17 March 2011

I often see the expression “RBS [or whatever] is 83% [or whatever] owned by the government.” But is that true?  What the government did (if I recall correctly) was to buy preference shares.  Now, to my mind preference shares are shares in name only.  They do not (Lord, let me be right on this) offer voting rights and so do not offer control.

What have I got wrong here?

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