In the 70s a popular television character and series was The Six Million Dollar Man. All about a US Army Major who was made bionic.

In 2005, Australia has the Nine Billion Dollar Man from the US called Sol Trujillo, who along with two trusted sidekicks, may be in need of help from the Lee Major’s character if they are to escape Australia unscathed. Because right now, they should be packing their bags, along with the dill who’s the chairman of Telstra, Donnie McGauchie.

Former senior public servant, Telstra director and Qantas CEO, John Menadue asked on the ABC AM program this morning what Sol was still doing in his job.

It was a good question and the blundering Telstra board, led by chairman McGauchie and his mate Prime Minister John Howard, should be asking the same question.

Howard, the “relevant” minister Senator Helen Coonan and the Government, plus the Telstra board should all be censured after these comments yesterday from Sol:

“Relative to whatever Minister Coonan might have said yesterday (Sunday, on a possible referral to the ASX ), it had no impact, no bearing, no relevance to what we are doing today.”

Mr Trujillo said that due to the current shareholder structure of Telstra, the “appropriate ministry of the government” is always informed before any kind of announcement is made by the company.

“There was knowledge in Canberra about this prior to Sunday, so what caused what I’m not sure, but we know what drives our business and our duty to disclose.”

Disclose to whom, and when? In fact, Sol said the company informed Canberra last Friday of its earnings guidance downgrade statement that was issued yesterday.

So now we have the major shareholder being given information ahead of the market generally and ahead of the other shareholders. The disclosure is appalling, the transparency just as bad and the Federal Government is actively supporting that approach.

So when on Friday was this information passed on? To whom? And how many people knew? Telstra’s earnings guidance was issued when the market opened Monday at 10 am, so there was little chance of any insider trading on that day but what about Friday and any trading in overseas markets on Friday night?

Telstra shares have lost $9 billion in value since Silly Sol and his two Amigos launched their campaign, with the board’s blessing, against regulation, the Federal Government and shareholders on August 11. The share price has tumbled from more than $5 to a low this morning of $4.26. It has since bounced a touch to $4.30 and back to $4.28. That made the loss in the first two hours of trading 6c.

The fall yesterday was five percent alone and was driven by the earnings downgrade issued by the company. But the price has fallen from more than $5 on August 11 when CEO Sol Trujillo started his war of words with the Federal Government.

The company’s small shareholders have been left stunned by the absurd and at times juvenile war of words between the Telstra managers and board and Canberra and it must be now slowly dawning on the Prime Minister that his dreams of a Telstra sale are dead until after the next election.

But what has the ASX done? No query, no inquiry, even after the Communications guru imported by Sol Phil (the Dill) Burgess last week trashed the share price again by saying he wouldn’t recommend the company’s shares to his mum. Seeing that a review of the earnings guidance was being done, that has raised the issue of possible insider trading, or advice using knowledge that wasn’t freely available to the wider market.

And what do we hear from the ASX (and ASIC for that matter?) Nary a whisper! So what’s the ASX CEO, Tony DAloisio doing, along with other directors, such as corporate governance guru, Cathy Walter, former ASIC heavy and now professional director, Jillian Segal? Long time director Jim Kennedy? Michael Sharpe and Michael Shepherd and Russell Aboud, the former UBS chappie now back in investment banking in Sydney at Ord Minett?

Likewise after the earnings guidance downgrade was released yesterday, there were further statements from Sol in this story. Senator Coonan is due to take the sale legislation to the Government parties in Canberra today and bring it into the Senate tomorrow.

Throwing more fuel on this absurd situation, Sol yesterday supported Phil the Dill Burgess and his inflammatory comments of last week. Mr Trujillo said he and the Telstra board supported any comments made by Burgess who last week said that the share price could plummet because of the federal government’s refusal to ease regulation and competition laws.

“Everything that you have seen out in the market place – in terms of our attempts to provide information and knowledge and react to what issues have been raised or information has been reflected – we are supportive of, I am supportive of,” Mr Trujillo said.

“We need to get our position understood, we need to get our information relayed and we are trying to do it in whatever fashion that we can that is appropriate and that is effective.”

So there you have it: Telstra tells the Federal Government before it makes an announcement – and we have the prospect now of the major shareholder receiving insider information before it is communicated to the wider market.

And we also having the CEO of Telstra saying the management (with the board’s support) will continue on its current path of aggressive confrontation with everyone in its path: and hang the damage to the share price, the float and the national good, not to mention trying to frighten the regulators into easing competition laws.

This is not how to run a company, a country or any sort of long term relationship.

Some Federal Liberals didn’t like the deals extorted from the government by Barnaby Joyce. He was labelled a terrorist and worse by some Liberals.

Where are they now when the stakes are much higher and the campaign more extortionate and far more damaging to the national good?

Hiding behind Howard the Linesman!