FORTUNE points out that the trillion-dollar losses in telecoms outweigh anything in the dotcoms or Enron by an order of magnitude. Regular readers of this blog will remember I made this point a few weeks ago, referring back to a February Op-Ed piece for the Fin, entitled Pop! There goes a trillion, and a bit earlier referring to a piece published back in February 2001, where I observed that “the downturn has spread from the flashy but economically inconsequential dotcoms to the large, and massively indebted, telecom sector”.
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