Is this a record? Rumours and
reports that David Murray is going to get the top job at Telstra, broadcast on
the Nine Network’s Business Sunday, sees a joyous outpouring of glee from CBA

“Go Dave” they cried last night as the shares rose
99c in a day, adding more than $1.2 billion dollars to the value of the bank,
which now totals $47.138 billion. Hurrah, bravo, encore Dave, do it again.

That $1.2 billion is one of the largest rises in reaction to
a CEO departing(not joining) but unfortunately for
those holding Telstra shares no such luck. The shares closed up just one cent
at $4.87 in a strong market.

Judging by the market reaction, you can see
what investors really think of big Dave Murray. At the CBA a billion
dollar man for leaving (Telstra might be the destination). For Telstra, a damp

Now Big Dave says he’s staying and not going anywhere. Is
this another ‘Ziggy’s” going yarn from the folk
at Business Sunday? Yep, Ziggy went, at his own
timing and more than a year after Ross Greenwood forecast his departure.

Here’s a version of Dave’s “I’m staying’ from the

“In a statement from the bank, Mr
Murray repeated the comment he has made before that he was committed to the
future success of the bank.

“There is no
need to update these comments further or respond directly to the current media
speculation,” he said.

“The program (Business Sunday) said the Prime Minister,
John Howard, was understood to have visited Mr Murray
during the past week or so. But Mr Murray yesterday
denied Mr Howard had visited him.”

Oops, that’s bad. That visit was one of the key ‘facts’ used
by Greenwood to assert that Murray was in line for Telstra. But he did
qualify his claim by using ‘if and when” Murray moved at the end of
his commentary on Sunday.

So will the CBA shares lose yesterday’s strong gains now
that Murray
says he’s staying?