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Rothschild v Osborne

Robert Peston | 09:57 UK time, Tuesday, 21 October 2008

The first thing to say about Nat Rothschild, whom I've met a couple of times, is that he is a tenacious, steely individual - who does not make allegations lightly.

George OsborneHe's also extremely well-heeled, having made hundreds of millions of dollars as a partner of the New York hedge fund, Atticus.

Also I would not have described him as a Labour supporter.

So these allegations are not going to vanish into thin air as quickly as they've come.

I'd be amazed if Nat Rothschild were to retract what he's said.

Now, Rothschild's great friends include Oleg Deripaska, the Russian billionaire, Peter Mandelson and George Osborne, the shadow chancellor.

Osborne stayed with him over the summer in his house in Corfu, when there was quite a gathering of the powerful and well-heeled: Rupert Murdoch's yacht was moored by the house, along with Oleg Deripaska's

Now, the allegation is that during that time Mr Osborne discussed a possible donation by Mr Deripaska to the Conservative Party.

The sum in question was £50,000.

The Tories have said they did not solicit such a donation. I suspect that much will hinge on that word, "solicit" - whether the donation was sought or simply offered.

What I have learned is that there were witnesses to these conversations.

And that if push came to shove, this won't be a case of the word of one man, Nat Rothschild, against that of another, George Osborne.

At least one of these witnesses would be prepared to support Nat Rothschild's version of events, were it ever to come to court.

Comments

Page 1 of 3

  • Comment number 1.

    Some friend !!

    It would seem to me that he prefers to keep people about him of influence and wealth and play the two off against each other.

    But the end game is the appearance of even more influence

    Its a game as old as the hills, the " Prince " rides again.

  • Comment number 2.

    Wow bob this is blatant even for the BBC.

    What next? Pictures of Cameron is his pants?

    Have you got bored of being accused of manipulating the market by using price sensitive information and tried to do something different?

    Jesus get a job at Heat magazine.....

  • Comment number 3.

    Come on Robert

    There is so much going in the financial world at the moment and all you can report is a bit of tittle tattle worthy of the red top sunday papers. Pathetic !!

  • Comment number 4.

    this game has been played before and played to death, party funding is a minefield and needs regulation.
    the only problem this story shows is that every party is corrupt, self interested and greedy organisations that should no longer have a role in todays society.
    or at least a system be placed where an indipendent group can keep tabs on them.

  • Comment number 5.

    What has this got to do with Business? Robert shouldn't you be entertaining us with some grim business news information? Oh i see £50,000 donation may impact the economy conservative spending etc etc.... Gotcha.

  • Comment number 6.

    Robert - I am wrong to think this is pure party politics you are doing now.

    £50k to the Conservative party and a he said, she said story about it.

    The economy is rolling on today and there are other stories to cover. This is one for Nick Robinson.

  • Comment number 7.

    Dear Robert
    They are all at IT, anything for a Freeby, Blair was reknown for it, SO WAS LLOYD GEORGE.

  • Comment number 8.

    So, the Tories are the bad guys because of a donation they never received, but Mandleson is above repute because the EU didn't find evidence against him.

    Nothing like more BBC bias sent directly from Labour HQ!

  • Comment number 9.

    Sorry, is this not the same Russian that Peter Mandleson met on the same boat.

    He seems conspicuous by his absence from the story.

  • Comment number 10.

    When asked why the Rothschilds had been able to accrue such enormous wealth, the great Baron replied, "We always sold too soon".

    Examination of this list of Nat's pals seems to demonstrate that the current generation of Rothschilds prefers "friends" who always sell out as soon as possible when the possibility of a fast buck or a freebie presents itself.

  • Comment number 11.

    Oh God, it's back to the future. Mandelson hasn't been back in town 5 minutes and it's like the early days of New Labour all over again. Is this what the next 18 months will be like - briefings and smears to try and distract our attention from the collapsing economy? Something, you would think that would be of interest to a Business Editor.

  • Comment number 12.

