a Network, Final Report, December 2003 (www.comcom.govt.nz/telecommunications/llu/finalreport.pdf) 11. Values obtained from www.finance.yahoo.com/. 12. Some claim that as much as $2.5 trillion in equity values were lost. See, for example, "North America: The Telecom Scrap Yard," DooYooo, July 25, 2002 (www.dooyoo.co.uk/ services/telecommunications_services/telecommunication_service_providers_in_general/_ review/383840/ [September 2003]). 13. For an informative discussion of the revenues raised from these auctions, see WWW. st-andrews.ac.uk/economics/undergrad/honours/_EC451509a.pdf. 14. See the discussion of foreign carriers in chapter 9. 15. WorldCom and Global Crossing filed for bankruptcy. Global Crossing's assets have been sold to other companies, but WorldCon is attempting to reorganize as MCI. Qwest did not file for bankruptcy protection, but it dismissed its senior officers. It was forced to delay or restate its 2000, 2001, and 2002 financial results owing to accounting irregularities. 16. For a thorough analysis of these adjustment problems, see Clifford Winston, "U.S. Industry Adjustment to Economic Deregulation," Journal of Economic Perspectives 12 (Sum- mer 1998): 89-110. Notes to Chapter Two 1. For a discussion of the early period of competition in the U.S. telephone industry, see Milton Mueller, Universal Service: Competition, Interconnection, and Monopoly in the Mak- ing of the American Telephone System (Washington: American Enterprise Institute, 1997); and Gerald Brock, The Telecommunications Industry: The Dynamics of Market Structure (Harvard University Press, 1981). 2. See Robert W. Crandall and Leonard Waverman, Who Pays for Universal Service? When Subsidies Become Transparent (Brookings, 2000). 3. MCI Telecommunications Corp. V. FCC, 561 F.2d 365 (D.C. Cir. 1977), cert. denied, 434 U.S. 1040 (1978); 580 F.2d 590 (D.C. Cir. 1978), cert. denied, 439 U.S. 980 (1978). 4. North Carolina Utilities Commission V. FCC, 552 F.2d 1036 (1977), cert. denied, 434 U.S. 874 (1977). 5. United States V. American