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href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a>. </p><p>The telecommunications industry had experienced significant growth and investment during the 1990s, fueled by the expansion of the internet and the introduction of wireless technology. Companies such as <a href="/wiki/Worldcom" class="mw-redirect" title="Worldcom">WorldCom</a>, <a href="/wiki/Global_Crossing" title="Global Crossing">Global Crossing</a>, and <a href="/wiki/Lucent_Technologies" title="Lucent Technologies">Lucent Technologies</a> had achieved enormous market valuations based on expectations of continued growth and profitability.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> By the late 1990s, the industry had become overvalued and highly leveraged. Many companies had taken on substantial debt to finance their expansion, and investors had poured billions of dollars into the sector based on unrealistic expectations of growth and profitability.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>The crash had an impact on the global economy, and resulted in a sharp decline in the value of telecommunications related stocks and bonds, leading to significant financial losses for investors, widespread job losses and decline in <a href="/wiki/Consumer_spending" title="Consumer spending">consumer spending</a>, and eventually leading to the collapse of many companies. </p><p>It was called "the biggest and fastest rise and fall in business history".<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Causes">Causes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Telecoms_crash&action=edit&section=1" title="Edit section: Causes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Partially a result of greed and excessive optimism, especially about the growth of data traffic fueled by the rise of the Internet, in the five years after the <a href="/wiki/Telecommunications_Act_of_1996" title="Telecommunications Act of 1996">Telecommunications Act of 1996</a> went into effect, telecommunications companies invested more than $500 billion, mostly financed with debt, into laying fiber optic cable, adding new switches, and building wireless networks.<sup id="cite_ref-now_5-0" class="reference"><a href="#cite_note-now-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In many areas, such as the <a href="/wiki/Dulles_Technology_Corridor" title="Dulles Technology Corridor">Dulles Technology Corridor</a> in Virginia, governments funded technology infrastructure and created favorable business and tax law to encourage companies to expand.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> The growth in capacity vastly outstripped the growth in demand.<sup id="cite_ref-now_5-1" class="reference"><a href="#cite_note-now-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Spectrum_auction" title="Spectrum auction">Spectrum auctions</a> for <a href="/wiki/3G" title="3G">3G</a> in the United Kingdom in April 2000, led by <a href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</a> <a href="/wiki/Gordon_Brown" title="Gordon Brown">Gordon Brown</a>, raised £22.5 billion.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> In Germany, in August 2000, the auctions raised £30 billion.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> A <a href="/wiki/3G" title="3G">3G</a> <a href="/wiki/Spectrum_auction" title="Spectrum auction">spectrum auction</a> in the United States in 1999 had to be re-run when the winners defaulted on their bids of $4 billion. The re-auction netted 10% of the original sales prices.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> When financing became hard to find as the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a> burst, the high <a href="/wiki/Debt_ratio" title="Debt ratio">debt ratios</a> of these companies led to <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcy</a>.