Governments Make Lousy Traders

One of the Britain's most capable officials is under fire after a parliamentary review of the U.K. government's sale of Royal Mail Plc decided he screwed up. Those accusing fingers, though, should be pointed at the banks who advised on the privatization, rather than the government's business secretary, Vincent Cable. Moreover, they should be made to hand back at least part of the 10.3 million pounds ($17.6 million) they earned in fees for mismanaging the sale.