MM without taxes would support AT\&T, although if AT\&T really believed MM, they should not object to Gordon's 50 percent debt ratio. MM with taxes would lead ultimately to 100 percent debt, which neither Gordon nor AT\&T accepted. In effect, Gordon and AT\&T seemed to be taking a "traditional" or perhaps a "compromise" view, but with different conclusions about the optimal debt ratio. We might note, in a postscript, that AT\&T did raise its debt ratio, but not to the extent that Gordon recommended.