Royal Mail Shares: Vince Cable Defends Goldman Sachs and UBS-Backed Offer Price
So guess who was behind the undervaluation of the Royal Mail? That’s right: it was Goldman Sachs, the “great vampire squid wrapped around the face of humanity”, as described by Matt Taibbi in Rolling Stone in 2009. According to Taibbi, not only was Goldman Sachs behind the financial collapse of 2008, but it has been heavily involved in every collapse since the Great Depression, engineering them in order to extract profits. It was Goldman Sachs who valued the Royal Mail at £3.30 a share, despite earlier valuations putting it much higher, at £5.00 a share, the current price. I wonder how many shares Goldman Sachs’ employees bought in advance of the sale in order to cash in on their gross underestimation of the price? Vince Cable talked disparagingly of “spivs and gamblers” in 2010, and yet here he is doing a deal with them, listening to their faulty advice.