National Audit Office comptroller and auditor general Amyas Morse is a diplomatic kind of bloke, which is expressed in his report on the government's privatisation of Royal Mail.

He says that the approach masterminded by Vince Cable "was marked by deep caution, the price of which was borne by the taxpayer."

A less diplomatic observer taking account of the figures revealed by Morse might be more likely to conclude that the Business Secretary is either a simpleton or up to his neck in a racket to enrich the coalition's paymasters in the City.

Cable cannot claim that NAO criticism of his disposal of 70 per cent of our Royal Mail at a knockdown price is based on 20/20 hindsight.

Opponents of privatisation and even some supporters of it were adamant from day one that the price of 330p set for each share in the business was woefully inadequate.

This was pooh-poohed by Cable, who insisted that he had bought the best information available from the private finance industry and that, whatever happened in the short term, he would be proved right once the "froth and speculation" died down.

The share price is currently around 565p, being traded generally in the range of 455p to 615p and offering a huge bonanza for the fortunate winners in the Department for Business, Innovation and Skills lucky dip.

Apart from talking fluent Niagras about the level of the offer price, Cable insisted that most shares set aside for corporate investors would be directed to pension funds and insurance companies more likely to hold onto them, with an "absolute minority" going to speculators.

However, no less than half the shares sold to these so-called "priority investors," who were allocated a larger proportion of their orders than other investors in respect of their presumed stability, have already been sold on at a substantial profit.

Those taking part in this "everyone's a winner" coalition government tombola have effectively been given a licence to print money.

Not only has the vast majority of the population been deprived of our collective ownership of a much-loved and respected institution but we have been undercompensated for its loss.

Had Cable and his cronies behaved in this manner in local government, they would have been surcharged for the reckless loss incurred and removed from office.

If they had any shame, they would have put their hands up already and shuffled out of the government.

They have done no such thing because, while ministers are content to pontificate over the shortage of funds when it comes to the "need" for financial sacrifices by benefits claimants and low-paid workers, that doesn't apply when it comes to shovelling sacks of gold into rich shareholders' pockets.

Flailing around for something positive to say about the great mail robbery, the comptroller and auditor general points out that Royal Mail is now a profitable commercial business with access to private capital.

It looks forward now to rewarding its shareholders with dividends and will probably not require taxpayer subsidies to finance the universal postal service.

Talk about clutching at straws. Given that the new shareholders experienced a £750 million windfall on the first day of trading, how many times do they want to hit the jackpot?

The NAO report lays bare the daylight robbery perpetrated against the people by this privatisation. This crime should be reversed at the earliest opportunity.