"Today's advocates of a windfall tax on the UK's highly profitable banking sector detected a whiff of familiarity in Peter Mandelson's suggestion, back in 2009, that JP Morgan should mildly threaten the chancellor. Feeding a Wall Street financier market sensitive titbits was an extraordinary breach of trust perhaps even illegal, it seems but for Labour veterans of the financial crisis, Mandelson's collusion with the banks against his own colleagues was the worst betrayal."
"Extraordinary sums of taxpayers' money had been pumped into the ailing banks to prevent the complete collapse of the financial system. Amid public fury about the role of bank bosses in driving the sector and the British economy to the brink of disaster while lining their own pockets, Darling had decided to slap a one-off 50% supertax on bonuses above 25,000. Darling recalled in his book about the crisis that Dimon whether or not prompted by Mandelson's email to Epstein rang him up, very, very angry about the plan."
Emails show Peter Mandelson told Jeffrey Epstein he was trying to change government policy on a bankers' bonus tax and suggested Jamie Dimon press Chancellor Alistair Darling. Labour veterans of the financial crisis regarded that action as a deep betrayal of colleagues and a breach of trust. Treasury insiders recalled intense anger at bankers after massive taxpayer bailouts had rescued the financial system. Public fury over bank bosses' conduct prompted Darling to impose a one-off 50% supertax on bonuses above 25,000, a move that drew very angry reactions from banking executives.
Read at www.theguardian.com
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