The Royal Mail privatisation rip-off scandal escalated yesterday when Business Secretary Vince Cable belatedly revealed the bloated financial hawks given the chance to make super profits.

But the beleaguered Lib Dem refused to reveal which of the 16 were the “dirty dozen” investors who sold off some or all of their stake in the first few weeks of trading to make millions.

Among the favoured big investors — supposed to set up a long-term shareholder base for the privatised Mail — was Lazard Brothers, which advised the government on the share sale and then scooped up a juicy chunk of stocks for its asset management business.