th SO many options and war- Don't Let Plugging Leaks Become an Obsession rants triggered by various contingencies, that no one seemed to know. Around I:OO A.M., while AT&T's bankers were pulling TCI's bankers out of bed, someone handed me a printout off the Wall Street Journal's Web site. "AT&T Appears Close to a Deal to Acquire TCI for $30 Bil- lion-Merger Would Provide Long-Distance Giant with an Easy Route Around the Baby Bells," its headlines read. At about 2,300 words, it was actually three times longer than the company news release we planned to issue in the morning, and it had nearly all the details, including the tracking stock structure. When to Expect Leaks Outside of the White House, there may not have been an institution in the world with more leaks than AT&T in the 1990s and early 2000S. Armstrong once joked that if he had a reflective thought while he was shaving, he would often read it in the Wall Street Journal at breakfast. While, as at the White House, these leaks spawned a furious search for the sources, I know of only one instance in which the culprit was caught. But the effect of the leaks was painful. As on a true naval vessel, they often made it nearly impossible for the company to leave the dock. The company had a very clear policy: No one was authorized to speak to a reporter or to a financial analyst without first consulting with Media Relations or Investor Relations. And, of course, someone from PR or Investor Relations would always sit in on the interview, even with the company's most senior officers, including the CEO. That way, not only was there an extra pair of ears on our side, but there was someone other than the executive who could follow up, clar- ify answers, or get additional information. Plus, the Media Relations or IR person would also prepare a brief memo outlining what was asked and answered for the benefit of anyone else the reporter or ana- lyst would be speaking to. The company usually pointed to SEC rules regulating the disclo- sure of insider information to justify t