... When all was said and done, numerous operators had paid too much per subscriber5 while ignoring alternative technologies as well as the risk of their spending sprees.6 Conventional wisdom to the contrary,7 the system rewarded incompetence and sent more cautious operators to their demise. 8 Vodafone-the world's leading stand-alone telecom (formed by the merger of two independents that started as cellular operators when analog wireless was new)-plotted a somewhat careful course, 9 whereas former monopolists like Deutsche Telekom (the hero of this story) were encouraged in their rush to 3G by European governments still holding majority stakes.10 With the wave of a hand, 3G spectrum auctions would transfer the taxpayers' investment in the "liberalized" incumbents into the governments' coffers; but only some 10% of roughly $150b in licensing fees has made the journey so far.11 With Vodafone fast approaching pan-European status,12 "most of the [other carriers] should just stay home, as ...

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