    So, we are to take the word of a man who made millions from running a hedge fund? A man who has benefitted from the ineffective regulation of the finance industry as introduced by the Labour Party? A man who would, no doubt, take advantage of his relationship with Peter Mandelson, the new Business mandarin of the Labour Government. A man who would be delighted if that relationship were to continue past the next General Election?

    And you don't think that this is just another Mandelson tactic to deflect attention away from himself?

    Really, Mr Peston, you can be quite foolish sometimes. Or, perhaps, I am just being cynical?

  • Comment number 13.

    Not in power yet and already the sleeze has started. Poor old Tory toffs with their begging bowls outstretched to Red Russia- Laugh or cry?

  • Comment number 14.

    I don't understand why you, as business editor, are writing about this Robert.

  • Comment number 15.

    "I love the smell of smokescreen in the morning - It smells like... Victory !! "

  • Comment number 16.

    MR PESTON ...ARE YOU INSANE!!!!!!

    WHO HAS ALLOWED YOU TO EVEN MENTION THE NAME "ROTHSCHILD" , REAL MEANING IS "RED-SHEILD", ON THE BBC.

    REMEMBER THIS STATEMENT IN 1790 BY THE ROTHSCHILD WHO OWNED/RAN THE BANK OF ENGLAND.....

    "LET ME ISSUE AND CONTROL A NATIONS MONEY AND I CARE NOT WHO WRITES THE LAWS"

    OUCH!!!!!!!!!!!

  • Comment number 17.


    Oh dear, Robert - you'd just managed to lift yourself into the upper echelons of UK journalism, and now this.

    I suggest you stick to writing about the economy. If you've nothing clever to say today then just keep schtumm.



  • Comment number 18.

    Fishy smell, albeit I'm not sure what this has to do with BBC Business reporting, as such? Can you enlighten me please? Am I to draw a link between these allegations and the world of commerce?

  • Comment number 19.

    This comment was removed because the moderators found it broke the house rules. Explain.

  • Comment number 20.

    I never previously thought of Robert Peston as the type to join a pop band, but all of a sudden I can seeing him fitting in nicely with Hearsay's current line-up.

  • Comment number 21.

    This story is the least of our worries at the moment.

  • Comment number 22.

    #3
    tittle tattle indeed. A mild breeze in a tea cup. I don't know why the British press get their knickers in a twist about such things.

    It is worth noting that in Greece, where all this allegedly took place, political parties are funded by (amongst other things) bribes demanded by, and paid to, corrupt tax inspectors. And no-one bats an eyelid...

  • Comment number 23.

    This stinks of a banking conspiracy to me!

    The Conservatives start to side with the public and criticise the bankers, and suddenly the knives come out for Osborne.

    It is very like when Elliot Sprizter opposing a bank bail-out, and all of a sudden he was caught with his pants down and hookers on his credit card.

    I have no love of politicians, but I still trust the Tories more than a scheming banker!

  • Comment number 24.

    Is this not the job of Nick Robinson?

    No more off the record briefings, no more spinning. I like Leopard's spots, because they never change.

    Wasn't their some history between Mandelson and Osborne in Corfu as well?

  • Comment number 25.

    Robert,

    Please stick to giving us depressing financial news about the collapse of the world's financial system that makes us want to commit suicide - not this!

  • Comment number 26.

    No-one gives a 'Four X' at this time.

    You're the BUSINESS editor!

    Get with the programme.


    GC

  • Comment number 27.

    So what else goes on at these parties that we don't get to hear about?

    Given the thinly veiled threat at the end of his letter ('keep our private parties private or I'll dump you in it too') he doesn't want it getting out...

    It is clear that attending such a party will compromise a politician, the only solution is for politicians never to attend such events.

    Should the tories *REALLY* have ignored their concerns over mandleson, just because Nats wanted them to?

  • Comment number 28.

    Astroturf for sale...

  • Comment number 29.

    ......and the key figure in all this intrigue is?

    Peter Mandelson.

