Sunday, March 05, 2006

Fake AT&T Leadership Is Nearing Deal to Acquire BellSouth for $65 Billion

Fake AT&T, BellSouth Near $65B Deal


qualityg has warned about these mergers for years. It still amazes me that the FCC and government do not just admit that judge Harold Greene (divestiture in 1984) was wrong about breaking up the "Real AT&T Bell System."


The corruption (MCI, WorldCom, QWEST, etc…), wasted dollars, political bickering between long lines and local, excessive corporate pay and golden parachutes, etc… I could go on and on but the real tragedy of this debacle was the 1 million employees that worked for the Bell System in the early 1980s.


Together, Fake AT&T (SBC) and BellSouth could have combined market capitalization of nearly $160 billion, dwarfing rival Verizon.

Together, the three companies employ more than 316,000 people, though that head count will fall as AT&T eliminates redundant operations.



qualityg said last December - click-->(SBC/ AT&T Merger) ...

Since 1984 the world and particularly the United States has suffered because of your moronic decision by Judge Harold Greene. Tell me where you can find a company today that has over a million employees with standardization and reliability that compared to AT&T in 1980. A million employees working and paying taxes with a good wage. No other company has ever come close to giving back to the communities in which they were located. In 1984 Michigan Bell employed close to 39,000 employees, today the number is around 13, 000.



Remember this headline) (BellSouth calls off AT&T deal) from a few years ago?
The Reason --> Among the details, say people familiar with the terms, was that Ackerman (BellSouth) was to remain CEO until his retirement, expected in 2006. Then Dorman would succeed him. The company would have been called AT&T. The company will still be called AT&T, but Double D (Dorman) is the odd man out with about $30 Million.

Again the Execs will win and the employees will lose. Don't believe me, ask ex-employees from PacBell, AT&T (the real AT&T), Ameritech, AT Home, NYNEX, etc...

This whole mess was not good for competition or the consumer. We would have a much more capable and reliable Security System and employment picture across the United States if Judge Greene would have listened to the people and not the politicians back in 1984.


Next Company to Go to Fake AT&T? Perhaps Lucent and then it's bye bye for Patricia Russo (CEO).

j-man sent me this article from Market Watch--> click on Link Breaking Up Is Hard To Do

for more updates go to http://www.blogger.com/post-edit.g?blogID=11874839&postID=115106688604964740

6 comments:

J-Man said...

Judge Greene was wrong as wrong could be on this one. And now as the pieces get put back together it will be the employees (like always) that suffer. Beware employees of Bell South. If the merger (acquisition, or whatever) takes place thousands of jobs will be lost. Thank you Judge Greene!!! His decision to break up AT&T has to be one of the most ill-advised, shortsighted, and costliest legal decisions in legal history.

Steve Sherlock said...

Indeed if only we could turn back time on this one, it would truly make sense to have undone this...

lphs68 said...

Can they pay me my back wages for a year lost? I do have a good job now, but had to be out of work for a year. When I was a service rep for Bell everybody wanted the breakup. People would call in and say they couldn't wait for the breakup. When the phone company broke up, the same people called and said why did you guys breakup.

The co., government and the news media helped this mess.

Anonymous said...

QG,

You were right they announced today at least 10,000 employees will lose their jobs with this merger.

Karen from Florida

qualityg says said...

Great Comments!

j-man says "shortsighted" so true, it's obvious Judge Greene knew nothing of systems thinking.

steve - make sense, not sure if mergers ever make sense to an employee. Sure does to Wall Street, and there lays the problem.

68 - I remember those same people, glad you found another job.

Karen - not hard to predict based on past practices. It makes me sick to see Fake AT&T stock go down and BellSouth go up by over $3.00 a share.

Wall Street is happy while lives are being shattered.

p/s BellSouth CEO D. Ackerman will retire after merger, don't buy the poop being flushed out from San Antonio.

I still want to know where Golden Boy will end up being located. I think they should mount his butt on a steer.

lphs68 said...

I want to ask one question. How is this going to affect our pensions. I don't want to hear from AT&T that we have no pension.