Considering Apple was adamant that the iPhone wouldn't be carrier-subsidised (the usual practise of selling a handset cheaply with a new contract, the operator making the money back via call charges and line rental), AT&T's pockets must still be feeling light after news emerged that they're paying Jobs & co between $150 and $200 for each handset sold.

In addition, AT&T apparently pay around $9 a month to the company for the lifetime of the contract, a minimum of two years.  Industry insiders are flummoxed at the high figures changing hands.

"Wall Street knew Apple was getting a good deal, but it didn't know just how good it was" Scott Moritz

Neither company would comment on the story, but some insiders claim to have seen Steve Jobs rubbing his hands together in glee, bathing in $100 bills and lighting joss-sticks with old Verizon contracts.

[via iPod Observer]