Rothschild "won't back down"
I have learned that Nat Rothschild is not going to back down in respect of the allegations he has made that Mr Osborne was interested in receiving a donation for the Tory Party from the Russian billionaire Oleg Deripaska.
He would be prepared to defend his claims in court - and I understand that one of his close friends would also provide testimony apparently supporting his claims.
Mr Rothschild feels that Osborne has abused his friendship, by allegedly encouraging newspaper reports that embarrassed two of his other friends, Oleg Deripaska and Peter Mandelson.
The hedge-fund partner feels that friends who accept his hospitality should be entitled to feel that what they say and do in his home is private, and won't appear in the press.
Fairly or not, Mr Rothschild holds Mr Osborne partly responsible for media insinuations that have embarrassed Mr Mandelson and Mr Deripaska - such as that Mr Mandelson, who at the time was the European Union's Trade Commissioner, was guilty of a conflict of interest in accepting hospitality from Mr Deripaska on the aluminium magnate's superyacht
George Osborne was - until the past few days - a close friend of Mr Rothschild.
The relationship dates back to their days at Oxford University, where both were members of the raucous, public-school Bullingdon Club.
This summer George Osborne was Nat Rothschild's guest at his lavish property in Corfu for a fortnight. Mr Osborne's wife, Frances, stayed on at Mr Rothschild's house after Mr Osborne left.
During their stay, Mr Osborne was allegedly keen for Andrew Feldman, a Tory fundraiser, to visit them at Mr Rothschild's house.
When Mr Feldman was on his way, a decision was taken that they'd all go across and meet Mr Deripaska on his yacht.
Before they went on to the yacht, Mr Osborne and Mr Rothschild discussed the possibility of Mr Deripaska making a donation to the Conservative Party, according to someone present at the time.
This was a detailed conversation, which involved discussion of whether it would be against the rules for Mr Deripaska to make a financial contribution since he is not a British national.
The idea was mooted that Mr Deripaska could make the donation through a UK company he controls, LDV, which is based in the Midlands and makes commercial vehicles.
After Mr Feldman arrived, they all went out to Mr Deripaska's yacht on Mr Rothschild's dinghy.
According to one of those present, there was only a brief discussion then of whether Mr Deripaska would make a donation. This person added that they all stayed on the yacht for at least a couple of hours (this is disputed by Mr Osborne, who has said that his two meetings with Mr Deripaska have never last more than an hour).
After they returned to shore, Mr Feldman left to return to his family. But Mr Osborne then had dinner with Mr Rothschild. At this dinner, Mr Osborne allegedly talked more about the possibility of Mr Deripaska making a donation.
One of Mr Rothschild's friends is alleged to have witnessed most of these events and is prepared to testify to that effect, should the issue ever come to court.
Mr Rothschild has normally avoided the spotlight in his spectacularly successful moneymaking career.
As co-chairman of a hedge fund called Atticus, Nat Rothschild has accumulated a fortune of several hundred million pounds. He is a descendant of the world's most famous banking dynasty, and his father, Jacob, is a noted financier and patron of the arts.
I'm 
© MMIX~RS~q~RS~~RS~z~RS~28~RS~)
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"Make him dance to the left", said Blair to Mandy
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Mr Peston - close your Labour mouthpiece over a NON STORY . We know your background in politics. Labour.
Why did it take Sophie Raworth to ask the questions that you so called reporters would not - and why grovel to a person who is proven to be corrupt - finally, WHY, when Nissan is cutting back production, the UK is dying, and the Clown is borrowing MORE money, ARE u not really quizzing Labour, instead of an if and but and maybe story. The answer, even as an ex Labour voter, is obvious. BIAS.
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And what has all this speculation and innuendo to do with your post as Business Editor?
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Ah, the rich and their playground tiffs. Nice to know Ozzie is being put in his place.
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You have been even more disgraceful this time Robert. Shooting yourself in one foot might be a mistake, doing the same to your other foot looks like someone has been leaning on you very hard indeed.
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When Mandleson does nothing improper but his judgement is called into question it gets a couple of minutes on a Sunday morning BBC show.
When Osborne does nothing improper but his judgement is called into question it gets wall to wall coverage on every news broadcast going at the BBC.
Consistency?
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The time to claim this is Labour bias is over. Osborne needs to give some answers.
He played with fire by starting the process, and now his fingers are well and truly burnt.
I know the Tories on here want to attack Labour and make this a non-story but it's a valid piece that requires open answers from Osborne (or a resignation). With the information now available Sophie Raworth would be asking substantially different questions.
Change the name of the key character (i.e. Osborne = Darling) and ask yourself if it would still be a non story.
I'm all for quizzing Labour but you've got to quiz the Tories too.
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Robert - Are you not the business editor? When you jump into a political story when it embarrasses the Conservatives but stayed away when it embarrassed Labour - are you really surprised that people query your motives?
"I have learned" - come on a bit less of the passive loss - you learned? from whom did you learn?
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Rothschild is an idiot to have escalated this battle of the handbags.
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Well, I guess Bilderberg's got a few problems now. Firstly, a PM who attempted to play the National Interest card to gag the opposition and then immediately dishonoured the deal in an attempt to recover a few brownie points from the electorate, secondly a Conservative Party whose reaction to that cheap trick has been to go to the mattresses, burn the boats, break out the weaponry - I'm surprised they're still prepared to appear in Parliament, in fact, such is the evident rancour resulting.
What do I mean? This started with Cameron's recent attack on Brown, calling off the truce. The attack on Mandelson was phase 2 of their campaign, and has backfired somewhat spectacularly. Whether declared or not, the electoral campain started this weekend - or if it didn't, then I shudder to think what they've got planned for then, either way they'll destroy the country's reputation between them.
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Are Rothschilds going into retail banking, taking out RBS?
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How do we know this hasn't all been got up by Dave as he wants to get rid of Tory Boy who has shown himself a lightweight?
Why is this story being given so much prominence when the economy is going to the dogs?
Who cares who said what at a probably drunken dinner party attended by a load of over-exercised egotistical hoorays?
The silly season is over Robert, we just don't care about any of this. We now know who are your sources and we still don't care.
I suggest everyone gets back to work.
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99% of the population couldn't care less.
Back to the crunch please Mr Preston.
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This is beyond a joke! Robert Peston is supposed to be the Business Editor. When is he going to go back to doing his job, instead of commentating on political tittle tattle? There are very serious business stories in the news today!!!!
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#2 and 3
The relevance is, if the Tories win the next election Osborne will most likely be running the UK (business) economy.
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This comment was removed because the moderators found it broke the House Rules.
Robert
As business editor - maybe you should be talking about business things.
How about people losing their jobs?
I think there are two people not far from here who are likely to direct experience of this real soon.
Arguing over talking for 'more than a millisecond' -- how many angels you got on that pin head over there?
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My friend and I say he said this, he denies it. Are you serious? This is playground stuff.
There was no donation, no prima facie, no case
Questions needing answered include
What decisions did Mandelson make which benefited Rothschild
What decisions did Mandelson make which benefited Deripaska
Why is an EU Trade Commissioner accepting hospitality from people who will directly benefit from his decisions, clear conflict of interest.
Why do Rothschild, Murdoch, Deripaska and Mandelson wish to promote this story, what exactly are they trying to hide?
Has Mandelson accepted any other hospitality from Deripaska and Rothschild?
Is it coincidence Rothschild chose to write to the Murdoch Times?
Why has the BBC been incredibly silent about any of the above questions>
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Robert,
I'm deeply surprised that you haven't mentioned that Rothschild and Cameron were at Eton together (albeit in different years). How could you ignore such an obvious sign of a right wing establishment cabal plotting to take over the world, revive the twitching corpse of Thatcherism under a modern facade and crush the forces of neo-Brownite Blairism beneath their so elegantly stitched Jermyn Street loafers?
Or am I misinterpreting your true leanings here?
Yours, Eamon Old-Etonian.
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Some comments on here complain about those not falling for this spin being Tories. Is that the best you can come up with?
There are more than 2 parties in this country and coming from Scotland I can safely say I know very few Tories. I am however sick to the back teeth of NuLabour spin. I also fail to see why this subject is being debated by the Business Editor. Has financial meltdown been averted? Is the economy booming again. I would suggest my previous questions would be a better start for a business journalist.
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Osbourne has published a full account of his contacts -- will you be asking mandleson for his?
And while you are at it - will you be publishing details of your own contacts with members of the labour party?
Come on -- you do wan't this cleared up dont you?
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If this had been a labour politician involved in the allegations the Tories would be all over it with accusations of sleaze and corruption. But because its a Tory its a "non story" . Why does that not surprise me.
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yet more neu labour flim flam off-setting people away from current affairs, take the ecconomy off the menu and hide it behind lesser stories.
let alone the current investigations into the 1 million pound tobacco advertising donation that neu labour recieved a few years back even though they retuirned it they still exempted F1 motorsport from blanket tobacco advertising ban.
so the not so squeeky clean neu labourites should be warned there past record is a minefield of poor choices and financial errors.
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Perhaps Mr Preston should be asking why Rothschild has apparently go a THIRD version of his letter...perhaps the Times could publish all three versions so we can see how Mandy/Blair got him to change it?
Perhaps we will see Nick Robinson now talking economics on his blog since Mr Preston seems to think he is a political journo now (or would that be Labour Party press release publisher...)
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All politicians of all political persuasions are bent.
You can tell when they're lying....their lips move!
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If anyone wondered why disgraced former minister Mandelson was brought back into the government, now they know.
It just goes to show that the government are more concerned with trying to wrong-foot the Tories than running the country.
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This story looks as if it has the hands of the recently enobled Lord Mandelson all over it.
If true it shows a breathtaking lack of judgement by Mr. Osborne and if not it looks like a well organized stitch up.
I have argued beofore here that I would absolutely defend the freedom of the press but I am afraid that these leaks and scoops are increasingly making the supposedly impartial BBC look like a mouthpiece for the constant drip feed of leaks from Government departments - i.e the banking ones and this looks like a well-aimed smear job.
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What's this to do with business? This is politics --- oh sorry, you are New Stasi's outlet for poisonous leaks, aren't you?
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Osbourne has put out a detailed description of what happened. Why don't you be even handed and write that up?
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Robert, I am a Conservative supporter but it looks like you have proved the stereo type, if you look shifty it is probably because you are shifty.
I have always considered GO to be a liability, he appears to be too arrogant for the role and it would do David no harm to push him to one side before GO does some real damage.
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#16 , #18 I agree - Mandy, Rothschild and Deripaska must realise that by blowing this story up to such proportions, they are shown in a much worse light than the (shock horror) revelation that an opposition politician is considering legal ways of accepting donations.
It is either a gross miscalculation or a deliberate smoke screen. Is the real story something completely different?
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Look we're not interested in who dripped what poison on who and when or whether donations were discussed AT a dinner table.
Message to all politicians and the media.............
SAVE OUR JOBS, HOMES, SAVINGS AND FUTURE by acting
RESPONSIBLE!
Grow up the lot of you!
Shame on you Mr Peston...I had you down a serious Journalist and Editior not a Rag Mag Editor!!!!!!
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Well that was all quite painless wasn't it.
I woke up this morning and read this item from the BBC business editor and it would appear that all our troubles are over.
The economy must be booming, unemployment must be at it's lowest level ever, the country is no longer in mega debt.
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I have read the Osborne/Feldman statement.Now,either you have been a part (and a very serious inside part)of a labour smear against them, or you must stand up your unnamed alleagtions which accuse them (withot attribution) of lying. I have lost all faith in any independence you had. No doubt you will just fade away on this, leaving the smear "out there". Well done, Sir Robert.
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Not much happening on the business front, Peston? If I wanted Labour's opinion on this story I'd read Nick Robinson. I don't need yours too.
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foreign nationals can make donations through firms they own based in the uk? looks like a fig leaf?
still with 'friends' like these....?
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Or is the real news today....
Further EU banks may fail says IMF.
http://news.bbc.co.uk/1/hi/business/7682371.stm
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The moral of this is 'choose your friends carefully'. So George Osborne mixed with a hedge fund manager (architect of the sort of financial product that got us into this mess), a mafia-style russian businessman, and a labour politician who has had to resign repeatedly for questionable activities. What did he expect to happen?
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#15 Isn't the relevance to business also that Mr. Mandelson at the time was trade commissioner, Mr. Deripaska the owner of the worlds biggest aluminium company, and Mr. Rothschild a hedge fund manager and deal broker?
Why is everyone talking about the (hypothetical) tiny sum of 50k?
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In the Scottish Parliament Ms Alexander had to resign because of allegations of a mere £1000 from the Channel Islands. I wonder if the SNP will be as keen to complain about the Tories ?
On a more positive note it is good to see (that despite some of the public posturing) our politicians are cultivating good relations with Russia.
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This comment was removed because the moderators found it broke the House Rules.
I guess there's nothing interesting in the world of business to report so saintly Bob has decided to muscle in on Nick Bobinson's patch, to merrily re-tell second and third hand stories without a shred of substance behind them.
Funny that.
Still, it makes a change from depressing bank share prices. How is the economy doing? FT100 up? Down? Who cares.
If only Sophie Raworth could be business editor...
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It's a bit of a non story when you consider the BBC were unable to find blogspace for the matter of the IR report on corporation tax dodging.
A good journalist could find heaps to discuss were he to ...
1. Define exactly which companies are culpable.
2. Which of their executives have contributed to the Labout Party.
3. Which of them were eventually ennobled.
The implication being that the Labour party has been subsidised by money that should belong to the nation.
And as for ennoblement !!!
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Come on, all you gloomy commentators up to #29 - well almost all of you - of course it's a fascinating story and Peston, brilliant hack that he is, is delivering to us the juicy facts that we want to hear. And of course he can only do that because he's in contact with these guys. Such is life. At least the curtain is being drawn back little in the process.
