market from deregulation in the eighties through the advent of the mobile world, and on to broadband, 3G, and the mobile Internet the authors uncover what fuelled the boom, where the mistakes were made (by industry players and investors alike), and what if anything the future holds.

Taking the lid off the headlines, The Great Telecoms Swindle reveals and examines the real problems in the telecoms market today, and exposes an industry that is entirely unsure of its own future value proposition.

About this title

From the Inside Flap:

With the demise of WorldCom amid a flurry of accounting scandals dominating the front pages, and following hotly in the footsteps of the equally spectacular downfall of other telecoms giants such as Global Crossing and Lucent Technologies, The Great Telecoms Swindle investigates what's behind a roller coaster ride that is set to continue for some time yet.

NTL, France Telecom, Deutsche Telekom and numerous other corporate behemoths all face testing and possibly life-threatening times that will demand radical solutions in the coming months. The telecoms story is set to run for some time yet and investors will continue to feel the heat.

For a market that, as little as eighteen months ago, amounted to a license to print money, the question "what went wrong?" must urgently be asked. How could companies like Marconi go from being paragons of virtue to near pariahs embroiled in a welter of financial difficulties in such a short space of time? Are "next generation telecoms" nothing more than a myth, a triumph of hype over reality? Where's the little boy who's supposed to point out that the emperor has been wearing a new set of clothes?

Tracking the rise and fall of the telecoms market from deregulation in the eighties through the explosion of the mobile world, and on to broadband, 3G, and the mobile Internet, the authors give the reader an introduction to what fuelled the boom, where the mistakes were made (by industry players and investors alike), and what the future might hold.

Taking the lid off the headlines, The Great Telecoms Swindle reveals and examines the real problems in the telecoms market today. It exposes an industry that is entirely unsure of its own future value proposition, and addresses the difficult question: "where does telecoms go from here?"

From the Back Cover:

"Anyone who tries to point a finger at a single group is not being fair." Jack Grubman, Salomon Brother analyst in testimony to a US Congressional committee investigating the fall of WorldCom

"Bernie Ebbers didn't know anything about Scott Sullivan's decision to reallocate expenses on WorldCom's balance sheets." Reid Weingarten, attorney for Mr. Ebbers, at the same hearings

"Ever get the feeling you've been cheated?" John Lydon, San Franciso, 1978

"The headlines that you expect to find in the business section are suddenly front-page news in national papers, at times on an almost daily basis. The WorldCom scandal, in the wake of the Enron crisis, has seen western political leaders including both Blair and Bush elevate matters related to the market's crash into issues of national priority. Suddenly, the collapse of the telecoms sector is on everyone's lips.

But unlike many business scandals, The Great Telecoms Swindle almost certainly affects you. Millions have investments in the telecoms market (in the form of pensions, funds, equities, bonds, or otherwise), whilst almost all of us (millions more) carry a mobile phone in our pockets. The link between our relationsh ip with our phone companies and what's happened in the hallways of corporate power is a direct one. We are part of a vicious circle in which we as consumers have funded promises of an enhanced future that the industry has failed to deliver, and which as a result has brought the market to its knees. Are we to some extent paying for our own greed?" - Keith Brody

About this edition

• Publisher: Capstone
• Publication date: 2003
• ISBN 10: 1841124672
• ISBN 13: 9781841124674
• Binding: Paperback
• Edition number: 1
• Number of pages: 208