Peter Mandelson told Jeffrey Epstein he was “trying hard” to change government policy on bankers’ bonuses at his request, months after the convicted sex trafficker had paid thousands of pounds to the then UK business secretary’s husband.
Emails released by the US Department of Justice (DoJ) on Friday shed new light on the closeness of the relationship between the disgraced financier and Lord Mandelson, who was sacked as British ambassador to Washington last year.
The documents include correspondence in September 2009 between Epstein and Lord Mandelson‘s husband, Reinaldo Avila da Silva, who asked the financier to pay him £10,000 to fund an osteopathy course and other expenses.
Epstein responds “I will wire your loan amount immediate’y” [sic].
Epstein files – latest updates
A few days later, Mr da Silva, who married Lord Mandelson in 2023, replied “thank you for the money which arrived in my account this morning”.
Epstein was released from prison in July 2009, having pleaded guilty to trafficking a minor.
In separate emails, exchanged in December 2009, Lord Mandelson, then business secretary in Gordon Brown’s government, appears to agree to try to change government policy on taxing bankers’ bonuses.
Coming just 18 months after the great financial crash and subsequent state rescue of banks, the subject was highly contentious.
On 9 December 2009, the then chancellor Alistair Darling announced a 50% “super tax” on bonuses, intended to prevent pay being inflated by taxpayer-funded bailouts.
In an email exchange on 15 December, in which email addresses are redacted, Epstein asked Mandelson if the policy could be changed.
“any [sic] real chance of making the tax only on the cash portion of the bankers bonus,” he wrote.
Lord Mandelson replied: “Trying hard to amend as I explained to Jes last night. Treasury digging in but I am on case.”
Epstein responds: “let me know before jes please,,”.
“Ok. They are not being helpful…” is the reply.
“they jpm. or they treasury,” asks Epstein.
“Treasury” Mandelson replied.
“Jes” may be a reference to Jes Staley, the former chief executive of Barclays, who in 2009 was head of JP Morgan’s investment bank and a close associate of Epstein’s.
He resigned from Barclays in 2020 after the Financial Conduct Authority launched an investigation into his conduct and the transparency of his disclosures about his relationship with Epstein.
Emails discuss career prospects and media coverage
Epstein and Lord Mandelson go on to discuss the then prime minister Gordon Brown’s prospects at the election due the following May.
“gb [sic] needs help in may , not another enemy,” writes Epstein.
“Or a car crash any earlier,” writes Mandelson.
The email chain is one of dozens between Epstein and Mandelson that reveal the closeness and length of the relationship.
Other exchanges released by the DoJ show the pair sharing regular messages about their whereabouts, making arrangements to meet in person, discussing Lord Mandelson’s career options following Labour’s 2010 election defeat, and joking about media coverage.
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In one, Lord Mandelson asks Epstein’s view of his joining the Facebook board.
In another, Epstein sent a link to a Guardian article that proposed Lord Mandelson as a candidate to lead the International Monetary Fund, despite his having no central banking experience.
Epstein writes that he hopes the reporter “you encouraged to write this” is “cute”.
“As it happens, I didn’t. The Treasury did.” replies Lord Mandelson.
Lord Mandelson, Jes Staley and the Treasury have been approached for comment.