Sure, boy George is getting a beating. But that was inevitable for two reasons:
1. Brown bringing back Mandelson was a masterstroke, like it or not. (I liked it, right away. For the corniest of reasons, about the 'New Labour family' coming back together in the hard times. The Labour party is like that, much more than the Tories. Look at the way they treated Thatcher. Of course it's partly ironic and postmodern but there's enough truth there to keep proles like me happy!)
2. Osborne's lack of discipline in bubbling away about the 'poison' dripping from Mandy about Brown after this jaunt with Rothschild and co
It's all terribly unfair and enormously funny at the same time.
What it also does is point us a little more to how the world really works.
Not the simplistics of the toddler-grade conspiracist. Osborne was invited to Bilderberg, remember, the last two times. So he's one of 'them', right, with buddy Rothschild - a name that has launched more conspiracy theories than most. Well, not right now he isn't, clearly.
On the other hand, we've got to get a whole lot more realistic about what does go on, even after years of emphasis on 'standards in public life'. The key EU trade official Peter Mandelson schmoozes with the super-rich. Who ever is going to stop that kind of thing?
The key point is what we were beginning to talk about on the 'fairer society' thread. Rothschild is currently punishing his old friend for breaching the privacy of private conversations. I actually agree with him about that.
But the privacy argument can be taken too far, especially in elite fora like Bilderberg governed by the 'Chatham House rule'. What it can come to mean is this: we will plan world government in private, thank you very much. Anybody then who talks about it - or dares to criticise it, whether we invited them to our private meetings or not - is a idiot or a pariah or both.
That is taking things just a bit too far, dontcha think? But a clever (and up to now somewhat successful) tactic, one has to admit.
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One of Mr Rothschild's friends is alleged to have witnessed most of these events and is prepared to testify to that effect, should the issue ever come to court.
Who is this friend? Name him.
Besides, can anyone seriously imaging senior Tories (even Eton-educated ones) doing dodgy deals while Mandelson is lurking about?
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The bottom line is this - did the Tories receive any funding from illegal sources - yes or no? If no, it's a non story, spun to high heaven by 'Meddlesome' & Nu Labour to distract us from the disaster that is the economy under Nu Labour.
As usual the BBC are making a meal of it (because it the Tories?) but failed to do the same with the Mandelson story, which is substantially more interesting and potentially more incriminating.
As others have said, what's the business editor doing getting involved in this?
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As others have said, what's the business editor doing getting involved in this?
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It seems to me a classic case of "people in glass houses not throwing stones!Osborne's comments about "dripping blood" regarding Mandleson have rebounded with added interest !bad judgement from a man who seeks to have charge of this country's economy!I had little faith in him up to today, and now I have none !!
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Looks like a good day to 'bury' bad economic news.
I wonder what that news was.
I wonder whether the BBC Business Editor will tell us.
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Thanks for making it clear which side your bread is buttered. Make way for the clear out of Labour mouthpiece's at the BBC when the Tories take power. Good riddance to bad rubbish.
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er okay, so something might have happened or not ? I guess there is a story somewhere in this dirt but can't really see it at the moment.
Politics is nice and all but as I understand the UK - all of the parties are pretty much the same. They all do dodgy stuff and the only chance we the public have of getting our way is via investigative journalism and then getting annoyed about the reports.
Would be nice to have some reporting to clarify some of the stuff that has happened with the banks:
1) Where exactly did the 600 billion pounds loaned out to the public come from ? Some say pension funds, some say China, some say the East ? How and when is/has this money got to be paid back ? Lots of muddy water but no clarity.
2) How did the high street banks get out of holding too much debt and not having enough capital ? I understand that the debt was being packaged up and sold on to someone - but who was doing the packaging and how were they related to the high street banks ? who's idea was it ? who has bought the debt ? I hope it is not our pension funds ?
3) Can you give some more information on the CDS market ? What is it used for exactly ? Where does the money the banks pay go ? Obviously the insurance is ultimately paid out by someone so who is liable for all these debts if they fail ? do they have the capital to cover it ? What is the rating of UK debt compared to other countries ?
4) Some mention has been made of high inflation rates in 2 years time because of the money being spent currently - is this a corerct assumption ? What can we the public do to try and limit the damage ?
By the way. I've practically given up on you Mr Preston, I had high hopes of someone in the BBC actually having some cahuna's but it seems as it's all back to washing the dishes.
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It's a laugh. Osbourne must go. Mandleson shouldn't have been givin another chance.
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What is really SAD is the way that once again, senior BBC journalists have been led by Mandelson and Campell to follow the news story they want them to follow, rather than the real news which the Labour Government really don't want the rest of us to know about.
It is really just very, very poor journalism.
Highest Government borrowing ever?
Job Losses?
Labour unable to get legislation through the House without guilotines and giveaways?
The CPS study which brings all the PFI, Pensions, Not-Work Rail and Northern Wreck debts on to the Government balance sheet and shows us to have borrowing at about 150% of GDP?
No, like a heroin addict getting a sniff of some brown sugar, they're hooked on "tory sleaze" - a little feed from Mandy and they're off like a faithful bloodhound - on the wrong scent.
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When you met Mr Rothschild were you being entertained did you talk to him about money did you claim BBC expenses?
I think that shows you how tittle tattle and innuendo you are peddling works.
Tell us all now your sources or deny they are from no10 .
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The bias shown toward Labour on this is an utter disgrace. The real story is Mandelson who was trade commissioner and now government minister being too close and in a conflict on interest situation. You carefully choose to ignore that fact which now as far as I am concerned means the following:
1) The BBC is Labour bias and the mouthpiece of a discredited government
2) What ever you write in the future is pointless it will have no credibility
3) Why are you reporting on politics is that not Nick Robinsons job to twist the facts in the favour of Nu labour?
I and many others no longer view the BBC news as an honest assessmnet of the facts and as such will campaign for your provatisation and removal of the despicable tax that funds your lifestyle
Enough said
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One thing's for sure Robert. You won't be invited to the Rotchschild mansion in Corfu anytime soon for dragging their name through the mud.
But at least there's a good side to this new style of social reporting of yours. We can now safely assume that the recession has been cancelled as banks are lending again (3m LIBOR down to 3.83), stock markets are going back up and the media has become bored with the fear fest.
Long may frivolous journalism reign. I have a house to sell!
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No doubt Mandy is behind all this trouble making, of course the BBC would not want to lead with any negative Mandy or New Labour stories....hmmmm I wonder why??
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I've read your blog for a while now and have grown increasingly interested as each of your stories 'breaks'. It's not easy, babe, I know. But you got too close, got too well known, lol. Well you've either a) been suckered by the Bilderbegers (Enter Mandy - stage right - in faux horror), or b) more likely are a USUKA medop plant. Say it aint so, Robert! Tom Wolfe will spit on your grave :-)
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The story about Mandy staying with Deripaska on his yacht has been in the papers for almost a week. He said he had been "billetted there" - what a strange expression for an all-expenses paid trip on a luxury yacht owned by a Russion billionaire when one is the EU Trade Commissioner.
Deripaska had nothing to gain from meeting George Osborne, and everything to gain from meeting (not for the first time, friendship going back 2 years apparently) the EU Trade Commissioner.........
Funny the BBC never mentioned this story until now, when they managed to turn it into a story against the Conservatives. No sign of any impartial reporting there, then!
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I read the other day that the new labour thought police were looking at regulating blogs because they think we the dim-witted electorage get confused over what can be trusted on the internet and what cant.
I dismissed it out of hand - 'buyer beware' on the internet I thought, every one knows that - however, maybe there is a case to be made for regulating blogs hosted by organisations that would usually be considered reliable (such as the BBC).
I see your colleagues are being a bit supportive of your bizzare position.
R4 news headlines "tories have declined a donation offered by company owned by russian...'
Deliberately giving the impression that they have just declined it, implying that it was declined because of this fuss you have kicked up -- whereas the offer was declined last month, before any of this fuss.
Odd that you would think that someone would ask for a donation and then decline it.
Mind you, it would make the 'fixer' look stupid if he had offered to ensnare a politiician for a rich friend and then it all blew up in his face, because the politician was HONEST and couldn't be trapped so easily.
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Mr Rothschild is going home and he's going to take his ball with him
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"The main thing which makes blogs different from a newspaper column or even TV or radio broadcast is that it is a conversation between the author and the audience. So the success of this blog will depend on you letting me know what you think about the news, and indeed about what I've written myself"
Who wrote that, I wonder?
Mr Peston (assuming you do actually read these posts) you should, I think, address the allegations of bias, since they are, very obvious, concerns of the audience.
To misquote The King:
"A little less spinning and a little more conversation, please"
Answers, please, on a blog.
Thanks.
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Osborne says he didnt, Rothschild says he did!! So one of them is not telling the truth ? It matters not what the Tory party says , they were not there ! Osborne has no choice but to sue " If he does not , then his position is hopeless.
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Robert,
Please see your moderator's own rules on 'defamation'.
"Don't make these common mistakes...
Repeating others...
If you repeat defamatory remarks about people or organisations made by other people, you will be just as liable to be sued as they are.
'Allegedly'...
In spite of its use in a popular current affairs panel game, adding the word 'allegedly' to a statement you cannot prove does not stop it being defamation.
Jumping to conclusions...
If Mr X is seen going into a hotel room with a call-girl, this does not necessarily mean he enjoyed a 'night of passion', and will certainly not prove that he did.
Innuendo...
To say Mrs Y doesn't recycle her waste paper may sound harmless. But to people who know that Mrs Y is a Green Party activist, the implication is that she is hypocritical in her politics.
etc
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Interesting stuff (even if it's not business news exactly). It makes the characters involved seem almost human. Perhaps the real rulers of the world are not in total control.
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Robert Peston: BBC Business Editor
Peter Mandelson: Secretary of State for Business
Peter Mandelson: spinner-in-chief, incapable of passing up a good opportunity to spin, especially since he has been an immediate victim.
Robert Peston: pawn, naive, too fond of his own voice on the airwaves
Peter Mandelson: Tony Blair supporter, keen to divert attention from the Ecclestone story's reemergence
Robert Peston: pawn, naive, too fond of his own voice on the airwaves. Oh, and keen to keep in with the new Secretary of State for Business.
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Ofcom should be looking into this blatant anti-Tory bias at the BBC. I'm inclined to write to them, although I don't know if it would do any good, the regulators are so toothless.
And why is Robert Peston even reporting on this, when it is not part of his remit as Business Editor?
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While you are playing around with this non-story, the following BBC Business News headlines are in your in-tray:
Factory gloom ‘worst since 1980'
Retail tycoon criticises UK banks
House sales slump 53% across UK
Argentina ‘to take over pensions’
Bang & Olufsen to cut 300 jobs
Further banks may fail, says IMF
Production switch hits Lockheed
Mandelson pledges business help
Gas exporters’ group to be formed
Stop playing politics and get on with your real job, please.
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Yet again we see the labour faction of the BBC reporters avoiding their primary duty which is to report the news in an unbiased fashion. Here we have the country going to the dogs and all the BBC business reporter can come up with is a Tory breaking the rules on party subscription. Not that this is unimportant, because it is, but the priorities are that this is the worst financial mess this country has been in for decades overseen by a man who was chancellor then Prime Minister. That is the big story.
It is the same with Brian Taylor the BBC Scotland political reporter who is unashamedly labour and all his blogs are rabidly anti SNP and pro labour.
What is happening here is what the Americans call Black Ops. Spread disinformation around and avoid discussing the real situation. I wonder how many of those reporters will still be in a job when labour are kicked out of office.
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Abusing "Nat's" hospitality, what a terrible thing - bet George was his fag at Eton, wasn't he? - or the other way around - or, oh god who cares ...
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For goodness sake, Peston, enough with the pregnant pauses. By the time you get to the end of a sentence, I have either forgotton the beginning, nodded off, or am well on the way to giving up the will to live.
I don't know what part you are auditioning for, but you'll never get it............you are much too heavy on the 'ham', dear boy!!!
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The BBC has become nothing more than a mouthpiece for the worst spin doctors of the worst Government this country has ever has. You Sir are a parody of a serious journalist. It surely cannot be you are peddling this titttle-tattle because Mr Osbourne (quite rightly) is backing the complaints made about you to the SFA?
You are a disgrace and the organisation you represent is a disgrace
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As Mr Osborne's statement said at the end This statement constitutes a full and detailed explanation of Mr Osborne and Mr Feldman's dealings with Mr Deripaska. We would now urge Lord Mandelson to provide the same.
May I suggest that is where you should be looking for the tittle-tattle you are now calling "business" news.
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I wonder what delightful anecdotes from the benevolent overlords will be on the menu for us obedient serfs tomorrow.
"Bankers are bleeding from their benevolent hearts at the thought of desperate peasants turning to cannibalism" would be quite good fun.
It would be a million times better than today`s pitiful offering.
P.S Don`t we just love pravda-esque tosh?
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Oh come on everybody - grow up - as I've said elsewhere - the Rothschilds have been playing the chess game with us mere mortals for centuries - this is just yet another example. Machiavelli is their middle name or didn't you all know that?
RP is merely their pawn.
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And we see who our political parties really represent...
Anyone with money.
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Robert Preston is now not only content with being the source of leaked information from the government on what or not it is doing in finance, he now thinks he is the king of political journalism as well. Having caused panic in the financial markets he now fancys himself it would seem as a political guru and is working up to telling people who they should vote for no doubt. Does his vanity have no bounds?
I would suggest he gets on with his job and stops all the sensational stuff that he gets fed with by his Labour cronies, who have been the obvious source of so much information to him.
