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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 176.62+1.3%3:12 PM EST
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To: Jeff Vayda who wrote (12137)6/27/2001 11:20:09 AM
From: Andrew N. Cothran  Read Replies (1) of 196841
 
But Jeff, you seem to have missed my key point:

Isn't it fair to assume that the FCC was prudent enough to deposit the money from the second round of successful bidders against the real possibility that Nextwave would prevail? Isn't that what you, or any other prudent financial manager would have done? Didn't that possibility loom as a real threat from the very beginning?

Can you, as a taxpayer, honestly believe that funds deposited against the possibility that they would have to be refunded belonged to the Feds? Weren't they escrowed? And if escrowed, then the Fed's (ie: the taxpayers) could not lay claim to those funds until they were freed for distribution. Since they were never free, they never belonged to the taxpayer. Hence, the taxpayer is out absolutely nothing if and when those escrowed funds are refunded. In fact, failure to refund them would be tantamount to federal thievery of private funds not yet due them because of the escrow factor.

With Nextwave's win, the escrowed funds will be returned to their rightful owners: those who bid in the reauction. The taxpayer is not involved at all. If Congress will not agree to free up the (escrowed) funds for refunds, then Congress will have gone on record as willing to illegally impound the escrowed funds, claiming ownership on the part of the federal government (the taxpayers) despite the clear evidence to the contrary.

I seriously doubt that you and my representatives would put themselves in such an untenable position.
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