It all comes down to the assumption that privitised companies are more economically efficient than public ones.
Perhaps some are, but economic efficiency is just one facet. Yes, we dont have infinite amounts of money, but effectiveness of a service should be just as important as economic prudence. Society should have effective services before they are made economically efficient. Instead we give them less money and tell them to get more efficient... the result being cutting corners just like any private company would do.
Then what happens is that the public services , if they are not privitised eventually bring in private money via sponsorship deals. These deals eventually hold more and more power over the public companies because they rely more and more on this private money and before you know it, we have a public company working for private investors making them money which is not re-investedin the public service but is exported out from the public service and into private hands... so our serives get poorer and poorer and they rely more and more on the private money- which gets more and more...

The answer is more accountability with less accountants!
More scruitiny with less lawyers and a more SENSIBLE moderate approach to this type of set up.