Friday, October 25, 2013

I told you so, part 94.

I told you the Post Office was being given to the rich for far less money than it was actually worth, but disguised Tory incompetent, St Vincent Cable went ahead anyway.
One of the world's largest investment banks told ministers ahead of the Royal Mail flotation that they could sell the postal business for £10bn, around two and a half times more than the government finally received for it.
The Guardian says J P Morgan told the government they could get £10 billion for it, and other banks said £7 billion, which is still twice what they flogged it off for.

Presumably, the thinking from Cable and the other Tories was that as well as the huge corporations helping themselves to what used to belong to all of us, enough small investors would manage the minimum purchase, get the profit a couple of days later, and then vote Tory out of gratitude. And their shares? The big corporations will have taken those as well.

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