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> The industry owed a trillion dollars "much of which will never be repaid and will have to be written off by investors" according to a testimony by <a href="/wiki/Federal_Communications_Commission" title="Federal Communications Commission">Federal Communications Commission</a> Chairman <a href="/wiki/Michael_Powell_(lobbyist)" title="Michael Powell (lobbyist)">Michael Powell</a> to the <a href="/wiki/Senate_Commerce_Committee" class="mw-redirect" title="Senate Commerce Committee">Senate Commerce Committee</a> on July 30, 2002.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Bond investors recovered just over 20% of their investments.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>However, several telecom executives sold stock before the crash including <a href="/wiki/Philip_Anschutz" title="Philip Anschutz">Philip Anschutz</a>, who reaped $1.9 billion, <a href="/wiki/Joseph_Nacchio" title="Joseph Nacchio">Joseph Nacchio</a>, who reaped $248 million, and <a href="/wiki/Gary_Winnick" title="Gary Winnick">Gary Winnick</a>, who sold $748 million worth of shares.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Contrary_view">Contrary view</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Telecoms_crash&action=edit&section=2" title="Edit section: Contrary view"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Paul_Klemperer" title="Paul Klemperer">Paul Klemperer</a>, <a href="/wiki/Oxford_University" class="mw-redirect" title="Oxford University">Oxford University</a> economics professor and adviser to the UK government in its 3G auction,<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> has disputed whether the crash should be blamed on the auction rather than broader economic problems. While agreeing that the licence bidders may have been mistaken in bidding as high as they did, and that the money was a transfer from shareholders to the governments, he argued that the one off and up front <a href="/wiki/Sunk_costs" class="mw-redirect" title="Sunk costs">sunk costs</a> of the auction should have had no effect when considering the profitability of future investment and should not have significantly affected the future behaviour of the telecoms companies. He also notes that in the United Kingdom it was <a href="/wiki/NTL_Incorporated" title="NTL Incorporated">NTL Incorporated</a> (which failed in its bid) which ended up in the most trouble financially, and questions whether the $100 billion cost of the auctions could explain the $700 billion drop in two years which was seen in the market capitalisation of the telecoms companies.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Subsequent_spectrum_auctions">Subsequent spectrum auctions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Telecoms_crash&action=edit&section=3" title="Edit section: Subsequent spectrum auctions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Subsequent government auctions of the <a href="/wiki/3G" title="3G">3G</a> <a href="/wiki/Radio_spectrum" title="Radio spectrum">radio spectrum</a>, in <a href="/wiki/Australia" title="Australia">Australia</a> and <a href="/wiki/New_Zealand" title="New Zealand">New Zealand</a> were met with low bids, and strong suspicion of <a href="/wiki/Collusion" title="Collusion">collusion</a> between operators of bidding low and secretly defining network sharing agreements. </p><p><a href="/wiki/Hong_Kong" title="Hong Kong">Hong Kong</a>'s 2013 approach was to share in the profit from a spectrum allocation rather than issue a potentially damaging upfront payment for licences. Britain's 2013 UK spectrum auction for <a href="/wiki/4G" title="4G">4G</a> fell £1 billion short of the stated target of £3.5 billion.