    This story also raises more doubts about the contacts that Robert Peston has in high places.

    Bradford & Bingley.

    Lloyds and HBOs.

    ...and now the Deripaska Affair.

    Leaks, innuendos and spin via a BBC journalist. Not exactly investigative journalism more like being played the fool.

  • Comment number 30.

    Ignoring the knashing of teeth from the biased Tory lovers on this blog but surely shows some stupidity on the Tory side.

    It was them that brought this out into the open trying to fling dirt at Mandelson - they must have known they were dirty themselves.

    Its straight out of Gordon Browns book "101 things to make yourself look stupid" - just below "10p tax removal" and above "no early General Elections"

    Is the next election really going to be about which party is less bad? I guess all are like that anyway I suppose.

  • Comment number 31.

    Name dropping again Robert? Boots not fitting again? So much for the independent journalist, or should that be with a capital 'I'? Stick to doom and gloom, that's what you are best at.

  • Comment number 32.

    why does robert peston keep his job with the bcc? are they not supposed to be politically unbiased?
    labour (& mandelson) have previous here - that's why there is clearly a question to be asked about mandelson's involvement with this guy in his capacity as the euro business minister. yet again though, any enquiries which the labour party would rather not entertain are simply spun, either to suggest no wrong doing, or to paint others in a bad light (again, sheadloads of previous here).
    i'm sure that peston would prefer his beloved labour party was just left alone to further drag the values of fairness further into the gutter (moral compass - don't make me laugh) thankfully, anyone interested in seeing the facts reported correctly has many other media outlets to view.

  • Comment number 33.

    Ho Hum Booby P.

    Seems that unless there is the edge of a crisis, you tend to steer towards a provocative tone to try to get some heat back into a situation you can be a part of.

    Why not focus instead on what happens after the bail out(s) / additional stimulus packages etc. i.e. if you are minded to be provocative, why not question closely why no-one seems to have a plan or a framework for how wholesale markets should be recreated and how the different participants should interact. something more prescriptive and less provocative.

    Whether Osborne solicited or not, I still find it difficult to see what all the fuss is about the conservatives. Labour ain't good either. Hobsons Choice.

    bw

  • Comment number 34.

    Robert, this is a disgrace! Why are you venturing onto Nick Robinson's turf? Are you outing yourself as a NuLabour supporter??

  • Comment number 35.

    ROTHSCHILD......

    ALL I NEED TO KNOW IS A STATEMENT FREELY AVAILABLE ON THE INTERNET AND MANY BOOKS BY MR MAYER AMSCHEL ROTHSCHILD...

    "LET ME ISSUE AND CONTROL A NATIONS MONEY AND I CARE NOT WHO WRITES THE LAWS"

    THIS IS A FACT...A TRUE STATEMENT...YOU CANNOT MODERATE THE TRUTH......

  • Comment number 36.

    I've got it!
    For all those who think this blog is a about business, forget it. Sorry to disappoint.
    The common thread is how well connect Mr. Peston is. Business stories were just a side issue to the main story.
    And just to let you know, it will be Sir Peston before too long, I have been reliably informed.

  • Comment number 37.

    You really have nothing to do this morning.

    What a crap argument/story.

    And if they are raising funds rather than stitching the tax payer as the Labour party does. What is the problem?


    You have really reached the lows.
    I think its time for you to move on and maybe join News of the world, Sun or maybe Hello.

  • Comment number 38.

    if these parties wish to continue playing at politics then they should grow up and learn to take responsibility for themselves and there members. going into debt just to win an election is moraly inept, and shows that party has no grasp of budgeting thus they should be held accountable to the public who supports them, and learn how to budget.
    this run away train method of government will derail and cause no end of damage to the country.
    each party that wishes to fund an election campaign should have a set ammount of money available to them and they must work within this budget as proof they can run a countries finances.
    if they overspend they should have to explain and appologies.
    this running off to obtain funds from companies and business men is offensive and corrupt thus it shouldnt be allowed by any means.

