The US congress has rarely made Wall Street investment bankers as happy as it did when it passed the telecommunications bill on February 8. A competitive free-for-all in long-distance and local telephone services, as well as in the cable, broadcast and radio industries, has been unleashed by the legislation. That means a lip-smacking fee bonanza for investment bankers.
Until this liberalization, the seven Baby Bell local telephone companies, created after AT&T’s break-up in 1984, were excluded from the $60 billion-plus long-distance market and from local markets outside their designated regions.
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