Ed’s 2010 Leadership Campaign Financed By Hedge Fund Tycoon Second Mayfair Based Offshore Hedge Fund Backer Revealed

In his speech to Scottish Labour this morning Ed Miliband has just attacked tax avoidance by hedge funds. It is a regular theme, he was attacking the Tories as “the party of Mayfair hedge funds” at PMQs last month only for it to be revealed last week that one of Labour’s biggest donors after the unions was in fact a Mayfair based hedge fund trader. Martin Taylor has given a whopping £600,000. Ed’s embarrassment will have increased even more after Guido revealed in The Sun yesterday that his bitter 2010 Labour Party leadership campaign was funded by Lawrence Staden, another Mayfair based hedge fund trader. After the unions Staden was the biggest funder of Ed Miliband’s campaign to take control of the Labour Party…

lawrence-staden---ed-miliba

Ed, desperate to beat his brother David, quietly took £27,000 from GLC, a billion dollar Mayfair hedge fund run by the Cambridge educated maths genius Lawrence Staden. Staden also gave another £100,000 of his profits to the Labour Party – £80,000 to Labour HQ, £10,000 to the ultra-marginal Eltham Labour Party and another £10,000 to neighbouring Greenwich and Woolwich, the constituency which includes his £3 million home in affluent Blackheath. Small change to a man who paid himself £3 million in the same year.

Staden’s hedge fund’s profits meant he could well afford it, having personally made an estimated £35 million from trading during the credit crunch, even boasting of ‘sailing serenely’ through the economic crisis that so devastated the British economy. He jokingly referred to the period leading up to 2008 banking collapse which saw many of his rival arbitrageurs go bust as “arbageddon”. 

In parliament, during a heated PMQs, Ed Miliband accused David Cameron of failing to tackle tax avoidance “for the simple reason that too many of his friends would get caught in the net. They’re the party of Mayfair hedge funds and Monaco tax avoiders.” So it will add to Ed Miliband’s embarrassment that his friend and backer Lawrence Staden’s hedge fund, GLC Diversified Fund, was registered in the offshore tax haven of Bermuda where income tax is not levied on hedge fund profits, allowing his fund to accumulate millions offshore without paying a penny in tax. Maybe Ed will unfriend his financial backer?

Coming on top of the revelations last week about Martin Taylor donating £600,000, many traditional Labour supporters will be feeling increasingly uneasy that the money might come with strings or appear to compromise their policies. Labour has just launched hard-hitting scaremongering billboard posters warning against the privatisation of the NHS. Supporters will be astonished and disgusted to learn that Martin Taylor’s Nevsky Capital fund has $15 million invested in the shares of the US private healthcare giant United Health, which is bidding for NHS contracts…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Jeremy Corbyn on Big Ben Bong Ban

“… if we have to miss Big Ben in reality for a while so that work can be done, well, that’s something we have to go through. It’s not a national disaster or catastrophe.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Fears For Chapman Fears For Chapman
Why Transition Must Be Short Why Transition Must Be Short
PICTURES: Seumas’ Temper Tantrum PICTURES: Seumas’ Temper Tantrum
Don’t Believe ‘Victory For Hammond’ Spin Don’t Believe ‘Victory For Hammond’ Spin
Friday Caption Contest: Commando Chappers Edition Friday Caption Contest: Commando Chappers Edition
Angry Adonis Wanted ‘Office for Students’ Job Angry Adonis Wanted ‘Office for Students’ Job
Listen: Rees-Mogg vs Chapman Listen: Rees-Mogg vs Chapman
City Envoy Slams “Bewildering” Brussels City Envoy Slams “Bewildering” Brussels
Labour Pledged to Sell-Off Public Land Labour Pledged to Sell-Off Public Land
Corbyn’s ‘Local GPs’ Visit Staged by Labour Spin Doctor Corbyn’s ‘Local GPs’ Visit Staged by Labour Spin Doctor
Joly-Gone: Maugham Deletes Centre Party Plan Joly-Gone: Maugham Deletes Centre Party Plan
Milne: North Korea ‘Rational’ to Have Nukes Milne: North Korea ‘Rational’ to Have Nukes
LibDem Chief Exec Out LibDem Chief Exec Out
Jones Ditches Momentum For Radio Show Jones Ditches Momentum For Radio Show
Chlorine Chicken? EU Mired in Food Safety Scandals Chlorine Chicken? EU Mired in Food Safety Scandals
Juncker’s Junkets: Commissioners’ €500,000 Expenses Juncker’s Junkets: Commissioners’ €500,000 Expenses
Owen Jones in for Nawaz on LBC Owen Jones in for Nawaz on LBC
Watch: Maduro’s Thugs Executing Opponents Watch: Maduro’s Thugs Executing Opponents
Inside Baroness Scotland’s Home – But No Pictures Allowed Inside Baroness Scotland’s Home – But No Pictures Allowed