Gordon Brown's biggest loss so far

Forget the Conservative's Black Wednesday or even Brown's Bottom, Gordon Brown has surpassed them all. He has just lost the UK £5.96 billion in under a day. Alex Masterley has the details:

"At close of business last Friday, the UK government held £5 billion in preference shares and a 50% of the ordinary shares of RBS. I calculate the market cap of all of the company’s ordinary shares at £8.33 billion, so the total government holding of prefs and ordinaries would have been worth about £9.16 billion.

At the weekend the government cut what it thought was a good deal to exchange the prefs for ordinaries at a price 8.25% below the Friday closing price, giving the government a 70% interest in the ordinaries. Unfortunately the share price fell 67% on the day leaving the market cap of RBS at £4.58 billion, and the UK government’s 70% share at £3.2 billion. So instead of getting a benefit of a £400m discount on the conversion price, the government took a £5.96 billion loss on the day."

Simply masterful but has the BBC covered this loss? No, of course not. If it had been a Conservative government then this would be headline news but as it is Gordon Brown's Labour government, not a word... When will the BBC start to notice that Gordon Brown is destroying the UK economy piece by piece, when will they notice that the Great Clunking Fist is a Great Clunking Failure? When will the BBC stop acting like the propaganda arm of the Labour Government?