Tuesday, 15 September 2009

Talking of Lehman connections...

Political Scrapbook
, a lefty gossip mill, is trailing a story this afternoon of some donations from people who used to work at Lehman Brothers to the Conservative Party. All very interesting. However Labour should really check that their own house is in order before turning their attacks on Tory connections to Lehman. It's been awhile since anyone has had a go at Paul Myners, but they started it...

The Financial Services Secretary Lord Myners was the man who signed off Fred Goodwin's pension, much to the disgust of Labour grassroots. He was also
ironically
Chairman of the Low Pay Commission. Ha. If we are going to have a go about political connections to Lehman, let's start here. In June 2007 Myners joined the board of GLG Partners, a hedgefund
fined three times
for insider trading.

And who are GLG Partners exactly? Well lets just say that their four founders
all worked at Lehman
and the failed investment bank used to own a 20% share in the company. One thing having donations from staff of an organisation, quite another having a government official on the teet. Myners relationship with Northern Rock also makes for
an interesting read
.

Nuff said.

3 comments:

Nick
said...

Wait a minute Labour getting its facts and figures wrong No it cant be... oh wait just look at the economy and then listen to Brown

https://newslion.blogspot.com/

Scrapbook
said...

GLG Partners sound a bit grubby and Myners hardly covered himself in glory over Fred the Shred's pension pot.

But he quit all his other jobs when he was made a minister and at least had, erm,

good intentions

in putting his investments into a blind trust.

But the conflicts of interest right at the heart of Tory finance policy continue. The public record shows clearly that the shadow chancellor's office is still being funded by a bunch of vested interests.

This may have legs!

CityBoy said...

Lehman was a fucking fantastic firm - balls of steel and respect for nobody.

Even the best gamblers eventually lose, though.

The current anti-City witchhunt is led by a bunch of jealous pygmies who would have no chance in hell of making it in the Square Mile.

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