Jeffrey Epstein described Peter Mandelson as “devious” after the then business secretary lobbied a bank to underwrite a mining project launched by their mutual friend Nat Rothschild, according to emails in the latest tranche of Epstein files.
In April 2010, Mandelson emailed Jes Staley, then at JP Morgan, from his personal account to express pleasure that the bank was “planning” to underwrite a £700m investment vehicle by Rothschild. Mandelson wrote: “I’ve been following my friend Nat Rothschild’s plans to list a vehicle on the [London Stock Exchange] and I’m very happy that JPM are now planning to get involved as book runners alongside [Credit Suisse].” Epstein responded to Mandelson: “You are sooooooooooooooo devious”.
The emails suggest Mandelson used his influence as business secretary to encourage Staley to back Rothschild’s venture. A month earlier, Mandelson had lobbied the US government on behalf of Epstein and Staley, using their talking points in discussions with Larry Summers about financial-crisis reforms. He then appears to have leaked private government memos about that meeting to Epstein.
Mandelson has said he has no record or recollection of receiving $75,000 from Epstein in 2003 and 2004, though he confirmed his partner Reinaldo da Silva received thousands of pounds from Epstein in 2009 and 2010. The Cabinet Office has referred Mandelson to police over claims he leaked sensitive government documents to Epstein.
Mandelson said he always acted in the interests of industry, not individuals, and that his conversations reflected the views of the sector. He added that UK government policy opposed the Volcker rule, so he was happy to lobby against it alongside JP Morgan and other US banks.
