Will Britain Ever Be A Nation Of Stock Keepers?

The equity culture still isn't there--despite Tory dreams of state sell-offs creating a "shareholder democracy"

It has been dubbed the Great Train Robbery. Last January, a former British Railways terminal manager, Sandy Anderson, led an $817 million management buyout of one of the railway's train leasing units. Seven months later, Anderson's privatized spin-off agreed to a $1.3 billion takeover. If the deal goes through, the 41-year-old Scotsman could walk away with more than $50 million. The news sparked a political firestorm. Labor Party officials and some taxpayers charge that the Conservative government deliberately underpriced British Rail assets to speed up its sale and are demanding an investigation into the privatization process.

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