Time for Re-regulation of the Telecommunications Industry?

The troubled telecommunications giant WorldCom filed for bankruptcy late yesterday.

It's the largest bankruptcy filing in U.S. history, worth more than $107 billion, far exceeding Enron's filing of $64 billion last year.

In this hour, WorldCom tanks. Can the telecommunications industry, Wall Street investors, and the American public afford to take the hit?

Guests:

Eli Noam, Director of the Columbia Institute for Tele-Information and Professor of Finance and Economics at Columbia University

David Skeel, Corporate Law Professor at the University of Pennsylvania and the author of "Debt's Dominion: A History of Bankruptcy Law in America"