Bankrupt LightSquared's Drama Drags On -- And Markets Move On [telecom]

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The specter of spectrum.

Last time we checked in with LightSquared, its sad saga suggested why crony capitalism might be here to stay. Philip Falcone, I remarked, sounded like some of the less sympathetic Occupy protestors who have complained that even though they went through the motions prescribed by the system, the system failed them.