Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Disclaimer: The Parliamentary Library does not warrant the accuracy of closed captions. These are derived automatically from the broadcaster's signal.
PM slams 'disgraceful' Telstra bosses -

View in ParlViewView other Segments

(generated from captions) to his mother. he wouldn't recommend Telstra shares is now at a 2-year low The company's share price and the Prime Minister's not happy. I do not believe by senior executives of Telstra that the remarks that were made

were in any way helpful. have grabbed a beer and a burger It obviously looks like these guys and jumped on a plane and come over and have really no idea that they're coming to. about the legislative environment today, At a Coalition party room meeting the management team into line. John Howard was urged to pull has been disgraceful. He agreed, Telstra's behaviour In the light of this performance, have confidence does the Prime Minister Mr McGauchie, in his hand-picked chairman, Mr Trujillo? and his hand-picked CEO, senior executives of Telstra I think it is the obligation of not talk them down, to talk up the company's interests, communicated very directly and that is a view which I have

on behalf of the Government. to the chairman of the board Telstra and the Government The Opposition today accused information of deliberately withholding other shareholders. from the telco's

exchange to investigate Labor wants the Australian stock a leaked briefing to the Prime Minister that Telstra's bosses presented last month. Surely those investors, their precious savings into it, the mums and dads who put investment decisions are entitled to make their the Government enjoys. with access to the same information The briefing revealed its reserves to pay dividends. the company has been borrowing from It's also warned of faults in 14% of all Telstra lines, and an ageing work force. obsolete equipment The telco's bosses suggested was needed to fix the problems. up to $3 billion of investment There were a lot of views put to us. and we rejected the proposition. There was a proposition put to us Late today, Investments Commission announced the Australian Securities and it's investigating Telstra, with disclosure laws. specifically its compliance Stock Exchange on the matter. ASIC is working with the Australian stiff penalties. Any breach of the law carries penalties of up to $1 million They could involve monetary to be imposed on the company itself. imprisonment There could also be terms of for company executives the company contravening the law. who have been involved in Telstra believes the Labor party's complaint, the investigation relates to but denies it's breached any laws. to the Government All material provided in accordance with has been provided the Telstra Corporation Act requirements of and at the same time, all its disclosure obligations. Telstra has complied with Telstra could be a long way off, While it seems the full sale of the way will be introduced tomorrow. Government legislation clearing

Narda Gilmore, Lateline. in New Orleans is easing tonight. In the United States the crisis city has begun The long process of drying out the

and so has the search for bodies. as US President George W. Bush The latest developments come the devastated gulf coast made his second visit to the political damage as he tries to limit relief efforts. after last weeks chaotic Norman Hermant reports. the water from new orleans. At last, they are pumping out a long fight to repair the damage. This - just the beginning of

The same goes for George W. Bush.

of the disaster zone His second tour