-A Light at the End of the Tunnel? (New York: Deutsche Bank, April 29, 2003); John C. Hodulik, Wireline Telecom Play Book (New York: UBS Securities, July 8, 2004). 24. Robert D. Willig, William H. Lehr, John P. Bigelow, and Stephen B. Levinson, Stimulating Investment and the Telecommunications Act of 1996, paper filed by AT&T in FCC Docket 01-338 (October 11, 2002). See also Consumer Federation of America, "Competition at the Cross Roads: Can Public Utility Commissions Save Local Competi- tion?" undated ms. 25. Gregg, A Survey of Network Unbundled Element Prices. 26. Only one state, Nebraska, raised UNE rates. 27. Southern New England Telephone was acquired by SBC. Rochester Telephone became Frontier, which was subsequently acquired by Global Crossing. United Telephone is part of Sprint, the large national long-distance company. 28. Data from Broadwing's Annual Report to the Securities and Exchange Commission, Form 10K. Notes to Pages 73-82 29. I include Qwest with the other three companies here because virtually all of its mar- ket value is in its local telephone systems formerly owned by US West. Its long-distance assets have little or no value. See chapter 6. 30. Sprint also has a large presence in local telephony. It pursued a rather conservative business strategy, expanding only into wireless but avoiding the temptation to grow by merger even though it was not constrained by the 1996 act. Qwest built its long-distance network aggressively, acquiring US West along the way even though US West was subject to the interLATA restrictions in the act. 31. Through wholesale and retail arrangements. Notes to Chapter Six 1. Much more detail may be found in Robert W. Crandall, After the Breakup: U.S. Telecommunications in a More Competitive Era (Brookings, 1991). 2. Ranking the long-distance carriers has become a perilous enterprise with the spread of "bundled" plans by local, long-distance, and wireless carriers. Many of these plans allow unlimited calling or free calling during specified periods. As a result, it is in