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The pension liabilities also added to the financial troubles of telecom companies and the 2013 auctions in the United Kingdom produced disappointing results.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Telecoms_crash&action=edit&section=4" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20180505205208/https://www.washingtonpost.com/archive/business/2002/01/29/global-crossing-files-for-bankruptcy/fffcad1b-f522-479a-a9d4-659e74165b05/">"Global Crossing Files for Bankruptcy"</a>. <i>The Washington Post</i>. Archived from <a rel="nofollow" class="external text" href="https://www.washingtonpost.com/archive/business/2002/01/29/global-crossing-files-for-bankruptcy/fffcad1b-f522-479a-a9d4-659e74165b05/">the original</a> on 2018-05-05.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Washington+Post&rft.atitle=Global+Crossing+Files+for+Bankruptcy&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Farchive%2Fbusiness%2F2002%2F01%2F29%2Fglobal-crossing-files-for-bankruptcy%2Ffffcad1b-f522-479a-a9d4-659e74165b05%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.oecd.org/economy/outlook/2635431.pdf">"IV. AFTER THE TELECOMMUNICATIONS BUBBLE"</a> <span class="cs1-format">(PDF)</span>. <i>OECD</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=OECD&rft.atitle=IV.+AFTER+THE+TELECOMMUNICATIONS+BUBBLE&rft_id=https%3A%2F%2Fwww.oecd.org%2Feconomy%2Foutlook%2F2635431.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.princeton.edu/~starr/articles/articles02/Starr-TelecomImplosion-9-02.htm">"The Great Telecom Implosion"</a>. <i>www.princeton.edu</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2023-04-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.princeton.edu&rft.atitle=The+Great+Telecom+Implosion&rft_id=https%3A%2F%2Fwww.princeton.edu%2F~starr%2Farticles%2Farticles02%2FStarr-TelecomImplosion-9-02.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.economist.com/leaders/2002/07/18/the-great-telecoms-crash">"The great telecoms crash"</a></span>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>. July 18, 2002.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=The+great+telecoms+crash&rft.date=2002-07-18&rft_id=https%3A%2F%2Fwww.economist.com%2Fleaders%2F2002%2F07%2F18%2Fthe-great-telecoms-crash&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-now-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-now_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-now_5-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFLitan2002" class="citation news cs1">Litan, Robert E. 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Dotcom"</a>. <i><a href="/wiki/Time_(magazine)" title="Time (magazine)">Time</a></i>. Archived from <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="http://content.time.com/time/magazine/article/0,9171,52073-2,00.html">the original</a></span> on June 7, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">June 7,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Time&rft.atitle=D.C.+Dotcom&rft.date=2000-08-14&rft.aulast=Donnelly&rft.aufirst=Sally+B.&rft.au=Zagorin%2C+Adam&rft_id=http%3A%2F%2Fcontent.time.com%2Ftime%2Fmagazine%2Farticle%2F0%2C9171%2C52073-2%2C00.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/business/727831.stm">"UK mobile phone auction nets billions"</a>. <i><a href="/wiki/BBC_News" title="BBC News">BBC News</a></i>. April 27, 2000.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=UK+mobile+phone+auction+nets+billions&rft.date=2000-04-27&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fbusiness%2F727831.