Heading into the Labor Day weekend, Verizon announced it was buying the 45% of their wireless phone system from Vodafone they didn't own. The Brits sneaked in through buying Airtouch from PacBell and Qwest in the early 2000s, because they couldn't afford to upgrade the system to 2G.
Ever since, Vodafone has been glomming 7 billion dollars from the partnership by, basically, just sitting and whistling. That's double what Verizon averages to upgrade the network each year.
Well, the big steal became apparent Monday. See, Verizon is issuing half of $130 billion in stock, and borrowing the rest. The stock, of course, goes to Vodafone. So does the cash. Highway robbery in the extreme.
The best part: Vodafone has announced of the $130 billion, the second largest M&A in history, they are slipping $86 billion to their shareholders. Cash-starved European wireless and cable operator, and they are piecing off the stock market with 2/3 of the take.
Bastards tripled and soaked in oil.
I would like to see the SEC bar the transaction as excessive profit, not earned. Not even close. You have to go to the "too big to fail" banks that almost took down the economy to find a bigger ripoff.
And the bastards are STILL not out of the vault because of all that stock!
Geez, I thought the banksters were crooks.