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Monday, May 08, 2006

Verizon Communications Threatens The Financial Services Industry Over Net-Neutrality

WASHINGTON (Reuters) - Verizon Communications warned the financial services industry may not get the secure networks it needs if Congress adopts laws governing high-speed Internet broadband networks, according to a company memo obtained by Reuters on Monday. The financial services industry is weighing whether to wade into a fight over legislation on broadband service, known as "Net neutrality." It fears that without safeguards on pricing for network access, the costs to financial institutions could rise. Verizon's chief congressional lobbyist Peter Davidson said in a memo warning the financial services industry: "better not start moaning in the future about a lack of sophisticated data links they need" if Netneutrality laws were passed because the communications industry may not investin new networks.

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