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFOsborn2000" class="citation news cs1">Osborn, Andrew (November 17, 2000). <a rel="nofollow" class="external text" href="https://www.theguardian.com/technology/2000/nov/17/citynews.business">"Consumers pay the price in 3G auction"</a>. <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Consumers+pay+the+price+in+3G+auction&rft.date=2000-11-17&rft.aulast=Osborn&rft.aufirst=Andrew&rft_id=https%3A%2F%2Fwww.theguardian.com%2Ftechnology%2F2000%2Fnov%2F17%2Fcitynews.business&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://money.cnn.com/2000/08/17/europe/german_umts/index.htm">"German phone auction ends"</a>. <i><a href="/wiki/CNN" title="CNN">CNN</a></i>. August 17, 2000.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=CNN&rft.atitle=German+phone+auction+ends&rft.date=2000-08-17&rft_id=https%3A%2F%2Fmoney.cnn.com%2F2000%2F08%2F17%2Feurope%2Fgerman_umts%2Findex.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFKeegan2000" class="citation news cs1">Keegan, Victor (April 13, 2000). <a rel="nofollow" class="external text" href="https://www.theguardian.com/technology/2000/apr/13/mobilephones.victorkeegan">"Dial-a-fortune"</a>. <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Dial-a-fortune&rft.date=2000-04-13&rft.aulast=Keegan&rft.aufirst=Victor&rft_id=https%3A%2F%2Fwww.theguardian.com%2Ftechnology%2F2000%2Fapr%2F13%2Fmobilephones.victorkeegan&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFSukumar2012" class="citation news cs1">Sukumar, R. 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August 5, 2002.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg+Businessweek&rft.atitle=Inside+the+Telecom+Game&rft.date=2002-08-05&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2002-08-04%2Finside-the-telecom-game&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ox.ac.uk/news-and-events/find-an-expert/professor-paul-klemperer">"Professor Paul Klemperer"</a>. <a href="/wiki/University_of_Oxford" title="University of Oxford">University of Oxford</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Professor+Paul+Klemperer&rft.pub=University+of+Oxford&rft_id=http%3A%2F%2Fwww.ox.ac.uk%2Fnews-and-events%2Ffind-an-expert%2Fprofessor-paul-klemperer&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFKlemperer2002" class="citation web cs1">Klemperer, Paul (November 26, 2002). <a rel="nofollow" class="external text" href="http://www.paulklemperer.org/PressArticles/FT26Nov2002PDKAuctionsLb.pdf">"The wrong culprit for the telecom trouble"</a> <span class="cs1-format">(PDF)</span>. <i>paulklemperer.org</i>. <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=paulklemperer.org&rft.atitle=The+wrong+culprit+for+the+telecom+trouble&rft.date=2002-11-26&rft.aulast=Klemperer&rft.aufirst=Paul&rft_id=http%3A%2F%2Fwww.paulklemperer.org%2FPressArticles%2FFT26Nov2002PDKAuctionsLb.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFRockman2013" class="citation news cs1">Rockman, Simon (February 25, 2013). <a rel="nofollow" class="external text" href="https://www.theregister.com/2013/02/25/mwc_keynote_one/">"Telecom bigwigs: 'We're all friends – really'<span class="cs1-kern-right"></span>"</a>. <i><a href="/wiki/The_Register" title="The Register">The Register</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Register&rft.atitle=Telecom+bigwigs%3A+%27We%27re+all+friends+%E2%80%93+really%27&rft.date=2013-02-25&rft.aulast=Rockman&rft.aufirst=Simon&rft_id=https%3A%2F%2Fwww.theregister.com%2F2013%2F02%2F25%2Fmwc_keynote_one%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.spectator.co.uk/article/disappointing-4g-auction-income-is-bad-news-for-osborne-s-deficit-plans">"Disappointing 4G auction income is bad news for Osborne's