The Competition Commission have decided that Rupert Murdoch's BSkyB 17.9% shareholding in ITV "is against the public interest". The sheep like Secretary of State John Hutton has meekly endorsed that decision.

The lunatics have taken charge of the asylum

The CC makes three substantive conclusions, none of which, in my opinion, have validity in law or conventional business practice.

First, had this acquisition of shares not taken place, the CC would have expected ITV to remain independent. So they dismiss Virgin and any third party from acquiring ITV. On what authority?

Second, the CC conclude that the acquisition does not undermine plurality in news and that the strong culture of independence would prevent damage to the public interest. So editorial issues are seen by the CC as irrelevant to their conclusion. Interesting indeed.

Third, the CC claim that Sky would influence other shareholders and that "a relevant merger situation had been created" and this was against the public interest. But Sky had offered to give up its voting rights. So it could not influence the ITV board.

If a company wishes to use its resources to buy a minority stake in a company in difficulty and then hold those shares and relinquish its voting rights - it is, in my opinion, no business of the state to demand they sell any shares let alone dictate that the 17.9% has to fall to any lower level, let alone a randomly selected 7.5%.

My hope is that for all of us who value the freedom to trade within the law , BSkyB will feel it appropriate and be able to challenge this arbitrary ruling less we institutionalize the lunatics right to run the asylum