January 8th, 2008

Credit Crunch Over Hain’s £5,000 from Loan Company CEOHe Gave Ringing Commercial Endorsement to Backer

Carol Vorderman charges a fortune to advertise debt consolidation company FirstPlus. Peter Hain got a donation of £5,000 from rival debt consolidaton company boss, Neville Allport, his Picture Financial Services plc offers easy credit – “You can even borrow up to 125% of the value of your home” says the website “something that traditional lenders won’t consider.” They won’t consider such gearing because it is financially reckless.

Prominently displayed all over the company website is Hain’s ringing commerical endorsement. Guido can’t recall a serving minister’s endorsement ever being used to advertise a company in this way. Guido is sure that Hain’s endorsements and the £5,000 donation are entirely coincidental.

The 10.9% APR charged to credit maxed out debtors is very profitable, which probably explains why Ronnie Cohen’s Apax Private Equity is the biggest investor in Picture Financial Services plc. Remind Guido again where Hain stood on the Private Equity issue during the deputy-leadership campaign…

UPDATE : Looks like Hencke and Wintour on the Guardian are joining the chase this morning, with a front-page splash on Hain’s missing declarations. They are (rightly) fingering sleazy lobbyist Steven Morgan, identified by Guido in May 2007 as responsible for raising the cash.

The story points vaguely to an undeclared circa £10,000 from “City or business people”. Hain is said to be personally auditing the figures. Don’t forget the benefits-in-kind Peter…



Seen Elsewhere

Piers Morgan Offered Job as Trainee Reporter | Grimsby Telegraph
Does Boris Belong in Zombie Parliament? | Rafael Behr
What’s Wrong With Political Journalism | ConHome
Labour’s Co-Op Spin | Indy
Inside an Islamist Takeover Plot School | Newsnight
Ed Heads to Scotland | Sun
Assad’s New Chemical Weapon Attacks | National Review
Jason Groves New Mail Deputy Pol Ed | MediaGuido
Cocaine Conservatives | Standard
Jezza Browne Responds to LibDem Haters | LibDem Voice
Why Britain Needs to Leave the EU | Douglas Carswell


new-advert
Guido-hot-button (1) Guido-hot-button (1)


Dan Hodges on Team Miliband:

“‘Poisonous’, was the picture painted by one former senior advisor. ‘Dysfunctional,’ said one shadow cabinet member. ‘A bunch of medieval courtiers, not an office,’ said another. The most positive description I could get was ‘It’s a work in progress. They’re learning. Slowly. But they are learning.’”



Nick Clegg says:

Do you want lies with that?


Tip off Guido
Web Guido's Archives

Subscribe me to:






RSS




AddThis Feed Button
Archive


Labels
Guido Reads