Am I the only one to feel sorry for TalkTalk?
You're right. The media is waging a hysterical and malicious campaign with one objective: to damage TalkTalk. A hate-campaign that has nothing to do with concern for the consumer.
The uniformity in those media attacks belies a common orchestrating hand to it all. Plainly obvious that the media - even the 'local' press - is controlled by a handful of corporations working ultimately for the "money power
", as they say in Australia!
The goons behind the media can't even muster any new "victims" in this psyop. The same old clowns trotted out for each interview, telling the same old nonsense to a panicked audience.
This alleged "hacking victim" is intriguing: Hilary Foster
. She happens to manage the chambers of Timothy Raggatt QC, one of the best known and highest paid criminal barristers in Britain
. I wonder if Mr Raggatt had any role in grooming his clerk for interview, and in promoting her sorry saga - factual or not? In his line of business, you'd surely acquire plenty media contacts..
Conspicuous by its absence in Ms Foster's story is any proof of what she alleges. What proof that the alleged theft from her bank account is linked, in any way,
to the supposed theft of her TalkTalk details? None? Without which there's surely no story? Didn't her razor-sharp barrister-boss point that out to her?! But let's not spoil her stage moment - she's practised so hard on her delivery, bless!
This faux scandal also exploits our ignorance of basic banking procedures and security.
Even the Mirror in another hysterical article titled "TalkTalk 'may be sunk' by millions of compensation claims
" acknowledges that:
no banking details were taken that you won’t already be sharing with people when you write a cheque or give to someone so they can pay money into your account.
Following up in a second article -- the Mirror confirms
that no usable credit card details were hacked; nor were the passwords for TalkTalk's MyAccount service compromised either:
TalkTalk My Account passwords had not been infiltrated. TalkTalk also said it did not store complete credit card details on the website. A spokesman said: “Any credit card details that may have been accessed had a series of numbers hidden.”
So what financial data of value - if any - was supposedly taken by these mythical bogeymen?
Nevertheless, TalkTalk's stock has again slumped dramatically in price. Dropping a further 12% to 225.3p; to a 52-week low. As late as June this year, TalkTalk was trading at over 400p a share. The company has taken a huge hit.
Doubtless that share collapse is in part if not wholly due to the handiwork of the hedge funds -- manipulating the share price for their own private gain.
Short-sellers, exploiting market positions taken weeks, possibly months earlier. Engaging in bets that TalkTalk's stock price would, inexplicably, suddenly slump. Bets taken in private knowledge of the contrived TalkTalk "crisis" soon to unfold? Insider dealers poised to profit from the very scripted and sustained release of over a thousand hysterical media reports on this non-existent "crisis". Media reports that have had a profound effect on both investor and consumer confidence in the company.
In answer to Futaura
's question: should we feel sorry for TalkTalk? Yes, for sure. And especially sorry for its employees and its ordinary and smaller shareholders. Those who work so hard to run a competent and competitive telco; those who rely on the success of the company for their incomes and future pensions.
On that point, if we look again at the list of major shareholders, we find that TalkTalk Group runs an Employee Share Ownership Trust (ESOT) that has a major equity stake in the company. Holding stock valued at £75m today (was £115m shortly before the "crisis"..). Shares that are held in Trust for any of TalkTalk's 2,000 ordinary (non-executive) employees to acquire at discount through the telco's share option scheme.
My point is that this media ambush on the hapless telco is not without its victims among the rank-and-file employees. And while some of us will assuage our annoyance by demanding Harding's head on a pike, the battle-hardy baroness is there for the long haul. At least while she retains the confidence of TalkTalk's major shareholders and co-founders Charles Dunstone and David Ross. Between them, the two men hold just shy of half of all TalkTalk stock, meaning they pretty much fire all the shots in the boardroom.
Yet, in contrast to Harding, the ordinary TalkTalk employees - 10% of whom were made redundant last financial year -- might not fair this storm quite so well.
Another area of intrigue - quite possibly related to the TalkTalk "hacking crisis" - was an important, yet only belatedly reported statement from the European Digital Commissioner, Andrus Ansip. Ansip warned that the Commission may use competition law to stymie any further consolidations in the telecoms sector. That decision could have a direct bearing on the future of TalkTalk.
From the FT (Oct 22)
- which kept the news to itself for over a week:
The European telecoms sector’s hopes for more consolidation took a blow last week after the EU’s digital commissioner backed more competition instead of more deals.
In his first significant statement on the telecoms sector, Andrus Ansip said that “axing competition rules is not the answer”.
He told an audience of industry executives and analysts at the Financial Times-Etno telecoms conference last week that this “would only shift the cost of the networks on to consumers. They would have less choice and higher prices. It would be the opposite of what we want”.
It was a stunning rebuke for an industry that had been making the case for in-market consolidation, promising greater investment in next generation networks.
John Strand, a telecoms analyst, said the speech [of 13 Oct by Digital Commissioner Andrus Ansip] underscored that the future of the continent’s telecoms market would be dictated by Margrethe Vestager, the EU’s competition chief.
“The only voice that is being perceived outside Brussels, in the market and in public opinion, is Ms Vestager’s voice,” said Stéphane Richard, chief executive of Orange. “So we can probably deduce from that she has the power.”
Ms Vestager has already put down a marker, standing firm against a proposed merger of the Danish units of Telenor and Telia.
Executives had been trying to convince each other that the Denmark case was a one-off. Indeed, Ms Vestager has been keen to stress that every case will be assessed on its own merits. But Mr Ansip’s talk made clear that competition rather than consolidation would have to be the driver of future investment.
Does that policy statement from the Commission - dictating against telecoms mergers in favour of stimulating competition in the sector -- have any relation to the "crisis" at TalkTalk? Could the contrived "hacking crisis" be a message to Brussels from the "money power" in London? If you won't let us consolidate the sector - as we please - then we'll just wipe-out telcos like TalkTalk using faux narratives to achieve the same end?
Edited by edwincluck (Tue 27-Oct-15 02:19:09)