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Phil Falcone's Rotten, Awesome Day

Hedge-fund manager Philip Falcone of Harbinger Capital Partners
Hedge-fund manager Philip Falcone of Harbinger Capital PartnersPhotograph by Jacob Kepler/Bloomberg

Phil Falcone, a Harvard hockey standout, may score one from the penalty box.

On the same day news broke of his two-year ban from Wall Street, the hedge fund billionaire got word that LightSquared, one of his major investments, will likely get a green light from the Federal Communications Commission.