Step2: Set exorbitantly high spectrum auction reserve
Step3: Alienate bidders
Step4: Wear red underpants on head
Step5: Profit???
Conroy forced to wear red undies
FOUR months after claiming he was so powerful he could force telco bosses to wear red underpants on their heads to win the bid for the mobile phone network space, Communications Minister Stephen Conroy has been left red-faced.
Two of the three main telcos have pulled out or expressed serious concerns over the $3 billion-plus sale of digital spectrum - trumpeted by Mr Conroy as the "waterfront property" of the mobile phone industry.
Supporting the next generation of 4G mobile phones, the spectrum was also considered a key revenue raiser for the cash-strapped Gillard government under its now-abandoned budget surplus.
In September, Senator Conroy told a conference in New York telecommunications regulation was a federal matter and he was in charge.
"If I say to everyone in this room: 'If you want to bid next week in our spectrum auction, you'd better wear red underpants on your head', I've got some news for you. You'll be wearing them on your head. I have unfettered legal power," he said.