As for Mr Meddlesome, Mandleson, would I be surprised if this Report on what Mr Osborne did on not say was all a set up ? no! Would I be surprised if Mr Mandleson is a supplier of the spin?- But then as was said in a well known political book 'you may say that, I could not possibibly comment!
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@14, this is highly relevant, especially when the world of high finance and the De Rothschilds are mentioned in the same breath.
Nat's a typical Rothschild, orchestrating things behind the scenes and not wanting undue press attention. The De Rothschilds are apparently worth trillions, so maybe we should ask them to bail the banking system out. The trillionaire Rockerfellers can do the same in the USA, seeing as both sets of families have milked the useless eaters for all their worth all these years.
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Dear Robert
ER-- Exactlty what were all these high profiles doing in Corfu,? Some thing does not add up, ESPECIALLY as Mnadelsons name is included. EXactly what as all this about?
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Yes, yes, yes - very good. Senior politicians attempt to do something underhand regarding party funding. Tell as some NEWS. Anyone who thinks politicians of any party can' won't or don't do this is barking made. Ask Lord Levy. As wots-her-face from Scottish Labour
Politicians are low-life of even lower morals and people who think otherwise deserve the contempt with which these sneering frauds treat them.
Now, on to important things. It's Champions League football tonight & tomorrow. This is what the masses want. Not more evidence of something they already knew, politicians are trash.
In a bit the various rabid party packs will be on here objecting to posts favouring the other side to get the 'mods' to pull them. More predictable than the sun rising tomorrow.
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Nat Rothschild and George Osborne go back further than University. They were both in the same year at prep school - Colet Court.
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Mr Preston I think you are flying very close to the wind sensationalising a non story. I was not impressed with your performance nor that of many others on radio 4 this evening. You were struggling to put a coherent sentence together when asked direct questions. I wonder why? Lord heseltine I thought was quiet brilliant dismissing your story as a non story. the trouble here is you Mr p still drawling over the Northern Rock affair are trying to maintain your ego.
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Robert, I despair - in recent weeks you've been consistently brilliant - now this. I've no idea why you're involved in this trivial and squalid little story - the stench on BBC blogs today is overwhelming.
I cannot imagine why any right-minded person would give this brain time, let alone air time on the BBC. It absolutely reeks of all the things for which the country rightly despises Mandelson and his cronies - the only reason I don't feel compelled to jump on the "BBC Labour bias" bandwagon is that this story simply serves to remind us what appalling self-indulgent and self-serving people currently occupy positions of power in this country, and why we so desperately need change.
The (majority of the) public, mercifully, are not nearly as stupid as these upper-class twits like to believe. BBC journalists on the other hand...
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Peston, you've lost it.
The real story is Mandelson- a mate of yours is he?
There is so much worry about in this country, so much heartache going on with the normal people (non-westminster) and you see fit to fill the airwaves with a nothing story- this is bordering on the absurd. 10 minutes on Radio 4 (PM) this afternoon, and the fact that Mandy may have influenced deciusions for his rich mate gets hardly a mention.
And then there's Gordon strutting around like a turkey- people are in despair- jobs are going at 55,000 a month, where's teh humility.
Seriously, get a grip. Your job at this point in time is to hold the Government accountable at every turn, clearly you're too wrapped up trying to please your mates on the left
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RP - I have been enthralled with your business reporting in general and this blog in particular since the credit crunch and associated economic fallout began to affect us all.
I am now utterly gob-smacked as to the contents of your last two "smear campaigns" - I don't think I shall call them stories.
Are you now having to pay the piper for your inside scoops?
You need to decide whether you want to be a journalist or a government mouthpiece mate.
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It bothers me that so many people on this blog have only scorn for Robert Peston's reports today. I find the mixing of politicians, playboys and media tycoons on a yacht, and what went on there at a very critical time, to be of great significance and relevance.
We have all been reeling at the collapse of banks and the causes of the collapse - the informal nature of the rules and lack of transparency being at the centre of the crisis.
Now we appear to be seeing a phase in the collapse which was inevitable as a power vacuum results from the loss of trust in the current system.
I believe the situation is very serious - I wouldn't be surprised by any amount of sleaze. It would be in keeping with the vast fortunes and power at stake for there to be total mayhem.
I read an article on the consequences of light regulation in banking and the ghastly financial collapse of a whole country, written only eight years ago, which was supposed to act as a warning to us. That country was Albania and it was seen as impossible for the sophisticates of Europe ever to create similar conditions for such a mistake.
Well, it's here and it's happened. The next phase is quite bloody, if I remember correctly, as all the scoundrels responsible for the bankrupting of a nation fought for their position and power and grabbed all the money they could, while the suckers who'd kept their noses to the grindstone were left penniless or worse.
You'll find some stunning parallels in the article here:
http://www.imf.org/external/pubs/ft/fandd/2000/03/jarvis.htm
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Mr Peston, as you are the son of a Labour Peer can I remind you of the BBC Editorial guidelines:
* We must treat matters of public policy or political or industrial controversy with due accuracy and impartiality in our news services and other output.
* We must not express an opinion on current affairs or matters of public policy other than broadcasting.
* We must not campaign, or allow ourselves to be used to campaign.
Why in your original article 'Rothschild v Osborne' did you start with a background of Rothschild to suggest that you believed his side of the story ...'does not make allegations lightly'.
Would you consider that Osborne would make a denial of 'soliciting' a donation lightly - or were you not ensuring balance in your article?
Should you not be disclosing your conflict of interests in your articles, namely that Senior members of the Tory party have asked for an FSA investigation into the leaking of market sensitive news in the last few weeks?
You were Gordon Browns biographer were you not?
Did the Independent not suggest that you were identified as being part of the 'Brown' camp in their review of your book back in 2005?
http://www.independent.co.uk/arts-entertainment/books/reviews/browns-britain-by-robert-peston-748632.html
The Independant also noted...
"Peston's weaknesses as a modern-day British Kremlinologist are that he is not a full-time political specialist, and his information on the Blair-Brown relationship is one-sided."
Perhaps a history of bias?
Are you prepared to be open - as open as Osborne has been, by denying that a member of the Labour party (perhaps even Brown) was the source for your recent 'scoops' on the banks?
If not, perhaps we should wonder whether you are in fact paying the piper in reporting this story under Business news?
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Mr Peston
How much are you being paid by the labour party? no money exchanged, whats the problem?
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#16
'Why was Rothschild meeting with the EU trade commissioner?'
Most probably for the same reason he was meeting the possible future UK Chancellor of the exchequer...
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FOR GODS SAKE GIVE OSBORNE A BREAK,I WOULD TRUST OSBORNE ANYDAY OVER A ROTHSCHILD.
LETS GET TO THE REAL ISSUE WE NEED AN ELECTION NOW.
LETS FACE IT BROWN,DARLING & MANDY WILL CERTAINLY BUST US ALL VERY SOON SO PLEASE MR PESTON CONCENTRATE ON THE REAL ISSUE.......................................?
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Remind me to avoid Corfu for my holidays especially in August!
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I have a hard day at work trying to keep my business afloat and come home to a bunch of politicos fighting over dinner.
GET A GRIP BBC AND PESTO, YOU ARE SUPPOSED TO BE A PUBLIC BODY NOT A MOUTHPIECE OF MANDY AND HIS CRONIES.
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OK, so you know Nat Rothschild,who is very rich and very upset, and George Osborne might have been hoping for a donation from a Russian.
What is illuminating is your own palpable, breathless excitement about it all.
It has cost you credibility.
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I very much enjoy your blog and much of what you write normally appears to make good sense, however I was very much surprised to hear your Radio 4 broadcast commenting on the times article.
It really seemed like you were stepping out of the character you were receiving my respect for and now it just looks like your part of the gutter press/gutter bbc journalist world. Very dissapointing and maybe its best to stick to facts.
Thankyou though for the more appropriate business commentary.
Stagapple
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This is so dull.
Settlement of Lehman CDS today and Peston is rambling on about a non-story.
If you were on a billionaries yacht would you ask for a few quid? So what.
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Alll this says is that people should stay in their own parish. Might know about hedges but this is not his game. But who cares, game on Mr R.
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I'm Robert Peston, the BBC's business editor. This blog is my regular take on the business stories and issues that matter.
could'a fooled me !
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To all those Tories who jump in and say that Robert Preston, as business editor, shouldn't be reporting this, I can only say - get lost.
We need to know about all this, Robert Preston, and we need you to keep on reporting.
Courage, comme on dit. (the French language infuriates them even more).
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15 boilerplated
No, we are all passengers, including Brown, or at least that is what somebody posted recently - 'Brown is a passenger'. Perhaps they are right, it doesnt matter who is at the helm, because the rudder is not attached. All this marine stuff is hilarious. You couldnt write a soap with this rubbish in it. From top to bottom they are all a load of thespians, or is that Thespiaphobia and not PC. Peerage the lot I say, start a spin off sequel.
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THE DIRTY CRIMINAL HANDS OF THE PRINCE OF DARKNESS ARE ALL OVER THIS STORY.
PSST MY LORD WANA NON STATUS MORTGAGE FOR A NEW LONDON PAD OVER 10 MILL.I KNOW A MAN THAT CAN FIX IT.
GIVE ME A CALL MANDY.
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After having looked at nat Rothschild's background, I think I'll prefer to believe George Osborne or simply not care less. And £50k from a Russian tycoon, wow, that's really going to have an impact on the UK electorate. £50m and now you're talking. In any case, maybe its just a deposit payment on Leyton Orient.
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Why is business editor Robert Peston, now commentating on politics matters? Its the economy stupid is his job description! Has Nick been fired? Or is the fact that the BBC has lost control of what its reports choose to write on. In this case, will John Simpson be doing the football column from now on?
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It is worth knowing that Nat Rothschild's hedge fund (Atticus) is down at least $6billion on the year by the last results, but probably closer to $8billion after the last couple of months. This is from a high water mark of $20billion.
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I've worked it out, its trick or treat, they just got the dates wrong.
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I am assuming that th e structure of your blog is that the linkage between this political story and some critical business story will be cleverly exposed tomorrow. Or is it the link to the new social order commented on at the w/e?
It might have been nice to hit on how the govt is reinventing Train to Gain as actually being accessible to businesses - the money wasted on advertising it so far would probably have funded a small bank recovery!
There political and business related how cool is that?
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This is a good story, why would Robert let it pass. Things really blown up in Osbourne's face, highly entertaining. To think Tories want to take the moral high ground with donations etc. is a joke.
Whole thing stinks badly.
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Why are you meddling in politics Robert?
Has Nick Robinson started blogging the markets?
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What a truly awful attempt by the BBC to smear a political party. Your unwillingness to discuss the Madelson aspect speaks volumes. Hang your head in shame Mr Peston, and Mr Robinson, this is a dreadful day for objective and impartial broadcasting.
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http://paper.standartnews.com/bg/article.php?d=2008-10-21&article=172004
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If you want some real news just consider what has happened to this family in the most apalling circumstances:
http://news.bbc.co.uk/1/hi/england/7683001.stm
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Deripaska wants to come and live in the UK to avoid problems with Mihail Chorin
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What is all this about? The Tories didn't take any cash. So what if they discussed it?
So why the big headlines trying to make something out of nothing. Is this something to do with the investigation into your 'breaking news' stories re: RBS etc? Is this some kind of revenge for that? That's what it looks like to me.
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It says at the top of this page,
"I'm Robert Peston, the BBC's business editor. This blog is my regular take on the business stories and issues that matter"
Stick to your job Robert, this isn't it.
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OH ROBERT WHAT CAN THE MATTER BE THIS GAFF HAS COST YOU YOUR CREDIBILILTY.
I AM AGHAST AT YOUR APPARENT STUPIDITY I THINK YOUVE SWALLOWED HOOK LINE AND SINKER ,A LOAD OF TOSH.
PITY I HAD RATHER THOUGHT YOU WERE ABOVE THIS STUFF.....................?
GET BANK TO THE CITY THATS WHERE THE FILTH LURKS.
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1. Why is this gaining such prominence ?
Because - as I have it on good authority from someone who recently dined with him - people just can't believe how naive Osborne is.
And many true tory powerful in this country don't want a 'Palin-Factor' in the next campaign.
So it was an issue of prominence (i.e. powerful people) to start with.
2. What about Robert ?
Peston is just doing his job: He has to report on issues of public interest - whether that be issues of great interest to a few very public people, or issues by which supposedly the whole nondescript public mass is somewhat titillated.
(I'm more of a Paul Mason fan myself).
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I see on another blog that it is reported (with scanned letter from SFO) that it is indicating an investigation into possible leaks of market sensitive informaton following written complaints.
Would Mr Peston like to comment on this as the Business editor of the BBC and give us his expert opinion on what this means to us the public? Should I be worried about my investments and more so my pension. Your expert advice is appreciated.
thank you
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Really bored with this.
I'm looking forward to your comments on Mervyn King's speech tomorrow.
Pretty depressing stuff all round.
Pleased though that someone has the stomach to tell the truth no matter how unpalatible. No spin involved here.
Those still with their heads in the sand can't blame the media this time.
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I take it that everyone realises that his blog is effectively an on line focus group for NuLabour?
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Mr. Peston
If your reputation was quoted on the markets your value would have risen dramatically in recent weeks as others fell. Your comments have been insightful and addictive. Today your stock crashed. You appear to have sold out at well under your market value. First Kaletsky now you. Please stick to the knitting or tell us where we go for insightful analysis now?
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ROBERT MERV JUST GIVEN A SPEECH SAYING THE WHOLE LOT OF BANKS WERE CLOSE TO COLLAPSE.
THEY STILL ARE REALLY............ THATS THE JOB YOU SHOULD WORRY ABOUT.
IVE PLACED ALL OUR RESERVES IN THE IRISH SYSTEM AND IT WILL STAY THERE UNTIL BROWN & DARLING GUARANTEE IN FULL.
