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Following relatively poor financial results for the wider company in early 2010, Verizon announced in March 2010 that it was winding down its Fios expansion, concentrating on completing its network in areas that already had Fios franchises but were not deploying to new areas, which included the cities of Baltimore and Boston, which had not yet secured municipal franchise agreements. Doug Michelson, an analyst at Deutsche Bank, concluded that "Verizon has been overspending to acquire Fios customers". Some viewed the halt in expansion as a violation of Verizon's agreements with some municipalities and states, since Verizon has collected revenue to deploy infrastructure upgrades that never occurred. In New Jersey, Verizon collected an additional $15 billion in fees from customers and tax subsidies in exchange for promising fiber optic broadband for the whole state. The New Jersey government altered the deal in 2014 to allow Verizon to substitute wireless internet access to fulfill its promise instead. Verizon defended itself, claiming that they had spent $13 billion building fiber optics in New Jersey, about $7. 6 billion more than the company anticipated. Critics pointed out that wireless internet was slower and less reliable.