Philip Falcone

Verizon and AT&T are grousing about FCC conditions applied to its recent approval of Harbinger Capital's takeover of SkyTerra. The rules are designed to spur competition, and the two biggest wireless players aren't happy about it.

Philip Falcone, who runs Harbinger Capital Parters, is taking on several of the country's biggest telecoms by leveraging three satellite investments into a massive 4G wireless network that one analyst has called "breathtaking in its ambition."