Federal Communications Commission (FCC) Chairman Julius Genachowski is refusing to explain why he granted a rare waiver to Philip Falcone for his company LightSquared, while he's under investigation by the Securities and Exchange Commission (SEC) for possible market manipulation and violations of the "short sale rule."
What happened to the Obama administration's promise of transparency?
Falcone says that his firm, LightSquared, could provide faster and better wireless Internet access than well-established cell phone companies. "There's just one hitch," The Washington Times reports, "LightSquared's technology can cause devices that use the global-positioning system (GPS) to go haywire."