THATS OVER 300MILLION WHICH COULD BE IN LONDON BASED BANKS..............!!!!!
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Robert, I have read on other blogs rumours that you have boasted of your desire to 'take down' or 'finish off' Osborne. Seeing as how my allegations hold as much equivalent weight as those made against Osborne, would you care to offer a detailed list of your actions over the last few days, including details of any comments you might have made about the Shadow Chancellor?
I shall be waiting...
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Oh dear, it's back to 1997 and the BBC is grovelling before the Mandelsnake again. When the fragrant gentleman is very plainly in gross conflict of interest over the setting of aluminium tariffs, the BBC mentions nothing on its news outlets, even though the circumsatances would compell resignation in any uncorrupted legislature (obviously one must exempt the EU from that category). Instead, we get as the lead item on today's news a total non-story about a non-existant donation.
And what brings you into the issue Mr Peston? Word from Mandelson via your chum Mr Rudd perhaps?
Cardi
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Have I stumbled onto some gossip column? Have some pride Robert!
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Robert, I have not enjoyed myself so much for years. You have completely ruined your reputation by being tempted to reveal your sources for a "good story". Never again will the public be hanging on your every word.
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Well well what a murky road we tread. Russian Oligarchs, famous Bankers and infamous politicians. I was rather interested in the quote that British and American politics were discussed. None of this surprises me at all and the fact that Mandelson was present with the shadow Chacellor indicates that the politics is a mere charade. No it seems that far higher deals were on the horizon ( the Bilderberg group perhaps). What it does highlight is the fact that sooner or later MPs will have to be divorced from their political parties. It is not fitting that Westminster should be seen to be no more than a club for the perpetuation of the advantage of the wealthy. Perhaps one day we will have democracy and MPs will represent the people rather than vested interest.
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Err.. sorry Mr Peston I realise you have been very busy reporting the political scene of late. Is Mr Robinson not available or perhaps indisposed?
I had just wondered as a member of the British public ( remember us ...well maybe not but we are the ones the other side of the camera lens) If you had noticed that while you have been busy with the political dialogue elsewhere that Sterling (that great British currency that this government took Britania off) is now down against almost every other currency and now down to $1.66 against the dollar? May we the British public have the wisdom of your expertise on this turn of events. I was looking for some report on this to guide me on my way but alas.. there was none or are you now appointed to the sports desk today and thus unavailable for comment?
Your adoring British Public only ask??
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This does highlight the comments made that the BBC do anything to pickup on the Concervatives over Labour when there are far more important situations around the world.
Who cares over £50,000 when millions are being lost every day on the stockmarket and people dieing around Britain and the world.
It did need reporting as this is important but be realistic more important than a forieign lorry driver killing 6 people.
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Well, if Nat says it is true, it must be, well, mustn't it...
I wish we could be spared the little spoilt schoolboy name calling, he said and he did and stuff it, I am going to throw my toys out the pram nonsense.
Where are the informative business stories? If I want tabloid gossip, I would go and look at the pretty pictures in The Sun.
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Dear Robert,
I have not enjoyed myself so much so much for years. You have been tempted to break cover & reveal your sources for a "good story". This one blog has ruined your reputation. See you in the Lords!!
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I cannot see what this comment has to do with your post as business editor. It does give the impression that you have some undeclared interest.
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So, world economic crisis sorted out, Peston? Why are you buying into this tragic Labour spin story? You're had a commendable few weeks but your coverage of this particular debacle is making you look rather foolish.
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The first thing to ask, let alone say, about Mr. N. Rothschild and the businesses with which he is connected, which Robert Peston (despite the "steely" nonsense and other soi-distant horses' mouth froth) ignores, is what is Mr. Rothschild's connection, if any it has to be asked, , with Russian oligarchs in general, with the financial arrangements by means of which many of them, acquired their "assets" against the interests, so we are told, of their original owners, the Russian state and people: and Mr. Deripasky in particular? That and the role, again if any, of western dynastic capital agglomerations, in the financing of the purchasing arrangements by which the Russian oligarchs acquired their "assets". Thats the real fascination behind this story and those are the really interesting lines of enquiry which need to be discussed. Quite where, if at all, Mandelson comes into it is another and even more fascinating prospect for an investigative journo of such eminent qualifications as Mr. Peston. Sadly, you can bet that none of this will feature in any of his coverage.
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Perhaps we are going through a "Peston Crunch", hobnobbing with the "high and mighty" has obviously drained the good sense out.
Go have a good chat with good ol Mervin King and see if he can inject some stimulus into a few billion cells in the grey matter.
We all already know that the politicians are heavily involved ! that's why we were all so interested with the 600 billion track from the banks ! What is happening with the insurers ?
We'd like some proof of the trail not someone who isnt even in power (Yet) slipping on some bananas. Stop wandering off track and get back in the fight !
Failing some common sense, the Pesto bloggee's will have to start posting what's on other more informed sites.
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A strange spat indeed.
There seems to be something intensely personal in the Osborne/Rothschilds rift.
How else to explain it?
A member of the normally highly secretive Rothschilds family, who pride themselves on being discreet and close to governments since Napoleonic times is publically airing grievances of a highly politically sensitive nature against a leading member of the party, which will form the next government.
This is not the usual Rothschild's way.
Other people attending this holiday included newly returned government minister Peter Mandleson and a Russian billionaire.
Conspiracy theories anybody?
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I earlier suggested that Robert de Pest should audition for the pop band Hearsay. Taking into consideration his infantile non-reporting on this tedious matter of tittle-tattle that can't be proved one way or another, perhaps we should now consider the possibility that he was intrumental in the composition of Fleetwood Mac's 'Rumours'. TELL ME LIES, TELL ME SWEET LITTLE LIES...ring any bells, Robert? You should be ashamed.
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Shame on you Robert Peston and shame on the BBC.
You are hurtling towards privatisation on Day 1.
We will not forgive you for these biased reports.
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It's a great pity that small talk behind the bike sheds (I have never been to Corfu) gets reported in the British press.
Stories such as this are not stories that we the great British public are really interested in, especially at this moment in time.
We are all facing more serious issues affecting the very fabric of our lives and how we earn our living and can best support our society.
How fortunate you are to have access to such people to fill your blog with their petty stories instead of doing some real work and reporting on matters of greater siginifcance to the general public.
I would prefer to read about stories that bring illumination and light about the management of our economy and how we might improve our businesses.
I expect that you at least had a good lunch for bringing this story to our notice. Or is that private and not to be discussed?
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may be both osborne and rothschild are products of the system they went through and left there brains along the way.
so it seems to join either or any of the political parties first leave brain at home.
should we the tax paying public continue to have to put up with these inept fools for a better word having access to the most powerful positions in the country.
wouldnt it be fair to those of this country that NP's are at least inteligent with honest reasons for wanting to be MP's not just for the money or fame.
any MP that is found unworthy due to miss deeds etc should automaticly be removed and forced to stand down.
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Any credibility gained with one leaked scoop over the Rock is now not only further tarnished but utterly shattered.
These blogs are happy to report on how history will judge our leaders of the day and the decisions they make. The last 48 hours have now also firmly judged the writer.
Shame, shame, shame upon you, and your bosses who allow unadulterated propaganda out so freely.
We are now a million miles away from responsible and investigative journalism for business news. And a million miles closer to where your masters want you to be.
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Please advise us how much Robert Peston and any associated reporting, editorial and production costs us out of the licence fee.
Having just received my renewal licence, I am incensed enough to deduct that amount, no matter how small to the individual.
The shortfall can be made up from the Labour Party.
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Rothschild.
What a silly banker.
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thank you robert for this amusing tale of politicians, bankers and oligarchs having a right old girlfight over a lousy £50,000 - i hope this one will run and run as it's a far more attractive ensemble than those boring credit crunchers!
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How exactly is this story related to business news and information? This is disappointing journalism, biased and unfair, out of topic and party political, deliberately siding with one political party against another.
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Surely there was no good reason for Feldman being there at all? However, this story does not reflect credit on anyone.
Labour EU Trade commissioner AND Tory Shadow Chancellor AND Tory fundraiser cosy up to the mega rich and powerful? - Then the kettle calls the pot black and vice-versa. Ugh!
Initially, I too thought that this was not part of Robert Peston's brief. I'm still not entirely convinced of his impartiality in this case. However, this story is very important in that it illustrates, in matters of economic and taxation policy, who might be in a position to pull strings and call the shots. Cheap shots too - why only £50k when, in the Formula 1 affair, "New Labour" seemed to set it's price for subverting the democratic process so much higher?
Poor old Abe Lincoln's dream of "government of the people, for the people by he people" appears to be as far away as ever.
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Ok Brownite. Care and bothered. Next.
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Robert
The most damaging statement ever made to me is "I am so dissapointed in you"
Creditbility like virginity when lost is lost forever.
What about the small bussinesses about to close?
What about the people whoes pensions are dependent on banks dividends?
What about the people who are about to lose their jobs?
Stop getting involve in this muck. Who knows who it behind it. It stinks
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I agree with the gist of many comments below; why is the BBC's Business Editor wasting his time with this 'story'? And, more importantly, what has a private conversation that Osbourne may or may not have had - about anything - with Feldman got to do with Peston or me or the cat's mother?
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From Bloomberg:
Fed to Provide Up to $540 Billion to Aid Money Funds
``Short-term debt markets have been under considerable strain in recent weeks'' as it got tougher for funds to meet withdrawal requests, the Fed said today in a statement in Washington. A Fed official said that about $500 billion has flowed since August out of prime money-market funds, which with other money-market mutual funds control $3.45 trillion.
The initiative is the third government effort to aid the funds, which usually provide a key source of financing for banks and companies. The exodus of investors, sparked by losses following the bankruptcy of Lehman Brothers Holdings Inc., contributed to the freezing of credit that threatens to tip the economy into a prolonged recession.
``The problem was much worse than we thought,'' Jim Bianco, president of Chicago-based Bianco Research LLC, said in a Bloomberg Television interview. Policy makers are trying to prevent ``Great Depression II'' by stemming the financial industry's contraction, he said.
JPMorgan Chase & Co. will run five special units that will buy up to $600 billion of certificates of deposit, bank notes and commercial paper with a remaining maturity of 90 days or less. The Fed will provide up to $540 billion, with the remaining $60 billion coming from commercial paper issued by the five units to the money-market funds selling their assets, central bank officials told reporters on a conference call.
... etc
Now the interesting thing is what FT.Alphaville blogged about this in the article "Revenge of the SIV".
As I understand it, which I wont guarantee, the Fed is creating a financial vehicle to buy up Commercial Paper - which are basically IOU's used to pay wages and the like. However the assets used to guarantee those IOU's have a questionable value, so basically these new loans could turn toxic simply because no one has yet bitten the valuation bullet.
The ultimate point being - we are already heading back to square one due to the same people being in charge, although hats may have switched places here and there.
Also, also, interesting to see what debt is being moved out of the UBS banks into the arms of the Swiss Taxpayer - also on Alphaville:
The Swiss Tarp and the 5.8 Trillion Delever
"The assets transferred into the fund include around USD 31 billion (as per valuation at 30 September 2008) of primarily cash securities, previously disclosed in these categories:
-US sub-prime
-US Alt-A
-US prime
-US commercial real estate and mortgage-backed securities
-US student loan auction rate certificates and other securities backed by student loans
-US reference-linked note program (RLN)
The other $29bn? More student loans and auction rate securities - which the bank is being forced to buy back from clients in the wake of several US legal proceedings."
From my point of veiw it seems "Student loans" are toxic debts.
Worth readin IMHO.
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Up until recently, I really had no opinion on the BBC's alleged biased towards NuLabour. But this article, and other BBC coverage of this 'story' exposes the truth. There are so many unanswered questions regarding Mandelson, and his links to the Russian, but this Tory story seems to be a bone to a dog. No donations, no law broken, no story.
Peston has gone a long way to stir up trouble, beating Nick Robinson to the punch. Sounds like there is an anti-Tory vendetta to me.
The reputation of BBC's supposedly neutral reporting is in tatters.
Bring on the SFO media-leak investigation!
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"BBC Business Editor Robert Peston said Mr Rothschild feels that Mr Osborne abused his friendship, by allegedly encouraging newspaper reports that embarrassed two of his other friends, Oleg Deripaska and Peter Mandelson."
Shadow chancellor George Osborne is, or at least was, a long-time friend of Mr Nathaniel Rothschild going back to their Oxford days. Think Bullingdon Club for a moment...It reminds me of the song “Leaders of the Free World” by Elbow.
A smear campaign (like the Tories need one) because Gordon Brown is doing such a tremendous job with Great Britain!
Now let’s be absolutely clear about this... Mandy embarrassed himself. And, if Rothschild had anyone with any gumption or backbone around him he would have been advised to distance himself from this ‘cursed man’. However, fate as it seems...links these two together which now highlights the multiple chances given to him by one of his best buddy’s. Step up Mr back slapping partner Tony Blair who is still very much involved with improving international affairs and relations for only those that matter. Not us then.
Brown is now a full time puppet / shill of the people behind the curtain, (He recently pledged his intent) who has been cooking the books for the last decade, (Google: "Modern Money Mechanics" read up on expansion of money and check further reading: deregulation of the banks under Tories & Labour) but in public comes across as a dithering idiot just like Bush. Oh the irony.
Now to me, this has opened up a whole new avenue to explore, but I have been aware of the fraud for some time now and cannot expect anyone without some knowledge to believe or understand my tiny letter in a corner of a vast web space without actually checking out facts. I know I do! For that reason I will limit how much I choose to divulge here.
The internet harbours a lot of minds, but it’s hard to know what’s credible behind just a login name on a web site.
