Word: nynex
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Dates: during 1990-1999
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...evidence--disputed by the principals--that the money does produce big and nicely targeted concessions from the parties who take it in. According to Common Cause, regional and long-distance telephone companies won concessions in the telecommunications bill last year in tandem with their record soft-money giving. NYNEX, a huge regional Baby Bell, contributed $100,000 to The Republican Congressional Campaign Committee the same month House G.O.P. leaders relaxed a requirement in the bill that Baby Bells must have competition for local telephone business before being able to sell long-distance service. Later long-distance companies gave...
Although Ruth has received little support around Harvard, he says The Boston Globe, NYNEX and BayBank of Boston are interested in his proposal...
...suitors were Raymond Smith and Ivan Seidenberg, CEOs of telephone gargantuans Bell Atlantic and NYNEX. Their moment came in February as they watched Bill Clinton sign the Telecommunications Act of 1996, which paved the way for last week's $22 billion merger of Bell Atlantic and NYNEX. The new company, to be called Bell Atlantic, will have revenues of nearly $27 billion, second only to those of AT&T in the business, and will offer a wealth of data services to about 36 million East Coast customers--some 22% of all U.S. subscribers...
...this good news for anyone other than, say, five or six giant phone companies? "The world will be a much simpler place for consumers," argues NYNEX's Seidenberg, "with more choices, more services and more products united under a single roof and unified brand." Seidenberg says phone bills should deflate as the companies merge their billing and cut their labor costs; thousands of jobs will be downsized in the Bell Atlantic/NYNEX upsizing...
...care if NYNEX and Bell Atlantic want to merge, but at least they ought to have the decency to keep it to themselves. Even if I did care, of course, I wouldn't challenge the God-given right of American corporations to expend most of their energy breaking up and coming back together. This is, after all, the fabulous free-market dynamic that generates so much wealth for the executives involved, a process that must be taught in leading graduate schools of business as the Amoeba Principle...