British Government Finalizing ‘Buy Low, Sell Lower’ Plan For RBS

It's the end of an era.

Not worth as much as it used to be.

Having run RBS into the ground over the last five years, the newly-reelected British government is gonna see if other people can do a better job.

Chancellor George Osborne in his annual Mansion House speech on Wednesday said that starting to sell RBS shares, even at a loss, “is the right thing to do” for taxpayers and the economy….

The first shares sold by the government in RBS will almost certainly be at a loss. The stock closed on Wednesday at £3.55, well below the average price of £5 a share paid in the bailout by the former Labour government. But Mr. Osborne said it is right to start now and increase the bank’s free float, paving the way for larger sales later. He said selling the entire stake could take years, while signalling a retail offer to the general public is likely to be part of the plan.

George Osborne Says British Government to Begin Selling RBS Shares [WSJ]