Uhm, yes, it does? With enough time and >50% you can start at any point in the blockchain and eventually overtake the current one.
That is why there is the 6 confirmations thing. The more confirmations there are the harder it is to create a malicious fork. With >50%, all bets are off.
You made it sound both as if the attacker could re-write past blocks (before he managed to compute a lot of blocks in a row) and that he could do whatever he wanted with the blocks he wrote and both are not true. I felt I should shortly dispel that idea in this thread due to the potential readership. But please lets not derail this. I will stop responding to this off-topic. Thanks again DT.