I think you may have misread what was written when you claim > It's a loss because a big, capitalized winner takes all auction benefits a small number of entit

I think you may have misread what was written when you claim > It's a loss because a big, capitalized winner takes all auction benefits a small number of entities with big pockets. This is the exact opposite of what the parent poster was arguing against which was the claim that the TelCos had poor returns (ie they were NOT particularly beneficial to those entities).