At least five (with more to come) people retrenched from GTV 9 yesterday, including a Footy Show senior producer, VTape and master Control Ops, a director and finance dept clerk.

Which Roman Catholic owned charity lost over $1million in the sub prime market? I am sure the donors are happy they had it to lose! not……

The Australian Democrats are planning a comeback. Interesting.

CBA has just cleaned out its IB and Markets division on the trading floor in Sydney. Some 20 people have been let go. Costs are being cut massively. Melbourne will be today, and the other states shortly. Despite the fact that this area is the most profitable area for the bank (on head count). Ian Saines, the head of the group was noticeably absent during the day, and sent an email on Melbourne Cup day to all staff telling them it was happening (Melbourne were on a public holiday) Morale is incredibly low.

Peter Fray

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