AT&T (T) Exec to FCC: 'You Were Wrong. See?'
Tweet
Share
E-mailGet Alerts T Hot Sheet
Price: $21.84 -0.64%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 5.3%
Revenue Growth %: +3.2%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 5.3%
Revenue Growth %: +3.2%
Join SI Premium – FREE
Normally a reserved company, AT&T (NYSE: T) issued a response to the recent announcement that T-Mobile would be closing several call centers and laying off about net 1,900 workers (3,300 total layoffs, but 1,400 rehires at different call center locations).
The blog post, here was written by AT&T Senior Executive Vice President of External and Legislative Affairs, Jim Cicconi. The premise of the post is to point out what the Federal Communications Commission (FCC) got wrong. Last December, the FCC all but rejected AT&T's proposed $30 billion bid to acquire T-Mobile from Deutsche Telekom, costing AT&T about $4 billion in fees -- money it could have spent to acquire more spectrum in the median.
From the note: "the current FCC not only rejected our pledges and predictions, they also questioned our credibility. The FCC argued that the merger would cost jobs, not preserve them, and that rejecting it would save jobs. In short, the FCC said they were right, we were wrong, and did so in an aggressive and adamant way...for the government’s decision, centers now being closed would be staying open, workers now facing layoffs would have job guarantees, and communities facing turmoil would have security."
He then offers some advice for the FCC: "So what’s the lesson here? For one thing, it’s a reminder of why “regulatory humility” should be more than a slogan...The other lesson is even more important, and should be sobering. It is a reminder that in government, as in life, decisions have consequences."
Cicconi basically calls out the FCC for its stubborn-headedness, reasoning ability, and ignorance. Not a bad way to start your weekend.
AT&T shares are slightly lower into the close, down 0.6 percent.
The blog post, here was written by AT&T Senior Executive Vice President of External and Legislative Affairs, Jim Cicconi. The premise of the post is to point out what the Federal Communications Commission (FCC) got wrong. Last December, the FCC all but rejected AT&T's proposed $30 billion bid to acquire T-Mobile from Deutsche Telekom, costing AT&T about $4 billion in fees -- money it could have spent to acquire more spectrum in the median.
From the note: "the current FCC not only rejected our pledges and predictions, they also questioned our credibility. The FCC argued that the merger would cost jobs, not preserve them, and that rejecting it would save jobs. In short, the FCC said they were right, we were wrong, and did so in an aggressive and adamant way...for the government’s decision, centers now being closed would be staying open, workers now facing layoffs would have job guarantees, and communities facing turmoil would have security."
He then offers some advice for the FCC: "So what’s the lesson here? For one thing, it’s a reminder of why “regulatory humility” should be more than a slogan...The other lesson is even more important, and should be sobering. It is a reminder that in government, as in life, decisions have consequences."
Cicconi basically calls out the FCC for its stubborn-headedness, reasoning ability, and ignorance. Not a bad way to start your weekend.
AT&T shares are slightly lower into the close, down 0.6 percent.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- AT&T (T) PT Lowered to $29.25 at Scotiabank
- Agenus to present BOT+BAL cancer data at ESMO 2026 congress
- NuvOx Therapeutics files for IPO on NYSE American
Create E-mail Alert Related Categories
Corporate News, Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
