Epstein Files Expose Mandelson's Banking Lobbying for Rothschild Venture
Newly released documents from the Jeffrey Epstein case have revealed that Peter Mandelson, while serving as business secretary, actively lobbied JP Morgan to underwrite a major mining investment vehicle launched by his friend Nat Rothschild. The emails, part of the latest tranche of Epstein files, show Mandelson using his government position to influence banking decisions for personal associates.
"Devious" Email Exchange Between Mandelson and Epstein
In April 2010, Mandelson contacted Jes Staley, then at JP Morgan, from his personal email account regarding Rothschild's planned £700 million listing on the London Stock Exchange. The Labour peer wrote to Staley expressing pleasure that JP Morgan was "planning" to underwrite the investment vehicle alongside Credit Suisse.
"I've been following my friend Nat Rothschild's plans to list a vehicle on the London Stock Exchange and I'm very happy that JPM are now planning to get involved as book runners," Mandelson wrote. "I think it's a great idea from what I see of the global mining business. I hope it all goes well."
Mandelson then shared this communication with Jeffrey Epstein, who was a close friend of Staley's, suggesting he hoped for a "warm response" from the banker. Epstein's reply was telling: "You are sooooooooooooooo devious."
Government Influence for Personal Connections
The emails suggest Mandelson was using his influence as business secretary and de facto deputy prime minister to advance the interests of his friends. This appears to have extended beyond the Rothschild mining project to include lobbying the US government on financial regulations.
According to documents released by the US Department of Justice, Mandelson used talking points provided by Epstein and Staley during discussions with Larry Summers, then director of Barack Obama's National Economic Council, regarding financial-crisis reforms. The Volcker rule, designed to prevent banks from risky trading with their own money, was a particular focus.
Epstein had written to Mandelson: "I would like you to ask Larry Summers if he would meet directly with Jes, and another JP Morgan person, re the proposed Volcker rule. I can't do it directly. Larry is getting info third and fourth hand from senators who are getting it from lobbyists."
Mandelson agreed to raise the issue, and subsequent memos indicate he brought up Epstein-suggested talking points during his meeting with Summers.
Financial Transactions and Police Investigation
The released documents reveal several financial connections between Mandelson and Epstein:
- Mandelson reportedly received $75,000 from Epstein in 2003 and 2004
- Epstein was described by Mandelson as his "chief life adviser" in separate communications
- Mandelson's partner (now husband) Reinaldo da Silva received thousands of pounds from Epstein in 2009 and 2010
Mandelson has stated he has no record or recollection of the $75,000 payments. The peer is now facing a police investigation after the Cabinet Office referred him over claims he leaked sensitive government documents to Epstein.
Mandelson's Defence and Current Position
In response to the revelations, Mandelson has maintained that his actions while in government reflected the interests of industry rather than individuals. "My conversations in government at the time reflected the views of the sector as a whole not a single individual," he stated this week.
Downing Street confirmed on Tuesday that the Cabinet Office had referred Mandelson to the police and that officials had handed over an assessment of emails found in the Epstein files. The Metropolitan Police have launched an investigation into alleged leaks of sensitive government documents.
These latest revelations raise significant questions about the boundaries between government service and personal relationships in high-level financial and political circles. The emails provide unprecedented insight into how influential figures operated within overlapping networks of finance, politics, and personal connections during a critical period following the 2008 financial crisis.