deficit plans"</a>. <i><a href="/wiki/The_Spectator" title="The Spectator">The Spectator</a></i>. February 20, 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Spectator&rft.atitle=Disappointing+4G+auction+income+is+bad+news+for+Osborne%27s+deficit+plans&rft.date=2013-02-20&rft_id=https%3A%2F%2Fwww.spectator.co.uk%2Farticle%2Fdisappointing-4g-auction-income-is-bad-news-for-osborne-s-deficit-plans&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATelecoms+crash" class="Z3988"></span></span> </li> </ol></div></div> <ul><li>Prosperity from Technology - a new approach to industrial production, money and the environment - David Rudd <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-85776-362-9" title="Special:BookSources/1-85776-362-9">1-85776-362-9</a></li></ul> <div class="navbox-styles"><style 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style="width:1%">People</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Daniel_Aegerter" title="Daniel Aegerter">Daniel Aegerter</a></li> <li><a href="/wiki/Marc_Andreessen" title="Marc Andreessen">Marc Andreessen</a></li> <li><a href="/wiki/Bob_Bernard" class="mw-redirect" title="Bob Bernard">Bob Bernard</a></li> <li><a href="/wiki/Jeff_Bezos" title="Jeff Bezos">Jeff Bezos</a></li> <li><a href="/wiki/Henry_Blodget" title="Henry Blodget">Henry Blodget</a></li> <li><a href="/wiki/James_H._Clark" title="James H. Clark">James H. Clark</a></li> <li><a href="/wiki/Cynthia_Cooper_(accountant)" title="Cynthia Cooper (accountant)">Cynthia Cooper</a></li> <li><a href="/wiki/Bob_Davis_(businessman)" title="Bob Davis (businessman)">Bob Davis</a></li> <li><a href="/wiki/Bernard_Ebbers" title="Bernard Ebbers">Bernard Ebbers</a></li> <li><a href="/wiki/David_Filo" title="David Filo">David Filo</a></li> <li><a href="/wiki/Charlie_Gasparino" title="Charlie Gasparino">Charlie Gasparino</a></li> <li><a href="/wiki/Richard_Grasso" title="Richard Grasso">Richard Grasso</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a></li> <li><a href="/wiki/Jack_Grubman" title="Jack Grubman">Jack Grubman</a></li> <li><a href="/wiki/Josh_Harris_(entrepreneur)" title="Josh Harris (entrepreneur)">Josh Harris</a></li> <li><a href="/wiki/Jeff_Hawkins" title="Jeff Hawkins">Jeff Hawkins</a></li> <li><a href="/wiki/Howard_Jonas" title="Howard Jonas">Howard Jonas</a></li> <li><a href="/wiki/Gerry_Kearby" title="Gerry Kearby">Gerry Kearby</a></li> <li><a href="/wiki/Timothy_Koogle" title="Timothy Koogle">Timothy Koogle</a></li> <li><a href="/wiki/Kenneth_Lay" title="Kenneth Lay">Kenneth Lay</a></li> <li><a href="/wiki/Arthur_Levitt" title="Arthur Levitt">Arthur Levitt</a></li> <li><a href="/wiki/Mary_Meeker" title="Mary Meeker">Mary Meeker</a></li> <li><a href="/wiki/PayPal_Mafia" title="PayPal Mafia">PayPal Mafia</a></li> <li><a href="/wiki/Kevin_O%27Leary" title="Kevin O'Leary">Kevin O'Leary</a></li> <li><a href="/wiki/Jason_Olim" title="Jason Olim">Jason Olim</a></li> <li><a href="/wiki/Stephan_Paternot" title="Stephan Paternot">Stephan Paternot</a></li> <li><a href="/wiki/Jim_Rutt" title="Jim Rutt">Jim Rutt</a></li> <li><a href="/wiki/Michael_J._Saylor" title="Michael J. Saylor">Michael J. Saylor</a></li> <li><a href="/wiki/Jeffrey_Skilling" title="Jeffrey Skilling">Jeffrey Skilling</a></li> <li><a href="/wiki/Eliot_Spitzer" title="Eliot Spitzer">Eliot Spitzer</a></li> <li><a href="/wiki/Scott_D._Sullivan" title="Scott D. Sullivan">Scott D. Sullivan</a></li> <li><a href="/wiki/Kaleil_Isaza_Tuzman" title="Kaleil Isaza Tuzman">Kaleil Isaza Tuzman</a></li> <li><a href="/wiki/Julie_Wainwright" title="Julie Wainwright">Julie Wainwright</a></li> <li><a href="/wiki/Jerry_Yang" title="Jerry Yang">Jerry