Phillip Falcone, a hedge fund manager and Obama campaign fund raiser, appears to have struck out on a $3 billion gamble to supply satellite broadband service to the bulk of the country. Called Lightsquared Inc., the company held out the promise of fulfilling one of President Obama's pet agenda items - making broadband widely available to the general public. The Defense Department has just conducted a test about how the satellite's signal will affect GPS devices and it doesn't look good for Obama's buddy. Bloomberg: Philip Falcone's proposed LightSquared Inc. wireless service caused interference to 75 percent of global-positioning system receivers examined in a U.S. government test, according to a draft summary of results. The results from testing conducted Oct. 31 to Nov. 4 show that "millions of fielded GPS units are not compatible" with the planned nationwide wholesale service, according to the draft seen by Bloomberg News. "LightSquared signals caused harmful interference to...(Read Full Post)