Mandelson Lobbied US Government for JPMorgan, Leaked Memos to Epstein
Emails reveal former UK minister Peter Mandelson used talking points provided by Jeffrey Epstein and Jes Staley to influence financial crisis reforms, prompting calls for his removal from Parliament.
Revelations have surfaced indicating that Lord Peter Mandelson, while serving as a UK minister in 2010, actively lobbied the US government on behalf of convicted sex offender Jeffrey Epstein and then-JPMorgan Chase executive Jes Staley. The lobbying efforts centered on weakening proposed financial regulations in the wake of the 2008 financial crisis, with Mandelson allegedly sharing sensitive government information with Epstein.
Epstein’s Direct Request for Lobbying Efforts
According to emails, Epstein directly requested Mandelson’s intervention with Larry Summers, then director of Barack Obama’s National Economic Council. In a March 28, 2010, email, Epstein explicitly asked Mandelson to urge Summers to meet with JPMorgan executives, including Staley, to discuss the proposed Volcker Rule. “I would like you to ask Larry Summers if he would meet directly with Jes, and another jpm person, re the proposed volcker rule. I can’t do it directly,” Epstein wrote, adding that Summers was receiving information “third and fourth hand from senators who are getting it from lobbyists.” Mandelson responded affirmatively, stating, “I can say this to him.”
Seeking and Utilizing Talking Points
The correspondence further reveals that Mandelson proactively sought talking points from Staley to prepare for his own conversations with Summers. On March 29, 2010, Mandelson inquired whether Staley could “send me email on issues re Dodds/Volcker.” Subsequently, a memo from a meeting between Mandelson and Summers indicated that the UK business secretary had incorporated a talking point suggested by Epstein into the discussion.
Leaked Government Memos
Perhaps most damning, the documents suggest that Mandelson leaked private government memos regarding his meeting with Summers directly to Epstein. On March 31, Epstein received a readout drafted by Mandelson’s private secretary detailing the discussions with Summers, with the memo noting the chancellor had been “grateful for your [Mandelson’s] intelligence.” The readout included sensitive details about potential policy changes, including discussions on bank liabilities and systemic levies. Mandelson forwarded the memo to Epstein within two minutes of receiving it from his private secretary.
The Volcker Rule and JPMorgan’s Opposition
The focus of the lobbying efforts was the Volcker Rule, a key component of the Dodd-Frank Act designed to prevent banks from engaging in risky proprietary trading. JPMorgan Chase was among the most vocal opponents of the rule, arguing it would negatively impact market liquidity. Emails from March 29, 2010, show Epstein and Staley strategizing on arguments against the Volcker proposals, with Epstein writing, “We should craft an arg why volcker is bad for europe..Peter can say he has spoken to you. It is bad for europe for the following reasons.” Staley subsequently sent Mandelson “brief speaking points” on March 30, including the assertion that regulations should not “disadvantage US institutions or create structural conflicts in relation to their Asian or European counterparts.”
Political Fallout and Investigations
The revelations have triggered a swift political backlash in the UK. London’s Metropolitan Police confirmed on Monday they are reviewing complaints that Mandelson committed misconduct in public office. Downing Street announced on Tuesday that Prime Minister Rishi Sunak directed officials to draft legislation to remove Mandelson from the House of Lords “as quickly as possible,” and that the Cabinet Office had provided materials to the police for review. Mandelson is expected to be removed from Parliament’s upper chamber within weeks, with options also being explored to strip him of his title.
Prior Financial Connections
The newly released emails add to existing scrutiny surrounding Mandelson’s relationship with Epstein. Records from the US Department of Justice show Epstein sent Mandelson $75,000 in 2003 and 2004, and that Mandelson’s partner at the time, and now husband, received payments from Epstein in 2009 and 2010. Mandelson has stated he has no recollection of the $75,000 payment but has acknowledged the funds received by his husband.
Mandelson’s Defense and Ongoing Scrutiny
Mandelson has defended his actions, stating that his conversations in government “reflected the views of the sector as a whole not a single individual.” However, the evidence suggests a far more direct and coordinated effort to influence US policy on behalf of powerful financial interests. The timing of these events, occurring during a critical period for the banking industry following the financial crisis, raises serious questions about transparency and accountability.
The bank lobbying against the Volcker rule ultimately led to its weakening almost a decade later during the Trump administration, with regulators subsequently cutting back core proprietary trading restrictions. The full extent of Mandelson’s influence and the implications for financial regulation remain under investigation. Mandelson and a lawyer for Staley did not immediately respond to requests for comment. Summers has also faced scrutiny over his relationship with Epstein, having resigned from several public roles last year following the disclosure of their email correspondence.