  • Comment number 39.

    Not sure there is a story here and, if there is, not a business one! It seems that the doubt is about a donation that didn't happen and a spat amongst so called friends. All quite usual in recent years, but the person with power is the one you barely mention, curious that or am I just being cynical?

    Haven't you got more pressing issues, like the Government adopting a scorched earth policy leading to real hardship in 2010/2011 to pay for the so called Keynesian boost?
    Banks being strong armed into providing debt at the same disastrous levels as 2007 as if high levels of debt had not contributed to the current problems?

    I had started to enjoy your blog, a pity for you to debase it with this non story.

  • Comment number 40.

    Sorry, is this not the same Russian that Peter Mandleson met on the same boat.

    And may (in my opinin) have received the 50k instead whilst Osbourne was dealing with sea sickness

    Then gets back into government with a peerage

    Oh no hold on - they were acting out James Bond and it was in fact a Poker School

  • Comment number 41.

    MORE rubbish from Peston and Nu Labour - your anti Tory bias and that of BBC is really on show - why not be a REAL journalist and delve into Lord????? - what a joke - Mandelsons dealing and machinations in EU.

    Still, great to have Campbell and Mandy back - best present the Toryies ever will get - watch it all rebound on Brown when Mandy resigns AGAIN - as for Peston - nothing happening in business??? - boom and bust Labour - RECORD borrowing - Recession, and we get this drivel.

  • Comment number 42.

    Does Mandy pull your strings now, Robert?

  • Comment number 43.

    More government propoganda from Robert. And isn't his brief business and economics, not politics?

  • Comment number 44.

    £50,000 that wasn't accepted pails into insignificance to the £1million plus Bernie Ecclestone gave, got his way and was given back! And the £650k that was illegally accepted from David Abrahams but has yet to be given back. And the loans for Lordships affair. And the Smith Institute affair. And the recent Opinion Leader Research scandal.

  • Comment number 45.

    Before taking this too seriously remember that Robert Psetons dad (and source of many of his recent scoops) is the economist and Labour peer: Maurice Peston, Baron Peston of Mile End.

    Party political bias at the BBC, never!

  • Comment number 46.

    I'm curious as to why so many of the correspondents here feel the need to critisize Robert Peston for his contribution to a current news story? Surely not Tory supporters? Heaven forfend.Well I think we can draw our own conclusions can't we.

    The vehemence is unmistakeable. and a sure trademark.

    I for one have absolutely no problem with Robert Peston adding to a current story. Isn't that what informed debate should be about.

    And as Nick Robinson so rightly says, if you jump in to the gutter ( referring to the initial 'leaks' from Mr Osborne) then be prepared to get dirty.


  • Comment number 47.

    I am shocked and dismayed that there was no mention of how many topless/nude females were also involved (and how !!).

    All of our best selling (red bannered) dailies would have gone on at great lengths about this !! Some might even provide full colour pictures of aforementioned persons in their Page 3 !!

  • Comment number 48.



    Wee George Osbourne may have to pay for own accomodation for his next hols. Skipping around London spilling the beans on the rich and powerful is not a good way to make friends and influence people.

  • Comment number 49.

    Well we can tell Mandelson and Campbell are back can't we? And Robert Peston (Business Editor, who should really look at his job description sometime), has fallen for it hook, line and sinker.

    Given your actions and "stories" of the last month will Gordon be giving you your own desk in Number 10? He may as well, you don't seem to be getting your information from anywhere else at the moment.

  • Comment number 50.

    Fifty thousand eh.

    Thats about a millionth of the amount of taxpayers money Gordon has just spent.

    And it deserves a proportionate amount of coverage in this otherwise fascinating and highly relevant blog.

    Whats happening with the Lehman CDS's - was it just a storm in a teacup?

    Please can you get back to business, both literally and figuratively.

  • Comment number 51.

    Tell us something we don't know Robert.

    No-one who lives in Britain actually thinks any politician is straight (except my dear old mother - bless her).

