George Osborne has sold a substantial share of UK government holding in the bailed-out Lloyds Bank.
The sale represents a "cash profit of £61m" for the Treasury, and today BBC business editor Robert Peston said that this was a "good deal".
That so-called "cash profit of £61m" represents a return on Gordon Brown's "bailout" investment of just 0.02% which over a 5 year term you might call, 0.004% APR.
Factor in the actual government borrowing to support the bailout and that amounts to a big fat write-off of banking failure.
A good deal?
We cannot ignore the fact that our government borrows money from banks to bail out failed banks, and banks borrow money to buy banks that have been bailed out by UK tax payers, including and especially poor people, if they happen to have too many bedrooms, but excluding rich people if they have too many mansions.
Osborne fixed the sale price of Lloyds Bank shares to appeal to a demand for Lloyds shares, in the US, and where they seem to be informed about what happens to be cheap as chips.
You might not think that from the big fat smile on Osborne's face today and the supporting analysis of Robert Peston of the BBC.
This week a profitable Post Office was sold, and now Lloyd's. Once again our government is selling off a profitable and growing business in public ownership. Our tax payers are apparently obliged to support the failure of enterprise, but not when the enterprise is profit making. Import the debt, export the profit.
Well done George, you are one smug bastard.