The FCC's Strange Non-Profit

[Dave Farber <dave () farber net>]

Date: Wed, 03 Sep 2003 19:05:32 -0700
From: Dewayne Hendricks <dewayne () warpspeed com>

[Note:  This item comes from reader Jack Powers.  I believe that I posted 
an item on this a while back.  Looks like its resurfaced now that Powell is 
perceived to be in trouble.  DLH]

At 12:33 PM -0700 9/3/03, Jack Powers wrote:
From: Jack Powers <pheezer () cryptnet org>
To: Dewayne Hendricks <dewayne () warpspeed com>
Subject:
Date: Wed, 3 Sep 2003 12:33:02 -0700
MIME-Version: 1.0

>         The FCC's Strange Non-Profit FCC Chairman
> Michael Powell runs venture capital firm that
> claims it's private
>
>         By Bob Williams
>
>         WASHINGTON, June 18, 2003 - A
> quasi-governmental corporation set up to fund
> telecommunications company start-ups is
> spending nearly as much on executive salaries
> and overhead as it is investing in companies,
> a Center for Public Integrity investigation
> has found.
>
>         The Telecommunications Development Fund
> was created by Congress in 1996 to kick-start
> small communications  firms in hopes of
> spurring  innovation and competition. Instead,
> the six-year-old fund has paid more than $7
> million in executive salaries and other
> expenses while investing only $9.4 million of
> seed money in start-ups.

<snip>


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