Labour minister used government clout to push bank to back mining project, emails reveal.
Business Secretary Peter Mandelson wrote to JP Morgan banker Jes Staley from his personal email account in April 2010, attempting to secure funding for a ยฃ700m mining project backed by Rothschild. The emails show that Mandelson was pleased to hear that JP Morgan was planning to underwrite the venture, and he expressed his hopes that it would be successful.
However, the tone of the correspondence has been described as 'devious'. When Staley responded warmly about the investment vehicle, Epstein referred to Mandelson as "sooooooooooooooo devious" in an email. The response seems to suggest that Mandelson was attempting to use his influence over JP Morgan in order to secure funding for Rothschild's project.
Mandelson had previously lobbied the US government on behalf of Epstein and Staley, a month before he made contact with JP Morgan banker Jes Staley. In emails released by the Department of Justice, Mandelson appeared to be using the proposed talking points to discuss financial crisis reforms with Larry Summers, then director of Barack Obama's National Economic Council.
It seems that Mandelson had leaked private government memos about his meeting with Summers to Epstein. The documents show that Epstein had requested Mandelson to ask Larry Summers if he would meet directly with Jes Staley and another JP Morgan person to discuss the proposed Volcker rule.
Mandelson replied, saying that he could say this to him. A subsequent memo suggested that Mandelson had brought up a talking point from Epstein during his meeting with Summers.
This case raises concerns about how government officials use their power and influence for personal gain. The emails released by the Department of Justice suggest that Mandelson was acting on behalf of friends and associates while in one of the most senior positions in government.
Business Secretary Peter Mandelson wrote to JP Morgan banker Jes Staley from his personal email account in April 2010, attempting to secure funding for a ยฃ700m mining project backed by Rothschild. The emails show that Mandelson was pleased to hear that JP Morgan was planning to underwrite the venture, and he expressed his hopes that it would be successful.
However, the tone of the correspondence has been described as 'devious'. When Staley responded warmly about the investment vehicle, Epstein referred to Mandelson as "sooooooooooooooo devious" in an email. The response seems to suggest that Mandelson was attempting to use his influence over JP Morgan in order to secure funding for Rothschild's project.
Mandelson had previously lobbied the US government on behalf of Epstein and Staley, a month before he made contact with JP Morgan banker Jes Staley. In emails released by the Department of Justice, Mandelson appeared to be using the proposed talking points to discuss financial crisis reforms with Larry Summers, then director of Barack Obama's National Economic Council.
It seems that Mandelson had leaked private government memos about his meeting with Summers to Epstein. The documents show that Epstein had requested Mandelson to ask Larry Summers if he would meet directly with Jes Staley and another JP Morgan person to discuss the proposed Volcker rule.
Mandelson replied, saying that he could say this to him. A subsequent memo suggested that Mandelson had brought up a talking point from Epstein during his meeting with Summers.
This case raises concerns about how government officials use their power and influence for personal gain. The emails released by the Department of Justice suggest that Mandelson was acting on behalf of friends and associates while in one of the most senior positions in government.