Yang</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Companies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/3Com" title="3Com">3Com</a></li> <li><a href="/wiki/360networks" title="360networks">360networks</a></li> <li><a href="/wiki/AboveNet" title="AboveNet">AboveNet</a></li> <li><a href="/wiki/Actua_Corporation" title="Actua Corporation">Actua Corporation</a></li> <li><a href="/wiki/Airspan_Networks" title="Airspan Networks">Airspan Networks</a></li> <li><a href="/wiki/Akamai_Technologies" title="Akamai Technologies">Akamai Technologies</a></li> <li><a href="/wiki/Alteon_WebSystems" title="Alteon WebSystems">Alteon WebSystems</a></li> <li><a href="/wiki/Amazon_(company)" title="Amazon (company)">Amazon</a></li> <li><a href="/wiki/AOL" title="AOL">America Online</a></li> <li><a href="/wiki/Arthur_Andersen" title="Arthur Andersen">Arthur Andersen</a></li> <li><a href="/wiki/Ask.com" title="Ask.com">Ask Jeeves</a></li> <li><a href="/wiki/Blue_Coat_Systems" title="Blue Coat Systems">Blue Coat Systems</a></li> <li><a href="/wiki/Boo.com" title="Boo.com">Boo.com</a></li> <li><a href="/wiki/Books-A-Million" title="Books-A-Million">Books-A-Million</a></li> <li><a href="/wiki/Broadband_Sports" title="Broadband Sports">Broadband Sports</a></li> <li><a href="/wiki/Broadcast.com" title="Broadcast.com">Broadcast.com</a></li> <li><a href="/wiki/CDNow" title="CDNow">CDNow</a></li> <li><a href="/wiki/Chemdex" title="Chemdex">Chemdex</a></li> <li><a href="/wiki/Steel_Connect" title="Steel Connect">CMGI Inc.</a></li> <li><a href="/wiki/Cobalt_Networks" title="Cobalt Networks">Cobalt Networks</a></li> <li><a href="/wiki/Commerce_One" title="Commerce One">Commerce One</a></li> <li><a href="/wiki/Covad" title="Covad">Covad</a></li> <li><a href="/wiki/Cyberian_Outpost" title="Cyberian Outpost">Cyberian Outpost</a></li> <li><a href="/wiki/CyberRebate" title="CyberRebate">CyberRebate</a></li> <li><a href="/wiki/Digex" title="Digex">Digex</a></li> <li><a href="/wiki/CueCat" title="CueCat">Digital Convergence Corporation</a></li> <li><a href="/wiki/Digital_Insight" title="Digital Insight">Digital Insight</a></li> <li><a href="/wiki/Divine,_Inc." title="Divine, Inc.">Divine</a></li> <li><a href="/wiki/DoubleClick" title="DoubleClick">DoubleClick</a></li> <li><a href="/wiki/EBay" title="EBay">eBay</a></li> <li><a href="/wiki/EGain" title="EGain">eGain</a></li> <li><a href="/wiki/Egghead_Software" title="Egghead Software">Egghead Software</a></li> <li><a href="/wiki/Enron" title="Enron">Enron</a></li> <li><a href="/wiki/Epidemic_Marketing" title="Epidemic Marketing">Epidemic Marketing</a></li> <li><a href="/wiki/Excite_(web_portal)" title="Excite (web portal)">Excite</a></li> <li><a href="/wiki/Flooz.com" title="Flooz.com">Flooz.com</a></li> <li><a href="/wiki/Freei" title="Freei">Freei</a></li> <li><a href="/wiki/Gadzoox" title="Gadzoox">Gadzoox</a></li> <li><a href="/wiki/GeoCities" title="GeoCities">GeoCities</a></li> <li><a href="/wiki/Global_Crossing" title="Global Crossing">Global Crossing</a></li> <li><a href="/wiki/GovWorks" title="GovWorks">govWorks</a></li> <li><a href="/wiki/Handspring,_Inc." title="Handspring, Inc.">Handspring</a></li> <li><a href="/wiki/Healtheon" title="Healtheon">Healtheon</a></li> <li><a href="/wiki/HomeGrocer" title="HomeGrocer">HomeGrocer</a></li> <li><a href="/wiki/HotBot" title="HotBot">HotBot</a></li> <li><a href="/wiki/Infoseek" title="Infoseek">Infoseek</a></li> <li><a href="/wiki/InfoSpace" title="InfoSpace">InfoSpace</a></li> <li><a href="/wiki/Inktomi" title="Inktomi">Inktomi</a></li> <li><a href="/wiki/Interactive_Intelligence" title="Interactive Intelligence">Interactive Intelligence</a></li> <li><a href="/wiki/Internet_America" title="Internet America">Internet America</a></li> <li><a href="/wiki/IVillage" title="IVillage">iVillage</a></li> <li><a