The normal role for finance in the economy is to facilitate trade and production efficiently. Through these transactions profits are generated. However, due to dysfunctional factors, it can become more profitable to use financial methods to generate profits without trade or production. This abnormal role of finance in the economy is termed financialization.
Financialization is “an economic, social and moral disaster: net disinvestment, loss of shareholder value, crippled capacity to innovate, destruction of jobs, exploitation of workers, runaway executive compensation, windfall gains for activist insiders, rapidly increasing inequality and sustained economic stagnation.” 
Financialization in the telecom industry has become a destructive force. “AT&T and Verizon say 10Mbps is too fast for “broadband,” 4Mbps is enough” is the best indicator yet of the depth of financialization in telecom. Providing better services will severely limit telcos financial engineering activities. It’s ironic coming from the heirs to the legend built on the promise of providing “best possible service.”
It seems telcos no longer consider it their business to provide services their customers need, illustrated by these reports:
- My Rural Broadband Journey
- How Verizon lets its copper network decay to force phone customers onto fiber
- Verizon’s Test Of Landline-Less Service Leaves Some Customers Out In Cold
Now, contrast it with how other industries are operating, for example, utilities, auto, or computing. Here are some highlights:
- An LED Bulb Is Both Dimmable and Affordable 
- The future is here – driverless cars will soon hit our streets 
- IBM rethinking decades-old computer design with $3 billion investment 
Loss of direction by dominant communication providers has negative cascading effects on the industry. It has decimated a once thriving telecom technology supply chain. Nortel is no more [2, 3]. Alcatel-Lucent “has not earned any money 2006-2013” [2, 3]. Motorola has shrunk dramatically [2, 3].
With all these things going on, one would think that there would be an earnest effort to find out what is wrong. Instead, the preoccupation in the media and industry is with “net neutrality” confusion, which the FCC Chairman summed up: “the idea of net neutrality has been discussed for a decade with no lasting results.”