ch for VAULT CAREER LIBRARY © 2005 Vault Inc. Vault Guide to the Top Telecom Employers Introduction $68.8 billion, and Bell Atlantic merged with GTE to form Verizon. Also in 1998, Qwest Communications International bought long- distance company LCI International, entering the struggle between the big three of long distance, AT&T, Sprint and MCI. The next year, Qwest's bid to acquire US West (the smallest of the Baby Bells) defeated that of fiber optics leader Global Crossing of Bermuda. Also in 1999, AT&T acquired cable operator Tele-Communications, Inc. and merged with MediaOne Group in a $44-billion deal. Meanwhile, MCI was folded into WorldCom for $47 billion, (more on this later) becoming the world's leading Internet carrier and a full-fledged global telecom company, boasting a 25 percent share of the U.S. long- distance market after the deal. The activity wasn't limited to America's shores. Telecom became truly global in 1997, when 70 members of the World Trade Organization agreed to open up their telecom markets to each other at the start of the following year. Those 70 countries control 90 percent of worldwide telecom sales. Nearly all telecom companies around the world had privatized in anticipation of this expanded level of competition. The accord led to a rush of international deals, especially in the world's second-largest telecom market, Japan. In 1999, British Telecommunications and AT&T partnered to acquire a 30 percent stake in LD operator Japan Telecom, combining their Japanese ventures under JT. Britain's Cable & Wireless bought Japan's No. 6 carrier, IDC, a few months later. Also in 1999, Global Crossing teamed up with Marubeni to build an entirely new network, called Global Access, to service Japan. Wall Street highs and lows As M&A activity heated up, Wall Street took notice - investors poured $1.3 trillion into telecom industry companies in the five years following the Telecom Act's passage, according to Forbes magazine. But with this activity came increased scrutiny and risk. Ultimately, the