Political sales are always a disaster

The government is selling off shares in Royal Mail at £3.30 even though they are expected to leap to £4.50 when they hit the stock market. The outcome looks like it will be a calamity in the vein of Gordon Broon’s bog-up of selling off our gold reserves when he became Chancellor. The present Chancellor took advice of Goldman Sachs and UBS. As both companies were fined hundreds of millions of dollars for misleading investors during the US housing market meltdown, it would seem that the government has a case for sueing them for any shortfall for the taxpayer, and for the taxpayer to sue the Chancellor for taking advice from firms with such a dodgy track record.