"We believed that as prices dropped, there might be more capacity available to create a traded market in bandwidth," he said. "Our strategy in broadband was predicated on a bandwidth glut."
Enron executives talked up the business to investors for much of last year.
In January last year, after fiber-optic prices had been falling for the previous six months, Skilling and former Chairman Ken Lay told an investors conference that the broadband business was booming. Lay said the division had reached the "critical mass" it needed.
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