    Maybe the story should have been about the fact that Nat Rothschild is from a family of Monarchists who have been manipulating European economies since the Napoleonic wars and have plundered gold with the assistance of our fine (and corrupt) Government for nearly 300 years.

    The family which is so powerful it has manipulated every Government we have had since the 1800's and who made it's fortune out of wars fought by men in the name of freedom - only to be enslaved on their return by locking them into interest payments on the money they now need to borrow from those same people - who by the way did not fight, but merely profitted.

    ....nothing new then - George Osborne is merely following tradition.

  • Comment number 52.

    I get it, you did see my post regarding you're skill, or lack of it, so you decided to take action and branch out a bit.

    Sorry Robert, I really am, but it's still rubbish.

  • Comment number 53.

    What a state this country is in, I want to get out but can't sell my house.

    We are in big trouble, which famous person said 'a parcel of rouges in a nation'?

  • Comment number 54.



    Dear Robert

    Tut tut.

    I thought you were better than this. Taking your blog - a must read overt the past month - down market.


  • Comment number 55.

    Dear Robert,

    Please tell us how one tells- on meeting someone twice- whether or not they make allegations lightly? How does one judge? What does someone that makes allegations lightly look like? Is it the shape of their skull or something?

    DO tell us- it may come in useful some day.

  • Comment number 56.

    Please, tory supporters, resist the urge to make the same point over and over in the comments. It's very boring to read.

  • Comment number 57.

    Even ignoring the fact that this story is outside your brief, Robert, it is a classic case of Westminster navel gazing.

    No money changed hands and therefore the story has no other substance other than a game of Politician/Tycoon semantics.

    This seems to be the first instance of you straying into simply political stories so if you are to avoid potentially justified claims of political bias please explain why you haven't quoted your Rothschilds contacts in relation to the Mandelson side of the story? Either both are relevant to your brief or, as I believe, neither are.

  • Comment number 58.

    Why is nobody asking what the lovely Peter's relationship is with Deripaska, is it possible they're "just good friends" ? Whatever the relationship, it is hardly fitting for a cabinet minister, I seem to remember another cabinet minister who lost his career because he was " friendly " with the same woman as a Russian; he wasn't even" friendly " with the Russian. Mandelson seems to be followed by muck and corruption.

  • Comment number 59.

    Why does today's comment list make me think there's a three-line whip out to get the Tory attack dogs savaging the messenger rather than dealing with the message? I'd love to see the GCHQ email log for 30 Millbank today.

  • Comment number 60.

    What is especially disgraceful is that the BBC's business editor is pursuing this political tittle tattle the day after the worst public borrowing figures since 1946 were announced. Which is the bigger story Robert? A donation which was never made to an opposition party, or the simply dreadful state of the nation's finances?

    Robert, you are blatently showing your true colours as yet another BBC NuLabour apparatchik!

  • Comment number 61.

    You boys are just upset that Sophie Raworth showed more bottle than both of you put together, and now you are trying to catch up !

    Keep up, boys, keep up !

  • Comment number 62.

    Another Labour stooge 'Outs' himself at the BBC.

  • Comment number 63.

    Business is not undertaken by companies, and politics is not undertaken by political parties.

    In each case, PEOPLE are the activists.

    George Osborne aspires to be in a psoition to control public spending, and to influence the outlook in all aspects of the economy; his personal integrity IS important, and all earlier posts which belittle the significance of this story miss the point.

    George Osborne got into the gutter, to reveal the contents of private conversation [with Peter Mandelson] at a private party [hosted by Nat Rothschild], and seems surprised that he has become soiled.

    I strongly suspect that Osborne will have to go, and - as with almost all political scandals (including those of Mandelson and Blunkett) - it will be the denials and cack-handed attempt at a coverup that will do for him, rather than the original 'offence'.

    He probably did nothing wrong, but denying having done anything at all - when there are wtinesses - is likely folly.

