Only a few years ago, the dream of striking it rich by transmitting Internet data and telephone calls across continents and under oceans, through endless ribbons of fiber optic cable, captivated one company after another. But rarely in economic history have so many people with so much money got it so wrong. ... "There is no sector that illustrates creative destruction so effectively." ... [T]elecommunications is no stranger to turmoil after a meltdown at upstart carriers and established equipment makers resulted in the loss of more than 500,000 jobs worldwide in the last two years. ... With the spot price of bandwidth down 90 percent and bound to fall further, it made no economic sense for carriers to make long-term leasing arrangements. ... Global Crossing made it clear that its accounting had been accepted by Arthur Andersen. ... Global Crossing continues to deny that it has done anything wrong. [explanation of IRU sales] ... A spokesman for Flag [Telecom] declined to say whether his company had any dealings with Global Crossing. ... There will it all end? One clue may lie in the history of the nation's railroads ... The Fiber Optic Fantasy Slips Away | 
