Saturday, 26 October 2013
Banks Pocket Billions From Royal Mail Sell Off.
Vince Cable, pictured above with the new £10 stamp, has been defending the obvious scam that he's helped foist off on the British public over the sale of Royal Mail. "This is about more than just the level of proceeds received on day one," he told reporters without explaining what the hell that is supposed to mean. The truth is that shares in Royal Mail were sold for less than a third of their true worth and handed over publicly-owned assets worth at least £10 billion for a measly £3.3 billion. It was certainly the crime of the century - especially for the banks who "advised" the government during the sale. It was they who determined what price that the shares should go for and it was they, having picked up a nice little £17 million fee for their "advice", that greedily gobbled up most of the shares available at the knock-down price. According to the "Guardian" the banks have "strongly denied any of the banks would directly profit from the being allocated shares" since the shares had been "bought to help make money on behalf of clients in the asset management divisions". The fact that these "clients" were mainly hedge funds owned by those same banks is, apparently, neither here nor there. The government, it would seem, has not gone to any great lengths to obscure this obvious fraud but, then again, they don't have to. Such a theft of publicly-owned assets is perfectly legal according to the laws they have framed for their own convenience while the dubious morality of such a thing is hardly of great concern to such an accomplished bunch of crooks, spivs and conmen. As usual, though, it is the British public who will lose and who will lose even more as mail services are cut to the bone, wages for mail workers are slashed and prices climb ever higher to feed the insatiable greed of executives, shareholders and, of course, the banks.