    As to Mr Rothschild's credibility, I feel more inclined to believe someone with hundreds of millions of pounds of personal wealth (and who therefore has little to lose, or indeed gain) than a money-seeking politician.

    How long until someone brings up the subject of state funding of political parties...?

  • Comment number 64.

    I suppose we should be grateful he is not talking about nationalisation of the building industry.

    I still remember what happened to B and B.

    It is easy to close a company very difficult to replace the lost jobs and services.

    And of course competition will fall for deposits.

    Especially with the high paying internet banks being frozen.

    And the number of bank branches will fall in cost cutting and closures.........

    Expect long queues ....

  • Comment number 65.

    A couple of points Mr Peston;

    First, why is this story relevant to you as Business Editor?

    Second, Mr Osbourne has been the most active in asking for an inquiry regarding your source for the bank's bail out story you wrote about a couple of weeks ago. Rightly so, as a number of FSA rules were breached by whoever leaked the details. Surely then it is sensible to conclude that you have a conflict of interest in running this Osbourne story.

  • Comment number 66.

    #58, kaybraes

    Mandelson was NOT a Cabinet minister at the time.

    How would you feel if everyone you had EVER had dinner with (or even spoken to at a private party) was to be held up as an example of your fitness to hold on to a job, possibly years later? (I know that I would not enjoy that level of scrutiny.)

    Analogising to the Profumo 'Affair' is just plain silly...

  • Comment number 67.

    #55, Dorte2

    Look in the mirror, and trust everyone else....

  • Comment number 68.

    Ref: #59. At 11:43am on 21 Oct 2008, FiniteResources wrote:

    Why does today's comment list make me think there's a three-line whip out to get the Tory attack dogs savaging the messenger rather than dealing with the message? I'd love to see the GCHQ email log for 30 Millbank today."

    That sounds like paranoia. I am an ordinary member of the public (albeit a Tory voter) blogging from my home in Worcestershire. I am outraged that the BBC Business editor should blog on this political tittle tattle (which is fair enough for Nick Robinson) instead of concentrating on the big business story, which is the worst public borrowing figures since 1946. That just has to be down to pure, personal bias by Robert Peston, yet the BBC is supposed to be impartial.

  • Comment number 69.

    Finite resources @ 11:43

    No three line whip required and not of all us reviled by this are Tories. Bear that in mind. If it looks like a pig, smells like a pig and oinks like a pig then the chances are it's a pig.

    This has got the Prince of Darkness written all over it and the thing that you need to understand is that to achieve mastery of the dark arts you need two things: 1) Someone to brew the poison and 2) A willing journalist and editorial team to spray it around.

    If 2) had a little more integrity and acumen then the dark arts would not have the atmosphere to breed.

    Unfortunately Pesto is out of his brief on this one and has fallen, blindly (we hope), for the bait.

  • Comment number 70.

    Robert,

    As you are citing your personal experience of Nathan Rothschild to support your blog, would you be so kind as to expand on when and where you have met him, and how you come to know him well enough to make such chacter judgments ?

    I have heard mention else where of some link to a shady organisation called 'common purpose'.

  • Comment number 71.

    Never mind the fact that Gordon Brown is making up statistics on the hoof to support his false claims about reducing national debt (national debt rises, but hey don't worry, we'll just take out the banking liabilities and pretend they don't exist).

    And all this after he has the cheek to criticise banks for off balance-sheet liabilities; ignoring the fact he's excluded the PFI and public sector pension liabilities from the government debt for years.

    But hey, don't worry, a non-donation bit of counter-spin from the Mandleson camp that can be used to try and paint the Tories as sleazy is clearly far more significant than our economy going to the dogs under Labour.

  • Comment number 72.

    Hi, my name is Robert Peston and I've met one of the Rothschilds you know! Big deal - get over it.

    Are you angling for a society gossip column now that interbank rates are coming back into line and the financial feeding frenzy has ground down?

  • Comment number 73.

