Mandelson branded a ‘naive sucker’ as he tried to build career post-government
Peter Mandelson was branded “naive” and a “sucker” in new revelations from the Epstein files that shine a light on Mandelson’s efforts to build a career post-government.
The Labour veteran told convicted paedophile Jeffrey Epstein that he had sought the advice of financier Nathaniel Rothschild as he weighed up a role at advisory and investment banking firm Lazard.
He described the role as “brand development” as he looked to ramp up his post-ministerial career.
But the peer shared with Epstein that Rothschild had branded him “tragically naeive [sic] as to how the financial system works” and that he was just a “sucker” that Lazards wanted on the board.
“If you’re not capable of performing a piece of perfunctory analysis lik[e] looking at income s, balance sheet, cashflow > you shouldn’t be sitting on the board,” Rothschild told him, according to the US Department of Justice’s Epstein files.
As Mandelson forwarded the critique to Epstein, he added it was a mistake to try to “engage Nat’s great brain,” who advised him against going for the role.
Epstein calls Mandelson ‘devious’
The former business secretary would go on to become chairman of Lazard International, the global advisory arm of the investment bank, from 2012 to late 2016 after joining as a senior adviser in 2011, but did not serve as a member of the board and ceased his position in March 2022.
Following the latest drop of files, the Metropolitan police has confirmed it will launch a criminal investigation into Mandelson over allegations of misconduct during his stint as business secretary after he was accused of relaying market-sensitive information to Epstein.
Documents showed Epstein calling Mandelson “devious” after he lobbied JP Morgan to underwrite a £700m investment vehicle launched by Rothschild.
“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 alongside [Credit Suisse],” Mandelson wrote to former Barclays’ chief Jes Staley, who was at JP Morgan in April 2010 during the exchange.
“I think it’s a great idea from what I see of the global mining business (and their prices). I hope it all goes well. Best Easter greetings to you and your family.”
When he shared the communication with Epstein – a close friend of Staley’s – Epstein responded: “You are sooooooooooooooo devious”.