Upstart firms saw riches in circling the globe with high-capacity optic cable. Instead, they were laying the foundation for their own downfall. They spent $50B+ to wire the planet, but they are not celebrating. Many are in financial ruin. The recent collapses of Global Crossing Ltd. and other communications firms have roiled financial markets and cost investors and employees tens of billions of dollars.

How did such a triumph of engineering leave so much corporate wreckage?

What actually drove the company and others like it into the ground was an epic miscalculation. ...

"People thought it could double every quarter forever." ...

"In some bizarre movie about the telecom industry, you would have guys from the carriers going out and killing guys in the labs to prevent them from coming up with new technologies." ...