    This article has indeed plumbed new depths. I had a comment deleted in an earlier RP thread for being offensive to RP. It is quite apparent that I was nowhere near offensive enough.

  • Comment number 74.

    all parties need money fo elections and when poper scheme is agreed there is bound to be fringe donations

  • Comment number 75.

    BBC: Robert Peston's blog: Keep up-to-date with the latest business analysis

    Here's an actual business story Robert:

    BBC: Factory gloom 'worst since 1980'
    Declining demand for UK-manufactured goods and falling output cause the sharpest single quarter fall in manufacturing confidence in 28 years.

    How about a story from the dirty world of 'making things' rather than the dirty world of 'making things up'.

    Did you write this story here because:

    "During his time as Political Editor he memorably fell out with the then Downing Street Press Secretary Alastair Campbell who regularly mimicked Peston's habit of flicking back his hair and once responded to a difficult question with the words: "Another question from the Peston school of smartarse journalism." (Wikipedia)

    Couldn't you not stop yourself?!

    GC

  • Comment number 76.

    Assuredly we'll be reading about Pesto's knighthood in the New Year.

  • Comment number 77.

    So a Tory has a go about some of your reports affecting the market...then this.

    Oh Dear.


  • Comment number 78.

    There was a time when BBC journalism stood for something.

    Stick to economics - in case you hadn't noticed its a big news item at the moment.

  • Comment number 79.

    Umm arn't you the business editor?? What does this have to do with business..theres that little thing of the credit crunch and the recession going on don't you know?

    Or are you angling for Robinson's job? You seem to have the 'inside-line' so to speak already after all...

  • Comment number 80.

    Its is not your position to pass comment on what Nat Rothschilds personality is llike you should just report the news as it is. I thought your area was business not this nonsense. The public know this is just Mandelson dripping poison to pay G. Osborne back who caught him out on a much more serious issue. I feel if you and the BBC do not start reporting fairly the public will stop listening.

    I dont know anyone who thinks that even if G. Osborne went for a donation its as serious as a PM who constantly tells untruths and is never pulled up by you or your colleagues for it.

  • Comment number 81.

    the big story of the day is its pay up day for the 340 billion of credit default swaps on Lehmans. Which is a lot of money for anyone to find right now?

    still if yapparrazzi stories pass for business at the bbc these days....

  • Comment number 82.

    Robert said...

    'He's also extremely well-heeled, having made hundreds of millions of dollars as a partner of the New York hedge fund, Atticus.'

    Robert...you betray yourself with this line. How shallow of you to judge people by how many millions they have made. I don't suppose the surname had anything to do with it (the millions or your deference).

  • Comment number 83.

    Leave the Politicians at it! Yachts, billionaires, hedge funds, political donations, I'll stick to camping in the rain.

    21st is d-day on Lehman CDS is it not?

    Expalining this article to us would be most welcome.

    http://seekingalpha.com/article/99527-settlement-auction-for-lehman-cds-surprises-behind.

  • Comment number 84.

    Well done Robert.

    Mr Mandellson's Poodle Rides Again!

  • Comment number 85.

    How journalism works: George Osborne aks for Robert Peston (for it is he) to be investigated over his reporting of the banking crisis. Peston not happy about this. Peter Mandelson, Master of the Dark Arts, knows Peston well and knows he is upset about Osborne. So Mandy gives Robert an off the record briefing about Corfu allowing Robert to get his own back on that interfering Osborne. The BBC and Government ministers working together hand in hand - the true legacy of New Labour....

  • Comment number 86.

    So commenting on the fact our output has fallen to their worst levels since the 1980s wasn't worthy of our business attention today.
    There is an implication of wrongdoing and that is all at this time. I think they all need to calm the hell down before they get themselves into more trouble - and the BBC needs to reflect on it's reporting and it's impartiality

  • Comment number 87.

    Why has the story broken today?......I wonder what bad news the government wants to be deflected!

  • Comment number 88.

    I gather from the blogs that Osborne has asked the serious fraud office to investigate broadcasting of certain issues relating to the financial crisis.

