"...that AT&T has portrayed..."

That phrase nicely sums up the FCC's findings on the proposed AT&T/T-Mobile deal. Chris Zigler, The Verge (emphasis his):

T-Mobile's balance sheets just don't support what the FCC calls "the bleak short-term outlook... that AT&T has portrayed in its submissions," pointing out that the carrier pulled in $5.4 billion in earnings last year on revenue of $21.3 billion (and it remains profitable as of Q3 '11). The Commission also cites the fact that both carriers use HSPA+ as evidence that T-Mobile isn't way behind the times, and it goes onto say that speeds are "expected to be comparable for the next several years." Unfortunately, this part dives into some redacted statements and there's no mention of LTE, but we'd love to see the documentation that the FCC is using to assert that these guys will be at speed parity for the foreseeable future — it's an interesting claim.

Even I've bought in to the disinformation that T-Mobile is on the brink of failure.

On pages 32 and 33, the Commission also rattles off a couple examples of plan tweaks AT&T has made in recent years in direct response to T-Mobile, further damaging AT&T's claim that it doesn't view T-Mobile as a viable competitor.