Corrupt Money Launderers HSBC bankrolled David Cameron and George Osborne’s trip to the World Economic Forum in Davos in 2009, it has emerged.
The controversial lender lent the gaffe-prone billionaire bookie and former Tory Treasurer Michael Spencer £200 million pounds just a day before the massive Iceland Crisis that wiped billions of pounds off the balance sheets of many UK Local Authorities.
Many of these cash strapped Local Authorities had invested in Iceland because of advice given to them by one of Michael Spencer’s firms — Butlers.
Shortly after getting a £200million bailout from HSBC and narrowly avoiding bankruptcy because of the Iceland debacle (unlike his local authority clients), Spencer donated a million pounds to the Tory party.
It was around this time that Spencer’s holding company IPGL paid for Cameron and Osborne to fly to Davos by private jet.
This revelation is all the more galling given that Cameron and Osborne are known to have shaped regulation to favour HSBC and Spencer’s ICAP and torpedoed investigations into both firms both in the UK and the USA.
Some anti-corruption researchers and campaigners raised this issue with the HSBC board at the Bank’s Annual General Meeting (AGM) in London on Friday but were sidelined.
The Canary have run a piece on the scandal which has received zero pick-up in the mainstream press.
For more info on Spencer read this article by the excellent I am Incorrigible :
On Wednesday it was revealed that former Tory treasurer Michael Spencer’s financial broking company, ICAP, had been fined £55m for fixing the LIBOR market. Spencer, who owns 17% of the compan…