Posts Tagged ‘Acoba’

Private Eye: Esther McVey Joins Bank for Super-Rich

December 17, 2015

Mike over at Vox Political a week or so ago carried the news about Esther McVey being given a new, parliamentary job by Cameron despite losing her seat at the last election. McVey was, as you will recall, Ian Duncan Smith’s minister in charge of inhumanely and inhumanly culling the disabled. She also appears in this week’s Private Eye, for 11th – 18th December 2015. The Eye reports that the Wicked Witch of the Wirral has got a job with a London bank providing financial services for the mega rich.

Here’s the report.

Former Tory employment minister Esther McVey, turfed out of parliament in May by the voters of Wirral West, has now found gainful employment herself servicing the needs of the richest people in the world.

According to the advisory committee on business appointments (Acoba), Mc Vey is now a special adviser to the Floreat Group, a London-based “multi-family private office” – that is, a company that acts as financial adviser, bank, and general wet-nurse to super-rich families, or ultra high net worth individuals (UHNWIs) as they are known.

Floreat, mostly owned by Hussam and Mutaz Obaibi, originally had a strong base in Switzerland, where its aim was to “manage discreetly all financial and personal matters” of a group of rich families, predominantly from the Middle East and Europe. For the past seven years it has been more UK-based, and has hired McVey for one week a month for “information gathering, performing due diligence and research”. This is a far cry from her days as employment minister when she increased the power of government to impose sanctions on unemployed people’s benefits, and argued that the jobless could start “working at Costa” to climb the career ladder.

McVey isn’t the only former MP now to be serving the super-rich. Tory Tony Baldry and Labour’s David Blunkett have also taken jobs with multi-family private offices, at Werner Capital and Oracle Capital, respectively.

According to Acoba, McVey will also be working four days a month as a senior consultant for the lobbyist Hume Brophy, which promises it can help corporate clients “shape legislation, promote specific policy, sell to or secure funding from government institutions.”

The firm is clearly delighted: McVey is “a very significant hire for us and our clients” because “she brings insight from her time as a minister in the government’s biggest spending department”. So much for David Cameron’s much-quoted warning about lobbyists using “ex-ministers for hire” as being the next big scandal …

This tells you precisely all you need to know about Esther McVey and the Tories. She never gave a dam’ about the poor or the disabled, but simply wanted to mix and serve the immensely, and uselessly rich. She, Baldry and Blunkett are examples of how, under New Labour and Cameron, government worked for the rich and the corporations against the people.

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