The hypocrisy of Cameron’s attack on “vested interests”

Social Justice

David Cameron attacked "vested interests" at the weekend. But his own front bench has received close to £200,000 from the financial services sector.

As David Cameron faced questions today about why he had not removed the whip from lobbying sinner Sir John Butterfill, Left Foot Forward examines the hypocrisy behind Cameron’s “vested interests” speech at the weekend.

On Saturday David Cameron declared that only a Tory Government could stand up to elite interests such as the City. With echoes of Obama’s “we are the change we seek” speech, Mr Cameron stated that he would take on the vested interests which were the “enemies of change” and who would “use any means to block progress” to maintain their power. But when he says by “any means” does this include financing the Tory frontbench, including himself?

The register of members interests shows a clear pattern of the Tories taking money from wealthy men who have made their fortune in the City. Across the Tory front bench close to £200,000 has been accepted from financial firms:

• George Osborne’s office has received £25,000 from financier Simon Robertson, £15,000 in support from the head of the CQS Management Ltd hedge fund Michael Hintze, further support from Hugh Sloane (of the Sloane Robinson hedge fund), as well as gifts in kind from IGPL.

• Liam Fox received £50,000 from the managing partner of Alchemy Partners, a private equity firm, £10,000 from Stanley Fink, £5,000 from Private Capital Limited, £5,000 from Tweeddale Advisers (registered with the FSA) and £4,500 from head hedge fund manager Alan Howard;

• Oliver Letwin has been paid over £30,000 from N.M. Rothschild & Sons as a non-executive director;

• Francis Maude received £40,831 from private equity advisers Bain and Company Holdings for a temporary secondment, was paid £9,000 for 15 hours work as a member of Barclays’ Asia-Pacific Advisory Committee, and received a gift worth £700 from Flowidea Ltd, an investment company.

• Ken Clarke is a non-executive director of AgCapita Partners LP – a private equity firm.

• William Hague received financial support from Merebis Capital Management LLP and from CQS Management Ltd;

• Philip Hammond has received money from Michael Hintz of CQS Management;

• Teresa May has received gifts worth £1,200 from Michael Hintze;

• Nick Herbert has had £5,000 from Johan Christofferson (presumably of Christofferson, Robb and Co, a hedge fund;

• Mark Hoban has received hospitality from JP Morgan Chase worth £1,300; and

• David Cameron has received gifts in kind from IGPL a company which describes itself as a “private holding company which invests in world class financial services businesses” while Stanley Fink – the former Director and now Chairman of the Man Investments hedge fund and co-Treasurer of the Conservative party, has paid for Cameron’s travel costs.

It is unclear how Mr Cameron can claim to be an agent of “change” when these donations outline quite how clearly the Conservatives are supported by the same vested financial interests which caused the recession in the first place.

• Join 38 Degrees’ call for David Cameron to support lobbying transparency, a position now adopted by both Labour and the Liberal Democrats

UPDATE 14.32:

I’ve been reminded of one other Conservative vested interest: the Telegraph expose that Andrew Lansley is “bankrolled by private healthcare provider”

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31 Responses to “The hypocrisy of Cameron’s attack on “vested interests””

  1. Rapscallion

    Here comes the inevitable “whataboutery”. Its unbecoming and, quite frankly, disingenuous (even by your standards, Mr Staines). Dave is the one who is on his high horse about this issue, it is for him to make it clear where he stands. But of course he won’t. He knows that it makes a good political soundbite which might get him a few votes and that he can quietly drop after the election. I say Soundbite becuase I’m yet to see an coherently constructed, costed and articulated Tory “Policy” on anything.

  2. Avatar photo

    Will Straw

    Thanks for the comments:

    Guido – I don’t recall Mandelson or Myners making moral high ground speeches at the weekend about tackling “vested interests”. The point of the article was one of hypocrisy.

    Billy – we abhor the greed and stupidity of Byers, Hoon, Hewitt, and Moran and have blogged about it. We’re not a Labour attack dog otherwise we would spend more time trying to defend the Labour government. But we make no excuses for tackling the hypocrisy and regressive policies of the Tories.

    Also we’ve had to remove another offensive comment. Please stop it!

  3. Ellie Gellard

    Absolutely RT @annaturley: surely all of this just says it's time to end second incomes for MPs. Enough is enough. http://is.gd/aUjWa

  4. Billy Blofeld

    Will,

    Thanks for the reply. Does LFF think it is necessary / unnecessary to call for an inquiry into government corruption?

  5. Richard Blogger

    Michael Hintz and CQS Management appears many times. Why is that?

    I think Guido had it right a month or so ago by looking at the list of banqueting that was done at our expense at the Palace of Westminster (how’s the investigation on Tim Yeo going, Guido? Surely that is pertinent to the current Hoon/Hewitt/Byers scandal?).

    For example, Francis Maude had two banquets for Novartis in 2004 (one for 50, the other for 20) a company who will definitely benefit from Lansley’s plans for “value based pricing” (or as I call it “how much are you willing to pay for your health”).

    Also, if Maude is striking some deal with these people, why can’t he just have a handful, why invite 50 of them?

    There’s lots more in that document for someone willing to do the digging.

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