I am early thirties, of no particularly great education and struggle in life due to the 'way things are'! I don't put my hand out and am not the type to put my hand up either, so when you start to smell a rat it is only normal behaviour to investigate. I just hope there are many more than myself. More educated than me or like myself. Interested in serious debate as to why we have no voice or speaker on behalf of the people in this country we were born or reside. Or in any of them. A small handful tried to speak up throughout history – were overtaken by a staged political event or propaganda...Or death!
Modern UK today though sadly is merely whispers and complaining. We might gripe down the pub, or talk about it for a while with our friends and families and that would be that. Keep on about it and your all ‘doom and gloom you eh!’ Aren’t you just a ray of sunshine buddy! This is the conditioning we are receiving. With most institutions in the world corrupted due to greed in our Monetary system they will lead you one way. The wrong way.
This is why we will sleepwalk into a new world order where the people or persons in power are a part of the same club who use their wealth and powerful influence to steer politics, the media and the people to fall into line to greedy personal agendas for eventually a one size fits all currency. This is why pipedreams such as The Venus Project ( A Resource dependable world as opposed to a Monetary or a Keynesian one!) will stand tall in imaginative ideas, but will fail at our stage of evolution, if the many followers of the “tube” are anything to go buy. I used to think to myself why would I worry if some individuals’ ideals and aspirations were to wallow in poor TV all day. More jobs, opportunities and places to see for myself, but how wrong I was. It is not the poor who make framework decisions to benefit our economic and social welfare. Nor do the poor instigate wars for oil and wealth. They are the pawns in a long historical game Our own education system takes us way off the beaten track leaving you with blinkers on looking out at the bright lights of cities as inspiration to achieve. Achieve only being a part of the system. From your birth certificate to your death certificate, you are logged in and are not free. You can however ‘free your mind’. Or use common sense to think out of the box and piece together the questions you harbour deep inside about your own inner self. The web is an amazing tool that can be used to learn, cross examine, falsify and debate so much that it is plain to see how far removed we are, when the Government and Private Institutions are working together to harvest your data, primarily for more financial gain because of advertising, deals, sales and sadly more CREDIT, is where it’s at nowadays. All of this of course under the guise of terrorism and our protection, from people in lands our leaders invade for profit and all the while distracting us with covert media to divert us from the barrage of more laws that are passed as more of our privacy and liberties are taken away. Cui bono. Nobody seems to notice, nobody seems to care...
Such is the Zeitgeist we are currently in right now.
One thing is for certain questions are being raised. If anyone has read this far and is now in limbo to know where to go next. Remember. It’s just a ride.
I'm off to find out more on the IMF and watch the Zeitgeist Addendum which is a good two hours short and promises more free thinkers caught on film. As to whether it is credible or not, who knows. That is my intention behind watching it.
Peace and unity
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Thought I might write a letter to the Times...
Makeup something about someone I have a grudge against, get a couple of mates to back me up...
Could be front page BBC news for weeks - couldn't it?
Well if it diverts attention for the humungous cockup that Brown is making of the country it might - ortherwise any serious journalist wouldn' touch it.
So having ruled out the serious journalists, that just leaves the BBC...
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A rather bizarre bit of information. Is this some kind of new reality show? And 50k? My goodness, we all got used to you thrilling us with stories about trillions. 50k seems like a crump of salt on a peanut!
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Just like the comments on the previous post-Rothschild v Osborne, this one also seems to be flooded with comments by a few people with similar sounding statements!
The almost rabid condemnation of Peston by some very worried and no doubt angry (at RP) Tories, unable to digest anything that detracts from their idealistic view of the current top Tory leadership. LOL!
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well well-our esteemed leaders are busy being very quiet about continued uncertainty in the markets-even Robert's usually daily bread of treasury crumbs appears to have dried up-he is now forced into a situation where he has to report on something with extremely tenuous links to the very serious nature of our country's finances!
At first glance it seems as though a story about tiffs on board a yacht with the almighty Rothschild is more suited to the sensationalist Sunday newspapers-but read it again more carefully...there are a group of spiders weaving a tangled web, and I would suggest that Robert may well have reported it to all us smart people on here for one, many, of all of the following reasons:
As a continued attempt (treasury originated) to stop us all calling for the truth about those fairy tale balance sheets and off book debts
Or
An attempt to buy more time for the government to find the money behind it's promises
Or
To put us back in our places-all our money worries and we are given articles about obscenely rich people being sucked up to by politicians
Or
There is an almost total news blackout to stop people asking too many questions
Or
To give the impression that we can all forget about the stock markets as the crisis is over
Or
To take our minds off our dire situation
Or
To focus our venom elsewhere and take the heat off GB and co
Or
Robert has been penalised and reigned in to gossip columnist for inciting revolutionary and conspiracy thoughts
Or
He hasn't had time to read all his blogs, and needs to force a breathing space
Or
He's been made a total stooge
Or
He's been told he's got to make amends for having the decency to report things to us.
Come on Robert, this piece is a hint at the further dark workings we can do nothing about!
Bring back the crunch about the credit crunch-and while you're at it, can you find out which planet ole Mervyn is on in his gilded tower? The normal people on the street and on this blog will tell him that the recession has been here for months! The standard measure of 2 negative quarters of growth is the way they can all pretend to the country of isn't happening!
When will all these financial whizzes get the message that we all know what their game is, and we aren't going to play anymore? We're ruled and controlled by a bunch of Ostriches!
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peaceandunity (#159), good name and some interesting thoughts.
You're right to mention the expansion of credit and a certain T Blair, who's recently agreed to improve his own international affairs by taking a cool half a million a year from JP Morgan, for a day's work here and there. The good folk at Morgan may not notice, as they altruistically act as middle men for the Fed as it buys $540 billion more commercial paper (#157). And the commission on such public spirited work, as to the relief of a world fed on fear the western economies are saved, is what, anyone?
I'll hazard a guess that it's a bit more than the £50k famously not given by Oleg Deripaska to the Tories in August.
The interest in this Rothschild story is not the non-donation of something so trivial. It's much more what chelyabinsk said in #140
Hmm, not sure about the forming the next government bit any more. But the rest is fair comment. Public airing of grievances suggests something is up. And the following is also hardly in line with the old "Rothschilds rule the world" myth either, from dave_h in #105
We obviously need to give up some of the old ideas. Just because old Meyer Amschel Rothschild once did X, it doesn't mean young Nathaniel today, who was once in the same short trousers at Colet Court as a tiny G. Osborne (thanks for that image, #82!), is automatically doing X or Y or indeed is part of nefarious group Z. We need to grow up on all of that.
What remains interesting is that Rothschild is clearly very unhappy about the spotlight continually being shone, for one reason and then another, on his August get togethers in Corfu with the likes of Deripaska, Mandelson, Osborne and Murdoch.
He has every right to try to protect his friends but, as I said earlier (#44), the privacy thing has been taken way too far by older elitists, including without question Morgan and Rothschild interests, in valiant attempts to prevent anyone from reporting anything from (and certainly anything vaguely critical about) gatherings like Bilderberg, where Osborne was again rubbing shoulders with Mandelson in June. (He was at the last three Bilderberg meetings, I now see.)
Probably because of the radical freedom brought by the web in the last fifteen years, sections even of the mainstream media are becoming more critical and that surely has to be a good thing. This was Richard Kay in the Daily Mail in June:
It seems to me that something quite significant is falling apart in all of this. It may be time to break years of British tradition and look on the bright side, as Monty Python once said.
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There is a very old but very wise saying - He who sups with the Devil needs to use a very long spoon !!
Obviously, this has not been taken to heart by the various parties !!
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#133 "This does highlight the comments made that the BBC do anything to pickup on the Concervatives over Labour when there are far more important situations around the world."
On the Telegraph web site (scarcely Labour's best friend) the headline is "George Osborne fights for his political life". Meanwhile the Daily Mail website carries nine separate pieces on this story - with friends like this - David Cameron must wonder - who needs enemies?
All the claims, including the one quoted above, of BBC bias might be true if the rest of the media thought it a non-story. They don't.
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exactly how does this relate to your role as busines editor.
Leave the muck raking to Robbo
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RP - Why your involvement? Your reporting on business has been superb and I never understood why there were comments against you on these blogs.
Now I know, You DO have another agenda.
So PLEASE get back to the business reporting and leave others like Nick Robinson to cover this one. This is THEIR job.
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When will you people stop with the complaining about this blog. Read the heading.
'I'm Robert Peston, the BBC's business editor. This blog is my regular take on the business stories AND ISSUES THAT MATTER.'
This issue does matter. Tory MP seeks money form Russian. Have standards slipped so low that this to most people is a non starter?
Perhaps all party funding can be sourced from states with anti democracy politics. Maybe thats what has been going on these past years and is at the root of our liberty stripping laws, the rise of CCTV and DNA data base.
Compromised by this story at a later date, this MP could have a damaging effects on the UK if he rose to hold a cabinet position.
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What about the Nationalisation of Housing developments ?
He was keen to portray every detail of quoted Banks distress.
Why is he not hammering every other business ?
Or was there a motive for his Bank obsession ?
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If, as you say, that Rothschild is motivated by the need to defend his "friends" Mandelson and Deripaska. Do you not wonder what more juicy story is available conerning that little triumvirate?
If we are going to play at conspiracy theories, Mandy is far more likely to have been "touching" the other two for a lot more than £50,000 given the much more parlous state of Labour finances than Tory ones. This is even more likely given the "Brown bounce" and the need for Labour to go to the country in the Spring before the effects of the downturn really begin to bite in 2010. Just a theory? True, but a plausible one at that.
Was Osborne a stooge deliberately set-up with this flim-flam to create a smoke-screen to cover other activities taking place? (Evidently he was looked down on at uni. by Rothschild. After all, what is the "oik" son of a mere wallpaper manufacturer to the scion of one of the greatest banking houses in history?). Again a theory, but is it a co-incidence that after the "meeting on the yacht", Mr Mandelson miraculously finds a way back into government after the current PM was so totally shafted by him in the past? Could it be that the possibility of Rothschild's/Deripaska's money in his back pocket was just too much of an opportunity to pass up?......Who knows? The possibilities are tantalising and someone needs to look behind the obvious to find the real proof of what is actually true.
There's so little analysis/investigation of the implications of all this here Mr P. You take too much at face value. Can we have Peter Oborne on this one please?
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peterbaldwin wrote:
"When will you people stop with the complaining about this blog. Read the heading.
This issue does matter. Tory MP seeks money form Russian. Have standards slipped so low that this to most people is a non starter?"
There's already a political blogger to give us New Labour's viewpoint on how great everything is. It's Nick Robinson.
We aren't short of business stories at the moment. There's the small business aspect of the recession, which as usual is ignored by the BBC. There's also the regulatory environment created by the FSA and also by the Basel group which led directly to the banking crisis. Peston could justify the description of himself as a reporter by doing some reporting on these aspects. Why no firing at the FSA?
Fascinating though Gideon Osborne is, there are people better placed to analyse his idiocy. Peston is just showing that he's another Beeb drone - authoritarian, socialist and pro-EU. I suppose we should be grateful he hasn't been telling us how evil Sarah Palin is.
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Our BoE chief confims we're in a resession 3 days are Mandy slimily states hes not going to use the R word.
Business UK is at its gloomiest outlook for 30 years and Mandy gets his new Billionaire pals to slip the news
The pound has dropped to its lowest level for 9 years against the dollar to cause more hardship on what little we have left to export and deepen further the prospects over ther next 3-5 years
We have the highest borrowing since 1945
CDS repayments are going to be closing buisnesses over the coming weeks
and the BBC's BUSINESS EDITOR decides to run two stories about nothing. The money was not given!
My view of the BBC has changed as a result
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Mr. Peston,
Do you care to comment on a complaint made to the Serious Fraud Office regarding insider trading as a result of premature announcements leaked from Government?
Nah, thought not.
So when are resigning?
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I vaguely understood that rules exist about making donations to political parties. But I had no idea that it was wrong just to discuss donations over dinner. Where will it end? Will we soon be barred from even thinking about making donations? Or is it OK to discuss it with my wife, but not my friends? We live in strange times...
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Mr Peston, Since when did you become a gossip columnist? Why do we pay the license poll tax for the Brown Broadcasting Corporation for a business editor to indulge in title tatle. It says something about the journalists in this country not to have questioned your leaks when banks were hamered by speculators and many lost their jobs. You got away with it backed by the Brown Broadcasting Corporation.
I know that you and Robinson are not happy with the fact that Cameron wants the BBC license fee to be shared. Your boss the BBC chairman wrote about it in the Times. That is the reason isn't it to pour scorn on Cameron and his team. It says something about BBC neutrality.
I hope Cameron govt privatises the BBC and liberates us from the License fee poll tax. I do not watch to listen to this dreadful Brown's mouthpiece. You did not learn from the kick Cambell gave you in the Kelly saga and you still employ him!
Why aren't you talking about BOE governor King and the recession which is goint to hit us the public and the small businesses.
You should join a tabloid and is in a wrong place.
No money changed hands here. What is the problem? Do you have the guts to question Mandelson about his relationship with this Russian and what he did about the Aluminium tariffs? Tories are not in power. They can't change a thingbut Mandelson is.
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It was well past the time for Peston to move on from this non-story yesterday afternoon. Robert, stop this and comment on your brief instead - the simply appalling economic conditions with real people losing real jobs and homes.
Shame on you!
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Whilst this does give us an insight into the lives of the rich and famous, I think most people aren't all that interested in this topic right now. Sure, it looks like Osborne made a spectacular error of judgement. At worst, this means he won't (or shouldn't) be the Shadow Chancellor for much longer.
Otherwise, can we focus on what really matters please? The utterly dire state of the UK's finances, thanks primarily to the shocking handling of the economy over the past 10 years or so by the Blair-Brown duo.
More to the point: let's absolutely hammer the politicians daily to come up with some sensible policies to dig us out of this mess - and soon please.
