Monday, super investor Warren Buffett ( news - web sites) jolted the nearly prostrate telecom industry by leading an investment of $500 million in Level 3 Communications. Telecom companies now are so reviled, and Buffett is so worshiped, the investment is like the prom queen deciding to dance with the greasy kid who broke both legs of the star quarterback by accidentally running him over in the school parking lot before the first game.

Beyond the surface, the potential intrigue could get fascinating. This is where the soap opera aspects come in. Buffett's investment could set in motion a complex web of relationships and -- if you play it all out in just the right way -- put Bill Gates ( news - web sites) in charge of every fiber-optic line in the USA.

This stuff is layered on top of Monday's congressional hearings, during which new WorldCom management threw tomatoes at old WorldCom management, which liked Level 3's founder and CEO, James Crowe, about as much as homeowners like termites.

Read the rest...great prediction

A few months ago, Crowe says, the three well-acquainted men -- Crowe, Scott and Buffett -- met to talk about opportunities in telecom. They figured there must be opportunities now that things are so bad that entire telecom companies will probably be sold on eBay."

A great article on the political intrigue behind Buffet's purchase of Level 3 stock.

Beyond the surface, the potential intrigue could get fascinating. This is where the soap opera aspects come in. Buffett's investment could set in motion a complex web of relationships and -- if you play it all out in just the right way -- put Bill Gates ( news - web sites) in charge of every fiber-optic line in the USA.