Industry Analysis - Greed (Archived in 2003)


Since the mid-1990s, I have vigorously challenged the constantly misused phrase ‘shareholders value’. Telco used it to end the long-standing telco tradition of long-term investments, the importance of national networks, the quality of service and other good old-fashioned solid business strategies. Instead, they created artificially high share prices by overplaying their large cash-generating businesses. This cash was then misused for ill-considered overseas expansions and a lemming-like grab for 3G spectrum. There was no vision as to where they were going, no strategies on what to do once these massive investments were made and no guidelines for the local operations.

Table of Contents

  • 1. Synopsis
  • 2. Greed disease spread from USA to Europe
  • 3. The curse of stock options
  • 4. Capacity swapping
  • 5. Real shareholders value comes from customer satisfaction
  • 6. Incumbents are the winners
  • 7. The American Greed heads
    • 7.1 Global Crossings
    • 7.2 Adelphia Communications
    • 7.3 Qwest
    • 7.4 WorldCom
    • 7.5 AOL reports over $49 million dodgy deals
  • 8. European greed
    • 8.1 MobilCom
    • 8.2 Vivendi
    • 8.3 Vodafone
    • 8.4 Deutsche Telekom
    • Exhibit 1 – Option schemes for CEOs and other high-flyers
    • Exhibit 2 – CEO pay vs. average workers wages
    • Exhibit 3 – Industry abbreviations

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Strategies & Analyses (Industry & Markets)

Number of pages 6

Status Archived

Last updated 11 Sep 2004
Update History

Analyst: Kylie Wansink

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