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Three men in a boat.
George (to Nat): Do you think Andrew here could ask that rich Russian chap for a donation to the cause?
Nat: Could do - but he's a foreigner.
George: Oh yes. (to Andrew): Could it go through that van company of his in Coventry?
Andrew: No, that's illegal.
George; Oh yes - I forgot.
END OF CONVERSATION
This a complete non-story.
Robert - it's beginning to look more and more like a personal vendetta. When are we going to be hearing about Mandy being there and shouldn't have been because he sets the EU tariffs on the rich Russians imports?
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172 - fantastic analysis!
Now THAT should have been the content of Robert's blog today!
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Oh dear! (and slightly off subject)….I watched Newsnight last night on which the Newsnight MPC convened to pass their thoughts on the current economic crisis and decide on whether there should be an interest rate cut (or not). The committee comprised of Charles Clark (Former Chancellor), Dr. Ruth Lea (Governor of the LSE) and Professor Gerald Holtham (Cardiff Business School).
NONE Of THEM HAVE GOT A CLUE!
I think 95 percent of posters to this blog could have contributed more useful comments than any of the so called Newsnight experts. I’m extremely worried for the economy now if these people are supposed to reflect expert opinion. Holtham was just a loose cannon!
Result:
Clark: No change (maybe a 0.25 percent cut).
Lea: 0.5 percent cut.
Holtham: 2.5 percent cut!
(Maybe I’m being a bit harsh on Ruth Lea.)
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Another nonsense whipped up by Labour supporters in BBC and media. As I see it, the whole story is a set-up. Unfortunately many people do believe this sort of rubbish.
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For Goodness sake Peston surely the Mervyn King speech is the real story today
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You seem to have omitted form your analysis a simple fact:
Nat Rothschild should be looking after his shareholders.
The Atticus funds were down 44% in the year to September.
Don't you think if you owned this fund you'd find it strange that Mr Rothschild had more time for writing letters to the Times that he did for looking after your money?
I think I would be withdrawing my money by now as the threat to go to court will divert his attentions vene further.
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I thought you were the business editor, any chance to comment about the confirmed recession, or is it too embarrasing for your labour masters. As you seem very keen to make public your inside and unique knowledge of the Corfu incident,I am looking forward to the details and the contents of meetings between Mendelson and Denispaska ( how many times did they meet before the aluminium tarrif were slashed by PM)
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RP writes tolerably well - but I guess the poor guy doesn't read too good, which is why he is not listening to complaints about his hijacking of his own blog for 'other purposes'.
I suggest we hijack it back again and discuss business stories, such as:
How the lone - and brave - voice in Parliament on the matter of helping small business is David Cameron, and if ramps up his campaign to stop the forthcoming onslaught of repossessions, foreclosures, court orders, bailiff seizures and bankrcupcy notices he's gonna get my vote and he's gonna win by a popular landslide in the election without any other campaigning at all.
See my petition at:
http://petitions.number10.gov.uk/Harsh-treatment/
What? Me worry? All you Alfred Neumans out there with rose-tinted spectacles. This is coming your way unless you act, sign it. So far it has attracted a flood of signatures, 7 in all.
Nothing else matters in my view.
GC
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"Gloomy forecasts for UK economy" is the headline on the BBC News site. Yesterday your Blog post was "Rothschild v Osborne", today it is 'Rothschild "won't back down"'. Can you focus on the Business news, and not this political tit-for-tat? Mervyn King has some important news that the UK economy is likely to sink into recession in 2009 - I think you should be focusing on that.
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Robert,
I'm puzzled about what this has to do with business?
Government borrowing is at an all time high, unemployment is soaring, government spending is out of control, our major banks have been nationalised at terms poor for taxpayers, our banking system has nearly collapsed and we lace a brutal recession....and potentailly a depression
Instead you focus on he said, no he said between a financier and a politician.
You are merely serving the interests of your Labour masters and should be ashamed of yourself. Impartial, riiiight
From now on I refuse to pay my TV licence fee to fund the BBC which is basically a Labour mouthpiece.
I wager you'll not publish this comment.
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1. There is no more real money in the UK economy than there was in the 90s.
2. The 'increased wealth' is paper money. More will be printed.
3. The media will quietly let the 'recession' story die, recessions are not dramatic news like share collapses, de facto 'it's here' so 'no point going on about it'.
4. The recession has probably been covertly welcomed by the Govt because it will lead to greater dependency on welfare. Brown is an expert at 'giving to the poor'
5. The repossession, foreclosure, insolvency, seizure juggernaut is well under way, cue Northern Rock.
6. We will not 'come out of this' as journalists eg: John Humphries (Today prog Sat 18th) like to remark. What happens during a recession is that wealth moves away from the affected countries - it does not come back. The shift after the 90s was to tax havens and investment in the Far East. That will continue apace.
7. Loss of expertise, technology, capacity will increase exponentially - many industries took 15 years or longer to recover from the last recession.
8. Diversity and choice of all things consumer will be drastically reduced as retail operations reduce their stockholdings and procure ever-cheaper options.
9. Customer service will get worse, the trading transaction of the future will not be 'money for goods' it will be the handing over of the money itself. In the main the goods will be worthless junk that looks like the real thing but will fall to bits the second time you use it and it will come from the Far East.
10. Import will increase, export will die and the balance of payments deficit will get appreciably worse very quickly
11. The NHS bill will expand rapidly to pay for the many people who become ill due to stress and worry.
12. Rental prices for those forced from their homes will go up dramatically as agents seize upon yet another new opportunity to recover their loss from the drop in house sales.
13. Crime will increase as the most desperate and daring in the lower levels of society decide to take what they cannot get by other means.
14. Our currency will become valueless around the world.
15. Utilities will increase their profits by raising their prices unchecked.
16. The most skilled and able will move away from the UK to where their skills are actually wanted.
17. The younger generation will cease to believe in the worth of the nation and act accordingly. The warning signs of the danger to cohesive society of ‘feral’teenagers and gang culture have been around for over a decade.
18. Drug use, dealing and alcohol abuse and violence will increase.
19. Driving standards, indeed all interpersonal standards will slip ever lower.
20. More prisons will be built………
3, 5, 12, 15 and now 14 well under way, anyone care to add to the list?
GC
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Robert, what do you think will/should happen to Bank of England interest rates, now the UK is in full recession?
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I have no political persuasion because I think the vast majority of politicians are there for self serving purposes but do have to question the Tory party's current strategy.
We have a global crisis and all they can do is try and make the whole thing stick on Gordon Brown. This I consider to be an insult to MY intelligence. I am quite capable of seeing this has been created by western greed demanding more and more profits, cheaper and cheaper goods.
I am not aware that the Tories at any time in the past few years raised real concerns about where this was all leading and as opposition they could have done. Was not Mr Cameron a financial secretary or something to Mr Major?
I presume they and their chums have enjoyed the fat profits that have been achieved on the backs of most of us. Are they not the advocates of free markets, market forces, globalisation etc etc. i thought they opposed regulation and interference by Governments?
If anyone thinks that the current shadow cabinet honestly have the interests of most of us at heart, think again. They all came out of the same stable for a start, where they are taught that they have a god given right to success unlike the rest of us who have to fight all the way.
I don't understand the Labour party either, they seem afraid to shout about their achievements and there have been many. We have an NHS to be proud of but take it all for granted. People in the UK should see how it is in other Countries and how much people pay.
They have begun a process of updating school which the Tories never even started
All these things take time and money and if we want these things we have to pay for them, so one can only assume that the Torie are prepared to cut the basic essentials in life because they are able to pay for private schools, private health care.
Think carefully before you jump ship. the devil you know may be far less harmless than the one you don't!!!
Me I will vote for someone who gets rid of Health & safety, risk assessment and brings back common sense and social responsibility!!!
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I see the Barnsley Building Society has been taken over by the Yorkshire Building Society because of its exposure to Icelandic banks. Consolidation in the banking sector continues....
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OK - Back to business.
The Yorkshire Building Society is to takeover its smaller rival, the Barnsley Building Society.
The pound plunged against the dollar in early trading today as global markets took fright over a stark warning by Mervyn King.
House prices are set to fall 35 per cent from last year's peak. [A two-bedroom flat was auctioned in September for £85,000 — less than 40 per cent of the £214,000 for which it was sold new in June 2006]
More than half a billion pounds will be written off the value of the Homebase DIY chain this week.
It will be interesting to see if investors use today's falls to buy in to weakness, or exacerbate the problem by further selling.
Just a few things to get us started. We are are not out of the woods yet, not by a long shot.
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Robert, have you been struck dumb? What has happened to the financial news? is there nothing to report on? How about covering the next football match.
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I'm Robert Peston!
GC
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Robert Peston has left the BBC open to accusations of political bias with the Rothschild/Osborne story. And he has brought much scorn on his own head for reporting tittle tattle and airing petty grievances.
Many view the political donations story as a canard.
Osborne's misdemeanor, if any, is to break the secrecy rules of the Rothschild magic circle.
Osborne allegedly told a story out of school about Mandleson's alleged derogatory comments about Gordon Brown.
The accusations against Osborne are widely seen as political revenge by his labour opponent.
The real lesson of this affair is that political parties should be funded by the taxpayer and end this spectacle of politicians, oligarchs, bankers and newspaper proprietors chasing each other in secret.
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whats all this got to do with you? surely its the other bloke with the glasses! (Nick?)
you are not politics, but business!
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My memory of Bullingdon Club members was that they behaved appallingly. I guess nothing has changed.
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#198 states - The real lesson of this affair is that political parties should be funded by the taxpayer and end this spectacle of politicians, oligarchs, bankers and newspaper proprietors chasing each other in secret.
Are you sure? If funded by the taxpayer a whole raft of constitutional issues raise their ugly heads. Not least being the fact that I willl be first in line for my hand out to fund My Party. This is also the main reason why the 2 parties will not allow this, not matter how much they would like it to be so.
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RP - I am sure you are busy being out and about and all that, but surely even you have mobile technology? You work for a leading world broadcaster for heavens sake.
Blackberry anyone?
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you really have become Mandy's patsy...
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Why is this actually important?
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This comment was removed because the moderators found it broke the House Rules.
I had my #69 post referred so I'll try again but rewrite it.
The whole country is going to the dogs and all that Robert Peston can come up with is that a Tory is breaking the rules on party donations. What has this to do with business? Where is the unbiased reporting that the BBC was once famous for? This is the worst financial mess that the country has been in for decades and all the BBC wants to report about is a Tory breaking the rules trying to get a few pennies for his party. This Prime Minister has broken the country! Any unbiased reporter would be having a field day ripping the government to pieces, and quite rightly so.
I believe that the Americans call this 'Black Ops'. Distract the public from the real issue by concentrating on something else. Magicians call it 'sleight of hand'.
I wonder how many of those reporters are still going to have their job when labour is eventually kicked out of office?"
I can understand the UK's premier news service holding back on attacking its government until the mess has been sorted out as there was a political consenus between the UK parties to pull together during this financial crisis. However, the Prime Minister broke that consensus when he attacked the SNP on Scotland's ability to weather this financial storm. It is without doubt that he did this because of the impending by-election coming up in Glenrothes. Remembering that, as chancellor, Gordon Brown oversaw all of those bad banking practises leading into this global financial crisis. Where was the BBC when this needed to be pointed out. I hope that, when this crisis is over, the BBC reporters inform the general public in an unbiased manner that it was so famous for.
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Dear Mr Preston...
I see another Building society has failed this morning... Unfortunately I didn't get the news from the BBC Buisness Editor's blog, because he was more interested in political gossip.
Do you own job man, and let Nick Robinson get one with his!
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No business news Robert ?
Is the reason you are back rothschild so heavily anything to do with the slight matter of complaints to the FSA and SFO from Tory MP's widely thought to have stemmed from Osbourne ?
Disgraceful.
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Mr Peston get back to commenting on business but just be careful not to break stories leaked to you from the government which trash the value of the shares we hold directly and in our pension funds. This is a political soap opera and all involved have shown a pathetic lack of judgement. But we've grown used to that over the years. There are far more important issues to comment on. About time to return to the job the licence payer funds you to do !!!
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As a conservative myself I wish that people would stop all these political bias accusations.
Anyone who watched the BBC coverage of the labour plot to remove Brown should realise there is little bias at the beeb.
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Mr Peston, regardless of what George Osborne has or hasn't done this is not a story for the BBC's business editor.
In fact the way you have pursued this story with such vigour to my mind brings into question your integrity and judgment as a BBC journalist.
Even if it did fall within your remit (which it clearly doesn't) why have you not questioned, with the same vigour, Mandelson's relationship with Oleg Deripaska, which actually posses far more serious questions.
Could your enthusiasm for this story be connected with George Osborne asking for the FSA to investigate you regarding the bank bail out story a couple of weeks ago?
Whatever the reason, your conduct as a journalist is now highly questionable and certainly it's easy to conclude that any further stories from you must be viewed with a degree of suspicion as to it's motives.
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This comment has been referred to the moderators. Explain.
Do we care how many vain and rich mothers were enjoying each others company and hospitality in August?
Was Mandelson there? Yes.
Was Osborne there? Yes.
Was Rothschild there? Yes.
Was this rich (possibly less rich now) Russian there? Yes.
So what. If one or more of them wants to start a sly whispering story about another, why should we almost uncritically accept what we are being fed as gospel. That's the kind of thing that happened 10 years ago, when Mandelson and Campbell were in control of trhe rumour mill. Where are they now, eh?
Oh, back doing their old jobs again. What amazese me is that none of you give any credence to the public's ability to figure out what's going on.
Now, about this recession, which ought to be occupying everybody's mind.
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Same old Tories, always sleazing
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Nat Rothschild's guest list at his lavish property in Corfu sounds like a veritable cornucopia of political movers and shakers, and shows our democracy up for the sad sham it is.