href="/wiki/IWon" title="IWon">iWon</a></li> <li><a href="/wiki/Kozmo.com" title="Kozmo.com">Kozmo.com</a></li> <li><a href="/wiki/Lastminute.com" title="Lastminute.com">lastminute.com</a></li> <li><a href="/wiki/The_Learning_Company" title="The Learning Company">The Learning Company</a></li> <li><a href="/wiki/Liquid_Audio" title="Liquid Audio">Liquid Audio</a></li> <li><a href="/wiki/LookSmart" title="LookSmart">LookSmart</a></li> <li><a href="/wiki/Lycos" title="Lycos">Lycos</a> <ul><li><a href="/wiki/Angelfire" title="Angelfire">Angelfire</a></li> <li><a href="/wiki/Tripod_(web_hosting)" title="Tripod (web hosting)">Tripod</a></li></ul></li> <li><a href="/wiki/MarchFirst" class="mw-redirect" title="MarchFirst">MarchFirst</a></li> <li><a href="/wiki/MicroStrategy" title="MicroStrategy">MicroStrategy</a></li> <li><a href="/wiki/Net2Phone" title="Net2Phone">Net2Phone</a></li> <li><a href="/wiki/NetBank" title="NetBank">NetBank</a></li> <li><a href="/wiki/Netscape" title="Netscape">Netscape</a></li> <li><a href="/wiki/Network_Solutions" title="Network Solutions">Network Solutions</a></li> <li><a href="/wiki/NorthPoint_Communications" title="NorthPoint Communications">NorthPoint Communications</a></li> <li><a href="/wiki/OmniSky" title="OmniSky">OmniSky</a></li> <li><a href="/wiki/Palm,_Inc." title="Palm, Inc.">Palm, Inc.</a></li> <li><a href="/wiki/PayPal" title="PayPal">PayPal</a></li> <li><a href="/wiki/Pets.com" title="Pets.com">Pets.com</a></li> <li><a href="/wiki/PFSweb" title="PFSweb">PFSweb</a></li> <li><a href="/wiki/Pixelon" title="Pixelon">Pixelon</a></li> <li><a href="/wiki/PLX_Technology" title="PLX Technology">PLX Technology</a></li> <li><a href="/wiki/Prodigy_(online_service)" title="Prodigy (online service)">Prodigy</a></li> <li><a href="/wiki/Pseudo.com" title="Pseudo.com">Pseudo.com</a></li> <li><a href="/wiki/Radvision" title="Radvision">Radvision</a></li> <li><a href="/wiki/Razorfish_(company)" title="Razorfish (company)">Razorfish</a></li> <li><a href="/wiki/Redback_Networks" title="Redback Networks">Redback Networks</a></li> <li><a href="/wiki/Register.com" title="Register.com">Register.com</a></li> <li><a href="/wiki/Ritmoteca.com" title="Ritmoteca.com">Ritmoteca.com</a></li> <li><a href="/wiki/Savvis" title="Savvis">Savvis</a></li> <li><a href="/wiki/Scout_Electromedia" title="Scout Electromedia">Scout Electromedia</a> <ul><li><a href="/wiki/Modo_(wireless_device)" title="Modo (wireless device)">modo</a></li></ul></li> <li><a href="/wiki/Terra_(company)" title="Terra (company)">Terra</a></li> <li><a href="/wiki/TheGlobe.com" title="TheGlobe.com">theGlobe.com</a></li> <li><a href="/wiki/Think_Tools" title="Think Tools">Think Tools</a></li> <li><a href="/wiki/TIBCO_Software" title="TIBCO Software">TIBCO Software</a></li> <li><a href="/wiki/Tradex_Technologies" title="Tradex Technologies">Tradex Technologies</a></li> <li><a href="/wiki/Transmeta" title="Transmeta">Transmeta</a></li> <li><a href="/wiki/UBid" title="UBid">uBid</a></li> <li><a href="/wiki/United_Online" title="United Online">United Online</a></li> <li><a href="/wiki/USinternetworking" title="USinternetworking">USinternetworking</a></li> <li><a href="/wiki/UUNET" title="UUNET">UUNET</a></li> <li><a href="/wiki/Geeknet" title="Geeknet">VA Linux Systems</a></li> <li><a href="/wiki/Verio" title="Verio">Verio</a></li> <li><a href="/wiki/VerticalNet" title="VerticalNet">VerticalNet</a></li> <li><a href="/wiki/Vignette_Corporation" title="Vignette Corporation">Vignette Corporation</a></li> <li><a href="/wiki/WebChat_Broadcasting_System" title="WebChat Broadcasting System">WebChat Broadcasting System</a></li> <li><a href="/wiki/Forcepoint" 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