I usually find Senator Charles Grassley’s attempts to provoke spats with big-name hedge fund managers tendentious. But in his spat with Falcone and Harbinger he is right on the money. Lightsquared deserves to fail and Grassley knows it.
Serious people including the defence department object to Falcone’s use of the spectrum.
I hope this post contributes to the end-failure of Lightsquared. Dirty or incompetent regulators make bad capitalism. If Falcone had obtained the spectrum the usual way, paying the usual number of billion dollars and dealing with interference issues (like GPS) in an open and transparent manner I would have no problems. As it is Falcone sickens me and Grassley is right on the money.
Lighsquared is about the 1% exploiting loopholes, manipulating the regulatory process, and not caring what damage is done so long as they make more money.