    Shouldn't you be clear the there is a conflict of interest here Mr Peston?

  • Comment number 89.

    Although interestingly, if one is being investigated by the FSA (over one's wild and uncontrolled journalism which adversely affected the markets), and a certain shadow chancellor is encouraging that investigation, would it not be a fine idea to begin smearing that shadow chancellor?

    And I always thought the dark arts were the preserve of the politicians.

    Not any more they aint.

  • Comment number 90.

    New Labour spin doctors please note:

    When you wish to plant political gossip stories you 'Press 2' to get through to Nick Robinson.

    If you want to plant a business related story (such as a leak about unstable banks) you 'Press 4' for Robert Peston.

    Please plant your story with the correct person next time.

    Thank you.

  • Comment number 91.

    #53

    "We are in big trouble, which famous person said 'a parcel of rouges in a nation'?"

    It was a poem by Robert Burns but he was talking about his fellow Scots. The whole text is apposite:

    "Fareweel to our Scottish fame,
    Fareweel our ancient glory;
    Fareweel ev'n to the Scottish name,
    Sae fam'd in martial story.
    Now Sark rins over Solway sands,
    An' Tweed rins to the ocean,
    To mark where England's province stands-
    Such a parcel of rogues in a nation!

    What force or guile could not subdue,
    Thro' many warlike ages,
    Is wrought now by a coward few,
    For hireling traitor's wages.
    The English stell we could disdain,
    Secure in valour's station;
    But English gold has been our bane-
    Such a parcel of rogues in a nation!

    O would, or I had seen the day
    hat Treason thus could sell us,
    My auld grey head had lien in clay,
    Wi' Bruce and loyal Wallace!
    But pith and power, till my last hour,
    I'll mak this declaration;
    We're bought and sold for English gold-
    Such a parcel of rogues in a nation! "

  • Comment number 92.

    Robert,

    Ouch - you seem to be taking a thorough beating today. I must say that I agree with the general opinion. Stick to business - stop writing this rubbish.

  • Comment number 93.

    So Mandelson rides again. Yawn. Please Robert, do return to analysing the economy!

  • Comment number 94.

    Oh dear Mr Peston. Can you actually see the stings connected to your body, let alone the puppeteer operating them? Whats all this to do with you? I wonder.

  • Comment number 95.

    Unbelievable that this blog is still at the top of Peston's Picks. Here we have some real business news:

    1. Worst PSBR figures since 1946.
    2. Factory gloom worst since 1980.
    3. House sales slump 53% from last year.

    And what does the BBC's illustrious Business Editor major on - some political tittle tattle he should leave to colleagues such as Nick Robinson.

    Now what does that tell us about Robert Peston's political leanings? I used to take Peston seriously, but no more!

  • Comment number 96.

    Why on earth is this your story. You are just appallingly prejudiced against the tories and should go now.
    The puff on Rothschild is disgraceful. It basically calls osborne a liar. Your peerage cant be far off.
    Get back to business where at least you have 5% understanding

  • Comment number 97.

    Sorry, Robert, I cannot believe you are seriously spending time on this rather grubby little story. It is a mildly interesting example of political mudslinging, as well as an unedifying indication of the sort of company that politicians if the two main parties keep.

    Apart from that, I think I would rather our license payers' money was spent on reporting serious financial and political issues - there are just one or two around at the moment.

  • Comment number 98.

    > The sum in question was £50,000.

    Hm... that's about the same that this "credit crunch" has cost me. Shame really - I could have had so much more fun for that money if I'd just given it to George Osborne at one of my home-brew parties!

  • Comment number 99.

    Oh dear.

    Couldn't possibly be a bitch spat with someone who is asking for you to be investigated for (allegedly) announcing price senstive information without going the proper channels (hint: look up RNS)

    You wear your partisanship slightly too obviously, even for the BBC.

  • Comment number 100.

    Erm, business and economic news, anyone? I'd say leave this for Nick Robinson to report...

 

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