verizon turns down $550 million to serve rural communities

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(clicky)verizon turns down $550 million to expand internet service in rural communities
WASHINGTON - Verizon today became the only major U.S. telecommunications company to turn down federal funding to build broadband in unserved, primarily rural, communities, leaving many residents in eight states and the District of Columbia without access to vital communications options. The company was offered $568 million over six years by the Federal government to bring broadband to 270,000 locations in Washington, DC, Delaware, Massachusetts, Maryland, New Jersey, New York, Pennsylvania, Rhode Island, and Virginia.
“Verizon’s track record is clear,” said Bob Master, Assistant to the Vice President of District One of the Communications Workers of America. “Even while raking in a billion dollars per month in profits, Verizon is turning its back on underserved communities by refusing federal subsidies to expand high-speed internet access. Instead, its top priority is slashing job and retirement security for its employees and eliminating benefits for workers injured on the job.”

another rotten corporation screwing over its rural customers just to shave a buck here and there. I would not get Verizon service even if they offered it.

Verizon going to Verizon.

But they are not their customers.

And AT&T grudgingly accepted it

and I honor AT&T for that choice, and will own their products. I would not have anything to do with Verizon.

AT&T had too, in order to get DirecTV buyout approval.
It was part of the terms.

^^^
whatever it takes to get them to do the right thing by the most people.

The telecom companies tend to dig their own holes. Soon a company will come out that will do what it's supposed to do and I'm damn sure that Verizon and AT&T will be downright pissed and end up scrambling overtime to recover.

I have a vendetta against those two companies.

Not really, since the big 4 own nearly all of the spectrum for cell service.
It's damn near impossible to break into the telecom industry in the U.S.

Unless someone buys up a large portion of an existing company and manages that company better.

That would require federal approval due to the national security issues regarding the companies.

Verizon has a market cap of $187.31 Billion
AT&T has a market cap of $204.77 Billion
Comcast has a market cap of $142.59 Billion
T-Mobile (owns Metro PCS) has a market cap of $32.59 Billion (Deutsche Telekom owns the majority)
Sprint has a market cap of $20.59 Billion and recently had the majority stake bought by SoftBank of Japan after a massive federal security investigation before approving it.

Exxon-mobile has a market cap of $313 Billion
Microsoft has a market cap of $351.35 Billion
Google has a market cap of $442.16 Billion
Apple has the largest market cap in the world at $646.06 Billion

The point is, it is very expensive to buy AT&T or Verizon and most companies don't have market cap to do that.

I'm looking at it from a market valuation perspective than a market capital perspective. Regardless, I'm aware of how 'mad' you'd have to be in order to deal with all the BS in this market. Doesn't mean it's not possible to completely ninja-move stuff. I'm also looking at it beyond the monetary stand point that most people don't look past. There's a lot more at stake than just the billions of dollars you'd have to spend in order to get into this mess, such as the moral high ground. Depending on who you are, you could consider that naiveté or someone who has their act together.

It's not impossible for what I mentioned in my first response to happen. Just highly unlikely.

That's terrible! And why turn down free money?

Probably too many strings attached ("free money" doesn't really exist).

They turned it down because, more than likely they can't make an obscene profit on a rural market. All the major common carriers are notorious for "cherry picking" their markets.

I'm glad I don't have any $$ invested with those greedy bastards