October 2nd, 2008

Evil Short Sellers Part IV – MPs’ Pension Funds

There was a little union sponsored demo in Birmingham against “Cameron’s cronies cashing in on the credit crunch” organised by Charlie Wheelan. Unfortunately they seem to have missed out on the biggest short seller of Bradford and Bingley. None other than his old crony Paul Myners’ GLG Partners. Brown’s favourite financier, donor and deputy chairman of the Smith Institute, as well as Gordon’s personal financial backer during the leadership campaign.
GLG partners declared to the FSA the largest short position in the market, the massive hedge fund profited the most from being short Bradford and Bingley before it went under. If Charlie’s dozen strong rent-a-crowd don’t fancy demonstrating outside GLG’s City offices they could try demonstrating outside the Guardian’s offices. Myners is also chairman of the Guardian’s holding company.

Labour has also taken £1 million from Jon Aisbitt, non-executive chairman of Man Group, Britain’s biggest quoted hedge fund group. Derek Tullet, who made his money providing derivatives broking services to hedge funds, also sent £400,000 into Labour’s coffers.

Guido has already pointed out that one of the LibDems biggest backers, Paul Marshall of Marshall Wace, is an evil short seller with no less than three of his funds on the FSA’s register of short sellers.

It gets even better, the FT has discovered that MPs’ own pensions are invested in a hedge fund manager, Quellos. Not only that, in addition the MPs’ pension fund also made money lending stocks out to hedge funds to enable them to short shares. The hypocrisy is huge here, they condemn short sellers publicly and yet they roll up the profits of short selling in their pension plans.




LOL-Factor | Harry Cole
Goodwife Brooks Gossiped With the Devil | Standard
Barker: Mad Ministerial Microwaver of Dog Cushions | Scrapbook
Being the ‘Yes’ Man of Europe Has Got Ireland Nowhere | Irish Times
The Battle of 1922 | James Lansdale
Lurch to the Left? | Kirsty Walker
Greek Depositors Withdrew €700 Million Monday | Wall Street Journal
Macrory Off | PR Week
Adam Smith to Testify | Guardian
Britain is Conning the Bond Market | Speccie
SOAS and “Typical Israelis” | The Commentator
Re-moding | Dot Commons
The 1922 Voting Calculations of a Tory MP | Paul Goodman
Irish Referendum – ‘Yes’ is ‘Ticket for Titanic’ | Irish Indy
Lack of Accountability of Anonymous Spokesman | Boing Boing
Simon Hughes Riding Trucker | Crash Bang Wallace

Previously Seen


Peter Botting



Gobby livens up the Brooks’ press conference:

“Have you had any messages of support from the Prime Minister?”



The last Quango in Paris says:

Mr Bryant and Mr Watson managing to make the whole hacking affair look like a farce – the more they moan the less I care about the whole subject! So partisan it beggars belief at all costs. They cannot rise above it ! If I was to call the PM a ‘liar’ I would want to be VERY sure.



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