They raised local service rates frequently and added fees, while listing such things as lobbyists, lawyers, and even corporate jets in the local service expenses column. But in 2007 Verizon decided it would focus on wireless, and by 2010 Verizon announced it had finished its FiOS deployments. Because these bookkeeping actions made local service appear unprofitable, Verizon has been granted continuous rate increases. Verizon’s profit margin for its wireless service is 50%. The New York Public Service Commission never did an audit of the books, or any examination of customer funding: The true amount will only be established by a full audit.

Source: New York Times July 21, 2023 18:18 UTC