A whiff of familiarity in Mandelson’s 2009 collusion with the banks

The Guardian - World NewsCenter-LeftEN 4 min read 100% complete by Heather StewartFebruary 4, 2026 at 10:00 AM

AI Summary

long article 4 min

In 2009, Peter Mandelson, then Business Secretary, communicated with Jeffrey Epstein, suggesting JP Morgan "mildly threaten" Chancellor Alistair Darling regarding a proposed bonus tax on bankers. Emails reveal Mandelson was "trying hard" to change government policy and encouraged JP Morgan CEO Jamie Dimon to lobby Darling. This occurred during the financial crisis when the UK government was injecting taxpayer money into banks. Darling implemented a 50% supertax on bonuses over £25,000 despite Dimon's objections, who threatened reconsidering investments in the UK. Labour insiders expressed outrage at Mandelson's actions, viewing them as a betrayal given the public anger towards bankers at the time.

Key Entities & Roles

Key Player Opposition Context

London 40% Treasury ×240% Wall Street 40% United Kingdom ×260% Jeffrey Epstein ×260% Jamie Dimon ×360% Alistair Darling ×670% Labour Party (UK) ×370% JP Morgan ×370% Peter Mandelson ×690%

Keywords

peter mandelson 90% banking sector 90% collusion 80% bankers' bonus tax 80% alistair darling 70% financial crisis 70% windfall tax 70% jp morgan 70% lobbying 60% treasury 50%

Sentiment Analysis

Very Negative

Score: -0.70

Source Transparency

Source

The Guardian - World News

Political Lean

Center-Left (-0.40)

Far LeftCenterFar Right

Classification Confidence

90%

Geographic Perspective

United Kingdom

This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).

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peter mandelson banking sector collusion bankers' bonus tax alistair darling financial crisis windfall tax jp morgan lobbying treasury

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