So David Blunkett’s nice little earner in DNA Bioscience hasn’t worked out.
David Blunkett’s £15,000 stake in a DNA testing firm,
which led to his downfall from the Cabinet, appeared to be worth little
last night after the company called in insolvency practitioners.
It
is the latest in a series of blows for the former Work and Pensions
Secretary, who had to resign after he bought shares in DNA Bioscience.
Last night it was being considered whether the company should be placed
in voluntary liquidation.
This startling little piece of news needs a touch of attention:
A spokesman for Mr Blunkett said last night that he
had been aware for a while that the valuation that the media was
placing on the company was not realistic.
She said
he had kept the shares because he felt compassion for the 15 employees
at DNA Bioscience and wanted to support the firm. He would be sad if
they lost their jobs, she added.
Are we really at the point where a Labour Party spin merchant is so ignorant of the secondary market for shares? Blunkers keeping them, selling them, giving them away or using them to wipe Kimberley’s arse makes no damn difference to the finances of the firm. Or, of course our PR Poppett could simply be lying.
Still, an interesting experience all round don’t you think? Even when on the inside track, able to influence his mates in Government, willing to risk his political career for the wads of wonga, a Labour politician still can’t avoid throwing money away on a hopeless case, pissing capital into the wind.
Just one more reason why we don’t actually want an industrial policy, don’t want the picking of winners and don’t want State subsidy of companies. If they’re this incompetent with their own money think how awfully they spend ours.
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