Posts Tagged ‘Jon Wood’

More from Private Eye on BoJob’s Connections to the Hedge Funds

October 6, 2019

I’ve found a few more little snippets from Private Eye about how Boris is being funded by hedge funds, the financial speculators looking forward to a no deal Brexit, as they’ll clean up when the country and its businesses go bust. In their issue for 14th-27th June 2019, the Eye ran an article, ‘Backing Boris’, about how Boris’  campaign to be selected leader of the Tory party was being funded by Jon Wood, another hedge fund manager. The article, on page 7 of the magazine, ran

The launch video for Boris Johnson’s leadership campaign was full of soft “Cameroon” social messages, fretting that “too many people feel left behind” and excluded from “opportunity and success”. Odd, then, that his largest financial backer seems keener for the government to look out for the big guy.

Hedge-fund manager Jon Wood gave Johnson £25,000 in May, according to the latest register of MPs’ interests. (He had already given the former foreign secretary a £50,000 donation for “office and staffing costs” in October). His hedge fund, SRM Global, was a major investor in Northern Rock, the bank that collapsed in the financial crisis and was nationalised by the Labour government in 2008. Shareholders like Wood’s firm got nothing: the government judged it had made a bad bet.

Wood’s company argued, however, that it had a human right to compensation for its bad investment, and took the government to the high court and then to the European court of human rights. In 2012, the latter rejected the laughable claim brought by SRM Global and other investors, calling it “manifestly ill-founded and therefore inadmissible”.

The court said the government was quite right to take over the bank but not to compensate the big investors. There was “no duty owed by the State to the shareholders to protect their investments in Northern Rock”. That Johnson’s biggest backer is a man with experience of “manifestly ill-founded claims” is perhaps, er, no surprise.

The edition for the 26th July – 8th August carried another such story on page 7, ‘Fine By Them’, reporting how Johnson was being funded by a private equity boss, who had been an officer in the Vote Leave campaign. The article ran

Why should breaching electoral law stand in the way of becoming key backer to the favourite in the prime ministerial race?

Boris Johnson certainly saw no problem as he accepted £100,000 for his leadership bid, declared last week, from private equity boss Jon Moynihan. The hard Brexit-favouring businessman also happens to have been finance director of the official Vote Leave 2016 referendum campaign. That’s the same Vote Leave that was fined £61,000 by the Electoral Commission for breaching campaign spending limits by channelling large sums to young Darren Grimes’ BeLeave youth group (Eyes passim).

The 25-year-old “BeLeaver”, meanwhile, was jubilant last week after he successfully challenged his £20,000 fine from the commission, incurred for acting as a funnel for the over-spend. The judge, who upheld Grimes’ appeal said that even if the wee scamp had committed an offence, it wouldn’t have justified fining him £20,000, the maximum allowed.

While Darren basks in congratulations from Vote Leave pals, less attention has been paid to the main Vote Leave appeal against its £61,0000 fine. This appeal has been quietly dropped, with Vote Leave admitting defeat and covering the Electoral Commission’s legal costs, footing a £200,000 bill.

The Electoral Commission itself now looks embattled on all sides, with both Leavers and Remainers furious over its handling of the 2016 referendum, and with all major parties irate at past fines for election spending irregularities. Defenders of the agency argue that if it’s annoying everyone, it must be doing something right.

Our boorish, anti-democratic joke of a prime minister is being funded by financial speculators, who are determined to have Brexit, and have not been above breaking the law to make sure they get it. And they stand to make millions from the misery it will cause if their puppet, Johnson, does manage to deliver it.

Get them out of politics – get him out of No. 10!