Fact of the Day
Financial prudence is the promise of the Tory Party, so we are told.
UK Financial Investments kicked off the bank's privatisation with a £2.1bn sale of a 5.4% stake in RBS at 330p per share, compared with a bailout price of 502p which means a loss of £1.1bn for the Treasury as the shares were sold at a price 34% below the level at which the government bought the stock.
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No need for conspiracy theories, the theft is is happening in plain sight.
Britain’s financial watchdog is looking into claims that hedge funds made millions of pounds at the taxpayer’s expense by using inside information to short-sell shares in Royal Bank of Scotland (RBS).
An analysis of RBS share trading reveals there was a sharp rise in the number of shares being shorted – a technique that involves borrowing a stock and then betting it will fall in value – between the bank’s interim results last Thursday and the Government’s £2.1bn share sale on Monday night.
It has been alleged that the increase in trading could be a sign that some investors got wind that the Government was about to start selling part of its 78 per cent stake in the bank – betting this would drive the share price down.
http://www.independent.co.uk/news/business/news/rbs-selloff-hedge-funds-investigated-for-making-millions-at-the-taxpayers-expense-10441505.html
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