Cable Flip-Flops

Osborne was on all the news shows at lunchtime giving an interview outside the Treasury after his meeting with the chancellor – his message echoing Cameron’s speech this morning that the Tories would work with the government on legislation next week. Vince Cable has in response just done a waltz around the Westminster studios joining in with his own call for cross-party co-operation in the national interest – “We have to avoid getting caught up in narrow partisanship.”

The press releases sent from his office in the last 24 hours had a very different message:

“Gordon Brown’s response to the economic crisis has been too little, too late.”
“Conservatives don’t have a clue on the banking crisis”

This afternoon’s willingness to avoid point-scoring contrasts with the press release that arrived in Guido’s inbox from Cable at 10.23, just half an hour before Cameron’s hastily arranged emergency statement on the economy. In that press release Cable claimed only the LibDem’s plan would put money back in consumers pockets, cut energy bills, and stop home repossessions:

Gordon Brown and Labour can’t offer that. They got us into this mess. Now they are veering between complacency and panic. Dithering on key decisions, muddling along on half measures.

David Cameron and the Conservatives won’t offer it. At a time when those on the breadline are struggling more than for a generation, their top priority is tax cuts for millionaires.

…There is only one party in Britain today with a serious and credible plan ….

Politically astute operator that he is, Cable changed his tone pretty sharpish this afternoon as soon as he saw which way the wind was blowing….

Market Action Overshadows Tory Conference

There is a sense here in Birmingham that, as it was during the LibDem conference, the real news story is on Wall Street. Cameron is going to give a hastily arranged speech focusing on the financial market mayhem later this morning.

Still it is not all bad news,* Gordon’s favourite financier Paul Myners and appointee as chairman of the Low Pay Commission, is doing well. The massive hedge fund of which he is a director, GLG, had the biggest short in the market in Bradford and Bingley. Peter Oborne points out that Ronnie Cohen, “Gordon’s private banker” and a huge Labour Party donor, has just set up a new hedge fund to take advantage of the market situation. Good to see some people doing well out of the misery and mayhem…

*You won’t read this news in the Guardian. Paul Myners is the chairman of Guardian Media Group.

Evil Short Sellers Part III Gordon Brown’s Millions from Hedge Fund Shorters

Paul Myners is a director of the hedge fund manager GLG, which with $25 billion under management is one of europe’s biggest hedge fund managers. It was until recently 10% owned by Lehmans. Paul Myners gave money to Gordon Brown’s leadership campaign and he also gave money to Gordon Brown’s think-tank the Smith Institute. Gordon rewarded him with appointments to the Treasury’s pension review.

Derek Tullet has also given huge amounts of money to the Labour Party. Tullet’s broking firm specialises in servicing hedge funds who want to go short stocks and derivatives.

Gilad Hayeem of the Lehman Brothers backed $2 billion hedge fund, Marble Bar Asset Management (Cayman), contributed to Hilary Benn’s deputy leadership campaign.

There are plenty more “evil speculators” who have backed the Labour Party. Just in case you are wondering why Labour is silent…

Rich & Mark’s Monday Morning View

Miliband, the Fiddler Wife, Kids and Heavies

Guido just bumped into David Miliband and his family (plus two heavies) enjoying the sunshine on a waterside terrace restaurant outside the Barbican. Scruffy in jeans and his shirt hanging out. Presumably the missus is performing because she was carrying a violin. No photo because the kids were in shot and, well, that doesn’t seem fair on a Sunday. Did not see him pull any of his funny faces…

Evil Short Sellers Part II

The hysteria against short-selling of shares is as crazy as was the political hysteria against long-buying of oil. Every trade has to have a buyer and a seller, how else could a market function? Nevertheless journalists didn’t take long to figure out that they could compare the FSA register of declared short sellers against the Electoral Commission’s register of donors.
Lib Dem Lord Oakeshott is up in arms as a result about the Tories taking money from people who buy and sell stocks. Before he says something he regrets he should have a word with one of the party’s biggest donors, Paul Marshall who is worth some £300m. Marshall also funds CentreForum, the orange tinged think-tank. His donations are well into seven-figures.

He is half of Marshall-Wace, hedge fund managers, who are evil speculators who, whisper it softly, short shares! In fact they have a reputation amongst City brokers for having a particularly high churn. Just as well given the hundreds of thousands of Marshall’s profits that have ended up in the LibDem’s coffers.

The Labour Party as well as individual politicians like Hilary Benn have also pocketed plenty of money from hedgies. Let he who is without shorter’s profits throw the first regulation…

Hodge Quitting as Minister

Tim Walker is reporting in The Telegraph that Margaret Hodge, the Blairite culture minister and friend of Tony has had enough and will be standing down as a minister from Brown’s cabinet in the next re-shuffle.

Another day another Blairite departs.

Somebody wake McBride and tell him…

What Kind of Liberal Waters the Beer?

How they can describe themselves as “liberal” sometimes baffles Guido. Responding to Nick Clegg’s announcement today that the LibDems will support a minimum price on the sale of alcohol, Progressive Vision – the properly liberal think tank run by Mark Littlewood, ex-head of spin for the LibDems – has rightly called the proposals “nannying, patronising and regressive”.

In the press release, sent by Littlewood, Progressive Vision says “If Nick Clegg wants to stop supermarkets providing low-price alcohol, will he also clamp down on events at LibDem conferences providing free alcohol as an inducement for LibDem activists to attend? If he is so concerned about cheap booze causing binge-drinking, free booze must be even more of a worry.”

Quite, imagine the dangers of boozed up LibDem MPs going on violent rampages…

Brum Business

Guido hasn’t booked a bed in Brum – any good recommendations? Preferably within falling down distance of the epicentre. Ended up staying in between a brothel and a lap-dancing joint last year in Blackpool. Didn’t say it was a complete

[…]

+ READ MORE +

Friday Caption Contest (Clegg Crime Caught on Camera edition)

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He Who Pays the Piper….

The Senate Banking Committee is the ultimate legislative oversight for U.S. financial regulation. The members of the committee have almost all had donations from Freddie Mac and Fannie Mae. Now they are to decide on bail-out terms?
Incidentally Guido bailed

[…]

+ READ MORE +

Tory Site Makeover Goes Live

The look and feel is bang up to date with an Obamaesque “It’s time for change” slogan with a wall of Tory talking head videos. Under the hood is more regionalisation, uploading facilities for user generated content and single-issue campaigning.

[…]

+ READ MORE +



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Ken Clarke tells the Ben Fellows trial:

“The idea that I would go strolling off in order to grope a man in an office is highly unlikely.”

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