WorldCom fraud and its systemic effects on telco-ISP competition

Interesting paper on what happens when a single large actor in the interconnected world of telecoms engages in systematic fraud over several years - leading others to over-invest, hurting bilateral relations between carriers, and leading to 'competitive bankruptcy in which many of WorldCom's rivals had to seek new ownership or Chapter 11 protection. Those who avoided bankruptcy and forced restructuring were left in the worst position of all.