Time "No Boom and Bust" Gordon had a break in the Greek Islands, where his sparkling humour and wit would woo the Bilderbergers, who think they rule the world.
Come on Robert, your better than all this twaddle.
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I could be wrong but:
Robert Peston and Roland Rudd are old pals who used to work together.
Roland Rudd is now a City-based PR man who includes amongst his clients Atticus, Nat Rothschild’s hedge fund and Basic Element, Oleg Deripaska’a company.
George Osborne annoyed and embarrassed Nat and Oleg (who is also one of Nat’s clients) by talking about who/what etc. in Corfu.
So, Nat tells Roland to tell Robert who happily leaks it to anyone that will listen.
Net outcome:
Rothschild and Deripaska get revenge on Osborne (well, he was an oik anyway).
Rothschild does a little bit of showing-off to his client and teaches the oik his place.
Rudd has made his client happy.
Peston gets another ‘scoop’.
Conversely, getting rid of Osborne may well help the Tories in the long run!
It’s all a bit sad really…
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why are you even talking about this??? who cares!!!
are you saying that as business editor there is nothing more serious to talk about?? - the sterling crash maybe? the 'spend our way out a recession' is possible - total lie? full blown recession, house price crash, destruction of the economy???
good priorities there Robert.
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Usual one source "story" from you. Will you never learn. This is a BBC website if you want to spout the tales fed to you by your mates in Labour then get your own website.
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"I have learned that Nat Rothschild is not going to back down in respect of the allegations he has made that Mr Osborne was...."
How did you learn Robert? Did a little dark prince whisper it in your ear?
Please! If only you were pretending to be impartial?!?
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Two points. First, I have until now put up with Mr Peston's eccentricities of speech and presentation and his repeated claims of scoops because he has been able to explain in clear terms many of the esoteric points about the credit crunch etc. Fine whilst he stuck to business but this one-sided sally into party political much-raking has sullied his image and done him no good. Second, when will any politician realise that nobody, repeat nobody, invites them onto their yacht, to stay at their villa, for cosy dinners etc because of their charm, wit, good looks or all-round social desirability? The rich and famous socialise with politicos simply for the benefits they think they might get out of them. In that sense it is faux naive to try to claim, as some are doing, that their professional lives and their private lives are separate. They are not. Politicians are always on duty and must appreciate that anything they say or do may be offered in evidence.
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When did Robert decide to have all of his pieces written by 14yr old schoolgirls?
What next, a stunning expose of who kissed who behind the Westminster bike sheds?
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Two can play that game, Peston.
http://www.order-order.com/2008/10/mandelson-gatecrashed-microsoft-ceos.html
You may think a lot of people dislike Osborne. Well - a whole lot more despise Mandelson and all he stands for. Including Labour supporters.
Gather he now has to have his own spin doctor. The Archbishop of spin gets his own spinner.
Gordon Brown - "No more spin". Yeah right, as if anyone believes a word you say any more.
Robert - no post on hiding the Northern Rock debt off the national debt figures. Oh sorry - not important, is it?
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Robert -
How can anyone take you seriously? I would be thoroughly embarrassed if I was in your position. We all know about your close links to the Labour party. You've lost all respect as an impartial 'business journalist'. Perhaps a role in the Labour comms team would be more appropriate?
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First, Mr Osborne. A severe case of self-importance resulted in a daft judgement call. He should have known better than to step on that boat. His ego got the better of him. Not the first politician to suffer this but now we know the real Mr O.
Second, Mr Peston. As a ordinary member of the public let's just say Peston has been brilliant cutting through the crap served up by the financial meltdown. And if uses this skill for pointing out stupidity in other areas, I say good luck to him. We need more people like him. Makes for a safer world.
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Give it a rest Robert.
You are fooling no-one.
Despite the best efforts of the Labour Party and all their fellow travellers this is essentially a non story.
Back to the day job Robert and start earning your money!
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September 22, 2002
Rothschild bankrolls Mandelson think tank
Jonathon Carr-Brown
HE IS a man with generous friends. Peter Mandelson, the former secretary of state for Northern Ireland, has found a new backer for his political ambitions in the shape of Sir Evelyn de Rothschild, the multi-millionaire banker.
De Rothschild may be 21 years Mandelson’s senior but the two have become firm friends, lunching and sharing an interest in Albanian affairs. When the banker married his third wife two years ago, Mandelson was a guest.
So it is perhaps no surprise that de Rothschild has emerged as the mystery funder of Policy Network, a “super think tank” that boasts some of No 10’s senior policy advisers on its board and is chaired by none other than Mandelson.
The sum donated to date is said to be £250,000. The name of the donor is missing from the think tank’s accounts, but its directors have been privately concerned that they will look secretive if they continue to hide his identity. One tipped off The Sunday Times last week: “It hasn’t been publicised, but de Rothschild’s involvement is well known to the board.”
Last night critics said the donation is yet another example of a businessman with vast commercial interests in government policies giving “cash for access” via a Labour think tank. De Rothschild and Policy Network have declined to comment on the matter.
De Rothschild, 71, heads the British arm of the Rothschild banking dynasty and chairs N M Rothschild & Sons, its merchant bank. His personal fortune is estimated in The Sunday Times Rich List as £500m.
Mandelson’s attraction to rich men has already led to him resigning from the government twice. The revelation that Geoffrey Robinson, the multimillionaire businessman and Labour MP, had loaned him £330,000 to buy a home prompted his first resignation from the Department of Trade and Industry. Then his friendship with the billionaire Hinduja brothers led to his downfall as Northern Ireland secretary when he was accused of helping them obtain British passports.
De Rothschild was not previously known to have political leanings but the donation is attributed to Mandelson’s influence and to the banker’s wife Lynn Forester, a friend of Bill Clinton and part of New York’s Democratic party elite.
The couple’s friendship with Mandelson blossomed when he was flown to Albania, where de Rothschild and Lord Sainsbury are trying to preserve the city of Butrint, a world heritage site.
In June this year the de Rothschilds were among the organisers of a “progressive” leaders’ conference run by Policy Network at Brocket Hall in Hertfordshire, which attracted Clinton and the prime minister. In the evening, the gathering moved to Ascott House, de Rothschild’s home in Buckinghamshire, for a seated banquet for 100.
The board of Policy Network — set up by a group of young Blairites in 2000 — reads like a Who’s Who of Labour’s inner circle. It includes Andrew Adonis, head of Downing Street’s policy unit, Roger Liddle, a senior member of the No 10 policy unit, Lord Levy, Blair’s chief fundraiser, and Adair Turner, the former CBI director who is now part of Blair’s “blue sky” thinking unit.
When Mandelson resigned as Northern Ireland secretary, both Policy Network and No 10 steered the MP for Hartlepool in its direction. A source close to the think tank claimed it was all part of attempts by Downing Street and friends to “feather bed” his second fall from grace.
According to Policy Network directors, the de Rothschilds gave the money to a charity, the Policy Network Foundation, before Mandelson came on board.
A Downing Street spokesman denied that there was any conflict of interest between Adonis’s and Liddle’s presence on the board. He said: “These are unpaid positions from which no financial gain is sought or received.”
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"What then of Peter Mandelson? His actions have been entirely in keeping with his character. He is a world-class conspirator and bearer of grudges. He has always maintained, as he has every right to, that his private and public lives are completely separate, and the company he keeps when not on duty is no one's business but his own. These distinctions surfaced 10 years ago, when the House of Commons standards and privileges committee considered his £373,000 home loan from Geoffrey Robinson. Because the Labour majority on the committee rallied round him on certain matters, not all the evidence before us entered the public domain. But I formed a view then, which hasn't changed, about his fitness for public office."
Martin Bell
http://www.guardian.co.uk/commentisfree/2008/oct/22/georgeosborne-partyfunding
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May I thank you all! I thought I was part of a small group of dissatisfied and angry BBC watchers.
Now I find there are so many more, makes me just a little happier.
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You should write for Pravda Pesto.
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This looks like a case of entrapment - Osborne's main mistake was to have anything to do with PM
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Comment from a national newspaper journalist:
Notice the subtle change as Peston replaces Robinson on this on-line story:
"Mr Osborne was interested in receiving a donation," he writes.
'Interested' is rather different from 'solicited' - the accusation that Robinson said was made earlier, without a jot of independent evidence.
This is a clear case of what journalists call backtracking.
Peston goes on to write: "He would be prepared to defend his claims in court."
So he would defend, in court, claims that Osborne was 'interested' in receiving a donation. What an absurb point to make.
I have written these comments because I feel the BBC will find it ever more difficult to get away with this bias in the blogger age.
And Peston and Robinson should be ashamed of the way they lead this story (when the BBC leads, the newspapers follow).
Unfortunately for these Beeb reporters, the story was a non-starter. Wait till they get a real story - accusations of bias will be harder to highlight.
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Robert Peston, government placeman par excellance. Today marked the nadir in BBC reporting, never has such an obvious smear campaign orchestrated from Downing Street been so eagerly prosecuted by the media to their utter shame. What does Campbell have on you lads that you do his bidding at every turn , what indeed ?
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Never mind folks they will all come crashing down with hubris sooner than they think . Brown has already put his clunking great foot in it by making that ridiculous statement calling for an "investigation by the authorities" during PMQ'S earlier today.Investigation of what and by whom exactly ?
I can imagine Campbell and Meddleson groaning at this point and wishing the PM was given more sedation as it was all going according to plan up until that point !
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Irrelevant of what actually took place between all of these men; the bottom line is that no money exchanged hands which suggests that technically nobody is breaking any law and nobody is at fault.
As for the bickering in the media over such a minor event - we should all be discussing more concerning issues instead of the company George Osbourne chooses to associate himself with, because if it seen acceptable that Peter Mandleson can associate with figures like Depraska, and Tony Blair can aide individuals such as Lakshmi Mittal and Bernie Ecclestone - isnt the whole issue a bit hypocritical and biased?
The pathetic sleaze of the Labour Party and the likes of the media persists in creating rift by the unnecessary in depth reporting of minor issues such as this.
Isn't it time for a more superior degree of media coverage given our current economic situation?
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One more thing Mr Peston so called business editor, on the day after the Governor of the Bank of England makes an official announcement that we are going into recession what do you report.....come on I have to hurry you....yes thats right some conversation about a non event involving a member of parliament who is not in the government.
That is why so many people in the country have finally seen through this whole sordid smear and smokescreen attempt. Shame on you .
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Robert, Thank you for clarifying your clear political allegiance, now at least I know how to read your contributions. I feel sorry for the BBC having become the propaganda machine of the government. Why do you not report on how the EdF - British Energy deal really came about? You know how it did!
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Mandy is brought back to help the government out in difficult times - we all thought it was the difficult *economic* times, but clearly it was the need for an improvement in the polls. He's been back for 3 minutes and suddenly there's an old-fashioned "Tory sleaze" story out there. It's that old Mandy-magic, again.
Saw about 15 seconds of the interview with Mandy on Sunday's TV, before reaching for the remote. Remembered the old joke, "Why do people take an instant dislike to Peter Mandleson?" "It saves time."
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Curious to see the levers of power being manipulated by the Rothschild family. George Osborne gets smacked down and Peter Mandelson gets support just when he is back in power. George can't do anything because Nat Rothschilds mother pays £170k pa for his Shadow office. Both ways the Rothschilds control British politicians. I suggest all your readers do their history on this family who have funded and 'shaped' British political life for 130 years. Who controls the levers of power in Britain? Whose hand on the bit in our mouth?
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This article is 2 days old, the story has run out of steam, Peston has put up another article about Mervyn King's statement and yet it's this article which is still featured on the Politics page!
You're not fooling anyone anymore!
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Elrond , excellent wish I could be that apposite and concise.
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I am very curious as to what will be made of the revelations covered by yesterdays Evening Standard and yet the story seems to have been completely buried this morning.
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Say Peston, hows that SFO enquiry coming along?
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Mr Peston , how is the RECESSION coming along?
Or are we all to pretend that this subject matter is more important?
To whom?
For why?
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This comment was removed because the moderators found it broke the House Rules.
Let's for one minute put all this talk of 'a non-story' in perspective, regardless of who is doing the reporting.
Mr Osbourne was evidently born into priviledged circumstances where he will have been trained since birth, that whatever indiscretions occur within his recognised circle, they are not repeated outside the 'clan'.
One of the worlds richest men, noted for 'discretion', has reacted with fury toward a friend who knows 'the rules'... and has broken them.
The clan will have branded Mr Osbourne as a 'loose canon', not to be privvy to the secret exchanges that are the real way huge fortunes are made.
What chance of becoming Chancellor of one of the richest economies in the world, when the Rothschild's are against you and your Party is on their side?
Mr Osbourne has not just damaged his political career but, by transgressing the basic rules of his caste, any other career besides.
---*---
As it happens, I agree with the poster who said - change the name from 'Osbourne' to 'Darling' and would you still claim it to be a non-story?
People of both the left and the right frequently dismiss as trivial, those incidents which embarass their party. In the case of Conservative supporters, it is not even hypocritical to do so, since the ethics relied upon by many are those of the self-serving and the arrogant.
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Why is this article still on the politics main page?> Is the BBC not even hiding its bias anymore? Stopped caring what the public thinks, the one that pays you? Well now I can see what you have in common with the government.
Peston, I used to be an admirer of you. Used...
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Catcher , you seem to be very much in the minority, for which I admire you ,really I do!
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Hey Robert!
Innovative new line in "BBC Business Editor" commentary...
Max Clifford, Max Moseley, Hugh Heffner, they are all Businessman of sorts - surely you could work something about them into your so-called "Business" coverage?
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Mr Peston
You are paid by the license payer - i.e. me and many like me.
