Peter Mandelson was described as “fraudulent” by Jeffrey Epstein after lobbying a bank to underwrite a mining project launched by their mutual friend Nat Rothschild, emails included in the latest tranche of Epstein files suggest.
In April 2010, the then business secretary appeared to have contacted banker Jes Staley, then at JP Morgan, from his personal email account in what was an attempt to secure funding for Rothschild, a long-time friend of the Labor peer.
Mandelson wrote to say he was delighted to hear that JP Morgan was “planning” to underwrite a £700m investment vehicle launched by Rothschild, a scion of the banking dynasty.
“I followed my friend Nat Rothschild’s plans to list a car in the [London Stock Exchange] and I am very happy that JPM is already planning to participate as book runners together [Credit Suisse]”Mandelson wrote to Staley. “I think it’s a good idea from what I’ve seen of the global mining business (and their prices). I wish you all the best. Best Easter greetings to you and your family”.
Mandelson appears to have shared the communication with Epstein, who is Staley’s close friend, adding that he hopes “Jes will send a warm response to this informal email”. Epstein replied: “You are soooooooooooooo deceitful”.
The emails appear to suggest Mandelson used his influence as business secretary to encourage Staley to resume and restore Rothschild’s business.
The Labor Cabinet Minister appears to have lobbied the US government on behalf of Epstein and Staley a month ago.
According to emails released by the US Justice Department in recent days, Mandelson used the two men’s suggested talking points in discussions with Larry Summers, former director of Barack Obama’s National Economic Council on financial crisis reforms.
He allegedly leaked private government memos about his meeting with Summers to Epstein, according to the documents.
“I want you to ask Larry Summers if he will meet directly with Jes, and another person in jpm, the proposed volcker rule. I can’t do it directly,” wrote Epstein to Mandelson, who is both UK business secretary and de facto deputy prime minister. “Larry was getting information third and fourth hand from senators who were getting it from lobbyists.”
Mandelson replied: “I can tell him this.”
The next day, Mandelson asked Epstein if Staley could “send me an email on the Dodds/Volcker issues”.
A subsequent memo apparently from a meeting between Mandelson and Summers suggests the colleague brought up a talking point suggested by Epstein during the meeting.
The document says the chancellor, Alistair Darling, “thanks your [Mandelson’s] intelligence”.
The Volcker rule was introduced in response to the 2008 financial crisis with the intention of preventing large banks from using their own money for riskier trading activities.
The emails suggest Mandelson was acting on behalf of his friends and colleagues while in one of the government’s most senior positions.
This week the colleague, who faced a police investigation following a referral to the Cabinet Office over claims he leaked sensitive government documents to Epstein, said he had always acted in the interests of industry rather than individuals.
He said: “My conversations with the government at the time reflect the views of the sector as a whole not an individual.”
According to emails published by the DoJ, Mandelson was given $75,000 in 2003 and 2004 by Epstein, whom he described in other communications as his “chief life adviser”. The peer said he had no record or recollection of these payments.
Mandelson confirmed that her partner at the time, who is now her husband, Reinaldo da Silva, received thousands of pounds from Epstein in 2009 and 2010.
On Tuesday, Downing Street said the Cabinet Office had referred Mandelson to the police and that officers had given a review of some of the emails found in the Epstein files.
Mandelson has been approached for comment.