Have you heard the one about the $200B hole in taxpayers' pockets?

John Paczkowski at Good Morning Silicon Valley does a good job summarizing a scandalous $200 billion promise gone bad:

....during the buildup to the 1996 Telecommunications Reform Act, the major U.S. telcos promised to deliver fiber to 86 million households by 2006 (we're talking about fiber to the home, here). They asked for, and were given, some $200 billion in tax cuts and other incentives to pay for it.  But the Bells didn't spend that money on fiber upgrades -- they spent it on long distance, wireless and  inferior DSL services.

If it's true, who is to blame? Well, for starters, obviously the Baby Bells need to account for their actions.  My question? Who in the Federal Government follows up on stuff like this?