And another thing…

Lest we forget, Paul Myners is a substantial Labour party donor and a prominent short seller.

Not only that but he was also awarded a cushy government quango job shortly after contributing £12K to Gordon’s leadership election campaign fund although the two are clearly unrelated.

A plague on both your houses…

Shouldn’t there be a capital “W” in there somewhere? Just saying…..

From Paul Waugh

“Unfortunately, Labour may have a similar problemo.

Lansdowne Partners have a partner, Arnab Banerji, who is a Labour donor and once advised T Blair. Paul Ruddock was seen as so distasteful to Mr Brown that he appointed him as chairman of the V&A Museum last November.

City minister Paul Myners was a director of GLG, one of the largest hedge funds in the world.”

Ah yes, but it’s worse when Conservative party donors do it for some reason.

Perhaps Tom will enlighten us what that reason is…?

Hypocrisy when Myners exists in Labour.

If Barclays had gone up in value these people would have lost a fortune, just like the Hedge Funds who shorted VW recently. They’re just trading the market, good luck to them if they can get it right. It isn’t easy.

Are you seriously ‘opposing’ trading in shares? No rules or laws appear to be broken, but it must be reassuring to attach the Tory tag to these people. Hardly the time to be throwing stones I should have thought.

On the contrary, old chap – I would have thought this is exactly the time to be throwing as hard and as often as possible.

@ Praguetory

Especially when you’re stood in the middle of a big glass house…

“Are you seriously ‘opposing’ trading in shares? No rules or laws appear to be broken”

Are you seriously saying that you have no problem with short selling, especially during the credit crisis? A practice so dangerous, particularly now, that it was temporarily banned just a few months ago?

I wonder if you will feel as strongly when you are on the recieving end of it’s effects.

If it’s so dangerous, why did the FSA allow it to start again this month? Answer, because it’s not.

Short-selling might seem unpalatable but all these people are doing is betting against the fact that certain shares are overpriced and are due to fall by themselves.

As far I’m aware (and the FSA seem to agree) short-selling has a very minor impact on the price of shares or else anyone with a few million quid could manipulate share prices in a company to fall and rake up the cash when they do.

Haha I love that – “bu… but Labour donors are doing it too!”. Typical Tories!

“If it’s so dangerous, why did the FSA allow it to start again this month? Answer, because it’s not.”

Yeah, you’re probably right. I’m sure it had absolutely NOTHING to do with the fact that it is a very lucrative practice enjoyed by very very influential people and organisations. After all, i’m SURE the FSA is more than willing and able to stand up to the city when needed, and especially on things like this………..hahahahahahahahahaha!

Oh dear me. That paragraph should be in a comedy act. It’s genius, even if I do say so myself!

@ Fetler

I don’t agree that short-selling is a problem in the first place but Tom raised the issue as being a Tory problem so it’s only right to answer him in the same vein.

Having said that, surely if it’s raining the first place you should fix is your own roof, before worrying about what your neighbours are up to…

Nothing about the house of lords then.

Labour please put your own house in order before looking at others.

Psst. Johnny Norfolk!

http://www.tomharris.org.uk/2009/01/25/in-defence-of-the-lords/

I see your polls section has disapeared.

For information.

CONSERVATIVE 43 +2
labour 28 -4
liberals 16 -1

Thats a 15 point lead.

Johnny, do you even read this blog before commenting? Check out the story before this one.

I’m not sure if Johnny’s deliberately trolling or just plain dumb.

http://www.tomharris.org.uk/2009/01/25/labour-drops-below-30-pc/

Tom’s been quite up-front about Labour’s current electoral chances (e.g. in the toilet) and about the situation in the House of Lords (e.g. in the trough)

Don’t go there.

There are gravy trainers on all sides, as the latest news about four Labour Peers suggests.

There is also the question of the powerful ( and perk-heavy) union leaders like Derek Simpson, who, along with other unions are collectively responsible for most of Labour’s funding.

And let’s not forget that Labour escaped a very messy prosecution over donations not so long ago, which were labelled “absolutely wrong” by Jack Dromey.

And perhaps the amazing coincidence that Bernie Ecclestone donated £1 million to Labour within days of getting an exemption to the ban on advertising cigarettes.

It’s tempting to say you (the various parties) are all at it, and frankly,from the point of view of the ordinary voter, it looks as though you are.

Fetler – No, it is no just Tory donors – it is everyone! It’s legal, it’s fine, it’s been going on for hundreds of years – it does not make for the end of the world. It’s a bet – pure and simple and traders often get it wrong – but that’s not so exciting a story is it?

And Tom, really – let’s trade donors names Mittal, Ecclestone – mean anything to you? Pretty sure those guys have donated a little more than £300k to your party and I’ll eat my hat if they haven’t (via proxy’s or otherwise) been making a lot of money recently – doing entirely legitimate things! If you think short selling is so bad where’s your private members Bill to outlaw it?

Tom, Labour need to get to grips with the fact that we exist in a ‘Market’ economy; not a ‘Moral’ economy.

The market economy punishes those who make stupid mistakes. It punished Barclay for making themselves a near proxy of Arab investors who scooped then up at a very low price because of their managements pride.

You should also remember that these people are actually making money for the British investors by buying these positions from predominantly foreign investment institutions. Is it not better for us to profit than someone else?

In addition would you not be mighty peeved if someone took your million pounds and failed to deliver you as much back as possible intentionally?

If I had a million quid I would be shorting pound positions against the Hong Kong dollar for the next few weeks. It’s a bit of a no brainer.

Tom
I am talking about the latest poll results you had on the right hand side of your front page not your piece.

Tom I’m dissapointed with you. Only a tabloid journalist or a Labour politician could fail to understand the point of short selling, or pretend there is a problem with it.

John very funny mate! Try reading up a bit on stuff before posting and making yourself look like a labour voter.

The main outcome of short selling is that poorly run companies with over priced stock are punished. There’s nothing wrong with short selling, unless it’s done in concert with criminal / dubious activities. As in the hypothetical example of where an insider (someone at the treasury) would leak market sensitive information to a friendly journalist (say, someone at the bbc), who would then go on to broadcast said information; thereby creating a false market in a large retail bank, for example…

As a result, fear and uncertainty reign, leading to a loss of confidence, allowing short sellers to profit earlier and bigger than they otherwise would have.

I don’t think we need lectures on the evils of market manipulation from the labour party.

Is there something wrong with making a profit by taking a risk? Is there something wrong with making a donation to a political party?

The only thing that should surprise a Labour MP is that they didn’t demand a peerage for their cash. Had they donated to Labour a few years’ back, Princess Tony would have divvied up the ermine, which would be, as recent events have shown, a nice little earner in its own right.

It would be wiser for Tom Harris to comment on Labour’s many successes, rather than try to attack the Tories on these grounds. Just think, he could then talk about, er, err, errrr…..

“It would be wiser for Tom Harris to comment on Labour’s many successes, rather than try to attack the Tories on these grounds. Just think, he could then talk about, er, err, errrr…..”

Oh come on Vincent, you’re being far too harsh; after all, the M4 bus lane was completed on time and on budget.

I am not sure David Cameron can be held personally responsible for the actions of party supporters. After all, I wonder how many Labour Party members (and other of course) are in jail, is that Gordon Browns fault? I don’t think so.

…and, if the Labour Peers have been naughty and so far, they remain innocent until proven guilty, then would that be Gordon Brown’s fault? No, it may embarrass him, but he can’t be held responsible for their alleged actions.

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