When private-equity firms bubble into the public consciousness, they are generally viewed with disdain as the embodiment of capitalism red in tooth and claw. Rarely are they seen as a force for good, or as protectors of the public interest. So the industry's opponents—of whom there are many—are likely to react with glee to a report due to be released by the National Audit Office (nao) on November 23rd. The spending watchdog lambasts the government for its handling of the sale of QinetiQ, once the Ministry of Defence's research arm.
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