Imagine that you're the guy who has to deliver the bad news. You straighten your tie, clear your throat, and jangle your keys as you step into your boss's office. She does not look like an executive who has gone to the sorts of conferences where managers are reminded not to shoot the messenger. It is, in fact, quite possible to imagine her stashing a Glock just out of sight in a desk drawer. Come to think of it, it's been months since you've seen Jenkins, the last guy to deliver bad news. "Boss," you begin, "about that $18 billion we just spent? Well, turns out it wasn't strictly necessary..."

It's a conversation that could be playing out at telcos like Verizon in the next few years if a new consortium of hardware vendors and phone companies has its way. The group is led by ECI Telecom and includes members like Spanish telephone giant Telefonica, but it's based in Israel and funded in part with a grant from the Israeli government.

The group's goal is audacious: achieve fiber optic speeds over copper wire. If they succeed, Verizon's $18 billion decision to run fiber all the way into consumers' homes might be a costly one for them and other companies around the world that have jumped on the fiber optic bandwagon.