Therefore, please donate your last two day's salary to charity or refund it to the license payer as you have wasted our time and money.
Jeremy Paxman resorted to asking Mr Heseltine the same question 4 times and the rabble (including Robinson) resorted to asking George Osborne the same question 6 times.
On both occasions the question was answered first time round, quite clearly and concisely.
Your job is to report, not pin things on people. Ask a question, get an answer. If you don't get an answer, by all means ask again. But in the example above, Mr Paxman looks ridiculous and quite worryingly prejudiced.
Prejudice based on class is just as bad as racism and any other form of prejudice. So, from a non Tory, non Labour, non interested perspective, please move on.
The nation is really really bored now - a non-story. You are wasting the money that I and millions like me pay to you, as are your colleagues.
Cheers chap.
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Osborne was foolish but politicians cannot resist the rich. Hedge Funds caused the economic problems along with the Banks and Dear Old spendaholic Gordon.
Mr Peston; Mr Mandleson was responsible for Business within the EU and he enabled this Russian to make money by reducing tarifs. Was this just a coincidence or was it another Mandlesonism? Find out because that is your job, don't waste licence payers money on something somebody didn't do but could have done.
40 minutes has now been spent by Newsnight on this non story. Get a grip. People are losing their jobs, houses, pensions and the future looks bleak. Australia has a 22$ billion pot to call on because their government saved during the good times. Gordon has failed us all and should hang his head in shame. (What about all the debt "off-balance sheet" will my children be grateful for this Enron style debt to go with their new PFI student loan. It will take years to get out of this. Perhaps Kenneth Clark should come back as he set up the economy for Brown to do a Healey.
By the way did you teach Gordon to wave his hands when speaks 'cos I wish you hadn't? Try being the Business chap again and unbiased reporting please.
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You come out of this very badly, Mr Peston. It's not your job to tell us how important these rich people are. You should be telling us more about how aluminuum deals are agreed and looking into how many EC commissioners accept invites to rich people's gin palaces and holiday homes.
OOOH! The rich man's son has millions and millions. He's a decendant of someone! So what? Does that make him nice? Honest? Or is he just a useful contact you'd rather preserve than challenge?
When you become so reliant upon them for stories which get you on TV you simply become their tool.
Don't you even consider that Rothschild might have abused his own position? What Mandelson told Osborne was said in a cafe not at R's dinner table. Why couldn't Osborne tittle-tattle if he wanted to? That's what you're doing here!
"I understand..", "I have learned.." What you mean is that you've swallowed one side whole and you are so pleased to get it from the horses mouth that you've lost all objectivity.
Whatever happened to BBC standards? Lost in breathlessness....
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Dorothy,
thank you, I was expecting a negative response.
I believe that a sea-change in the likelihood of whom might be the next Chancellor is on the cards and that it will have a dramatic effect on the make-up of any future Conservative Government.
This, therefore, is a significant event.
Whatever the business editor of the BBC might be writing or saying, I think he will stop short of predicting Mr Osbourne's prospects, for fear of the accusations which would fly his way.
Nevertheless, it is a member of Mr Osbourne's incalculably influential circle who instead of privately asking him into a darkened room, to roll up his left trouser leg and cut out his own toungue, has decided to pillory him in public.
The Nat Rothschild's threat to escalate the matter, should Mr Osbourne make an inaccurate statement of events, leaves this politician with very little wriggle room and puts tremendous leverage in the hands of those wanting to manipulate this matter to their advantage.
Finally Dorothy, it requires no courage to speak our minds politiley on an anoymous site and the impact of our comments on the real world, where people are trying to fix things (rather than read or write blogs), will be about as effective as an ashtray on a motorbike.
Keep clicking those heels together and with any luck, things will be better in Kansas!
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Mandleson! Is the BBC owned by Nu Labour?
Mandleson! Is Rothschild anybody that important really?
Mandleson! Given the appalling state of this nation and the failings in every single policy Labour has stood over for years now, has the Beeb business editor really nothing else to do but bleat out the labour whim that if we all point at Osbourne long enough, maybe just maybe nobody will notice Mandleson or more importantly Browns contemptible destruction of Britain
Mandleson! And I started with the clown prince of british politics at every turn because HELLOooooo, he was in charge of setting aluminum tariffs and went to an aluminum dealers boat
now that factually is a conflict of interest at best, at worse it smells like something illegal
whereas Osbourne secure NO MONEY and the Conservatives never received any
No News here beyond the questionable bias of the BBC, can I now have a refund on my license as I do not wish to aid Nu Labour financially in any way, especially by paying for its own propaganda machine thanks, I'll expect a cheque in the post
or maybe you could all invest the refund in Allum shares
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It's an interesting party list isn't it? George Osbourne, a Tory Chief Executive, one of the Rothschild's, a Russian Billionaire, Rupert Murdoch, and Peter Mandelson. And those are just the ones we know about.
It's like one of those Batman episodes where the Penguin brings the Joker, the Riddler, and Cat Woman together for a particularly fiendish plot.
So, was the party in fancy dress? I think we should be told...
(if you saw this comment on another of Robert's entries, it was an error I have no way to correct)
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Robert
Your comments are a disgrace. You are meant to be impartial. To make it simple for you - NO MONEY CHANGED HANDS.
Also you are the business editor - if you want Nick Robinson's job you should apply for it rather than make these biased comments
If you were a true impartial journalist you would be more interested in the Mandelson / Depiaska / eu story which actually relates to business.
Get back to reporting about the real things in the business sector - recession, financial crisis etc which actually matter rather than acting as Peter Mandelson's lackey
You have gone a long way down in my estimation for this sycophantic Labour nonsense.
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Robert Peston is criticised, rightly or wrongly for airing this tacky tale of Mandleson and co. , and the falling out of a pair of public school boys.
What nobody seems to have noticed is that the breathless insider financial scoops which he shocked us with have completely dried up!
Now he is reduced to merely commentating on events we already know about, like the (yawn) Govenor of the Bank of England's speech.
Looking forward to watching Bremner doing Peston.
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Robert,
Over to you, since he must have a direct line to you. Please comment
http://www.guardian.co.uk/politics/2008/oct/24/mandelson-labour
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How do you know Rothschild won't back down? Are you determined to ignore facts and spread rumour, innuendo and conjecture?
These is no legal basis for an enquiry. Perhaps you should call for an enquiry into Brown's mismanagement of the economy, or why an EU Commissioner lowered aluminum tarrifs etc???
It would appear your analysis of events are biased because you are evidently one of the favoured Government journalists who defends Labour policies.
If the Tories were to promise abolishing the TV licence fee after the next election, it would be a winning policy and popular with millions of viewers.
In the interests of balance you should hold your own council and present all future reports in a fair manner.
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As far as I can see Mr Peston is the Business Editor, why then is he commenting on a political story? It seems to me that Mr Peston is using his job to air his own views on politics and to try to influence the viewing public with these views. I hope he will stick to doing the job he is paid for, reporting the business news, not the labour party news.
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You've gone down in my estimation, Robert. Leaving aside whether your personal knowledge of Rothschild justifies you writing an article about this matter, you yourself say that Osborne discussed whether a donation could be lawfully channelled via a UK based company like LDV, which is apparently owned by this Russian gentleman.
The killer fact that skewers your article is what you then do not go on to say. You do not say that a donation channelled through LDV would have been perfectly legal.
There. I've said it. Tory politician asks Russian billionaire for legal donation.
Not much of a story is it?
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This comment was removed because the moderators found it broke the House Rules.
Peston, you're a disgrace to journalism.
This sums up all the arguments against having a state news broadcaster.
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http://www.dailymail.co.uk/news/article-1080165/Was-Osborne-knifed-Now-Mandelson-faces-questions-links-Russian-tycoon-plans-5bn-super-rich-haven-Montenegro.html
Over to you, Pesto - you can turn the spotlight on Mandy now .... ha bloody ha.
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http://www.dailymail.co.uk/news/article-1080171/The-Mafia-paradise-holds-secret-tycoons-alliance.html
This too, Pesto. Looks like Mandy's been hard at work behind the scenes ... in the interests of impartiality, lets have some ... authoritative tell tales on what HE is up to.
The BBC is taxpayer funded, and completely impartial in its reporting. Sorry. Just spluttered tea everywhere.
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Heaven's above! Even more evidence of Mandelson's unfitness to hold high office
http://www.timesonline.co.uk/tol/news/politics/article2159307.ece
Never mind the fact that he cannot be held accountable, as a member of the Lords, to parliament, ergo, to us, who pay his wages, pensions, expenses etc. etc.
No taxation without representation.
Go go Pesto - get Mandy! In the interests of impartiality, of course...
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And more!
http://news.bbc.co.uk/1/hi/wales/1826045.stm
There you go, Pesto, that lot should keep you busy for weeks in your new post of Political Gossip and Storymaking editor
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How come this article is linked to from the BBC News home page?
I'm interested in the once-in-a-lifetime Sterling crisis, not this. So why is the Osborne story linked to it?
Today is *Friday*, and this article is from *Tuesday*. Who is running your homepage, and why this this 'strange' mistake?
Please sort it out!
p.s. I see it's now disappeared, but perhaps the Editorial policy needs reviewing?
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We have an expression that's been around for a few years now oop North....................... Where there's muck, there's Mandelson. Never before has it been so true. This Leopard is not going to change his spots anytime soon. How long before he's thrown out of the government again in disgrace?
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GOOD DAY TO BURY BAD NEWS ?
The game's up, BBC NEWS; Mandelson has "recollected" to having had other meetings with the Russian.
Will Mr Rothschild be so bullish about dragging all this into the courts now??
These meetings were also much earlier than he previously led anyone, including the EU enquiry, to believe.
His sudden onset of honesty and memory recall is reported by you at 03:19 on Saturday morning...... WHAT??
http://news.bbc.co.uk/1/hi/uk_politics/7690459.stm
The HYS on the subject, referring mainly to Mr Osborne, has also been fortuitously closed to any further comment
This is all just in time to be lost to the vast majority of the UK audience who will spend the weekend binge-drinking and/or worshipping the great god "Premier League"
The English audience will also be, quite correctly, diverted by the prospect of nationalistic pride in supporting their Rugby League team taking on the world.
Another perfect piece of "burying bad news" strategy ! !
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Please move on from this childish person, who throws his toys from his pram because ' a friend broke his self serving view of his importance'. By the way, are you a typical BBC labouring self server yourself?
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At 5:38pm on 21 Oct 2008, load_of_politics wrote:
If this had been a labour politician involved in the allegations the Tories would be all over it with accusations of sleaze and corruption. But because its a Tory its a "non story" . Why does that not surprise me.
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Load_of_Politics, looks like you were WRONG again, I expect to see you post an apology to all Conservative supporters.
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Excellent reporting. BBC take note.
http://www.dailymail.co.uk/news/article-1080515/PETER-OBORNE-Lord-Mandy-murky-friends-debasing-democracy.html
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My partner described the return of Mandelson to politics as "the equivalent of pouring concrete down the sewage system".
How very true.
Mind you, he's not as comfortable as he was 2 or 3 days ago, is he? How much more backtracking will we see?
And how can it be acceptable that he is not answerable to Parliament?
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Serves that arriviste Osbourne right, for consorting with below-decks, vulgar business types. Blackball the blighter.
Now can we please return to Peston's doom and gloom on behalf of David Cameron- such a nice chap, shame about the company he keeps.
'Sterling in close to historically normal levels vs dollar', or 'Sterling about 10% below historically normal levels v Euro', or maybe 'Sterling about right value vs most major currencies'?
Those kind of headlines should put the wind up that Communist chappie, Mandelson.
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Perhaps if you wish to go into political rather than financial journalism you should look closer at Europe.
Mandy was forced to leave UK politics and given a job made in heaven for him in the Machiavelian world of the EC.
He gloried in it and made a name for himself while always keeping his soundbytes and links with NuLabor.
But then came along big bad Sarkozy who has an ego and power much bigger than Mandy's and certainly did not like him, so Mandy Pandy with some alacrity extricated himself from a now thankless but very well paid job.
If you wanted a real scoop you could discover and reveal the true facts of the above. But it takes diligence and professionalism since the EC may hate and have proof of corruption on people like Mandelson but hardly ever reveal it.
There motto is "there but for the grace of God go I"
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I believe that there is a lot more to this story than we currently know but, I would like to bet that MONEY (or the lack of it!) has a lot to do with it.
I believe that Osborne has been drawn into a tangled web of financial collapse , perhaps unknowingly and unfairly. Since the summer, when these "meetings" took place stock markets have collapsed and it looks like both Rothschild and Deripaska have been victims of this. We all know that Mandelson cannot be trusted and he is probably more at risk than Osborne. With Osborne it seems like Rothschild is "lashing out" at him but this seems unreasonable and is probably the result of Rothschild's impetuous and hot headed reputation. This guy's lost a lot of money and nobody should feel sorry for him. Hedge funds are the bain of our lives right now - they are losing us fortunes with their unscrupulous gambling of our pensions and share values!! Therefore this government must rapidly get to grips with cleaning up these "spivs and speculators" - Rothschild is just another one of them!
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276.
'Therefore this government must rapidly get to grips cleaning up these spivs and speculators'
It's hardly the Government's job to 'clean up' those who bankroll the Opposition.
Funny how now the wealthy are feeling the pinch via crashing asset values we keep hearing calls for more regulation of the City- as though it's only recently that it became home to 'spivs and speculators'.
When the same hedge-funds were driving asset values up to extortionate levels not so long ago, any attempt by the Govt. to regulate them would have been called 'bureaucracy' or 'red-tape', and would have been blasted by the Tories as the Nanny State meddling with Free Markets.
Amid all the pain of this financial mess, we should take a few seconds to contemplate how
some people's principles are only worth a few quid, and laugh at unending human folly.
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