In contrast, Mandelson’s tip-off over Brown’s resignation seems to have been sent during market trading hours, meaning it could have been easier for someone with inside information to trade on sterling, government bonds or stocks on the FTSE 100. However, “there’s the risk that the market might not interpret the move in the same way as you did”, Beauchamp noted.
Any reaction is not some objective truth, it’s what everyone thinks about it.
On the day of Mandelson’s apparent tip-off to Epstein, the pound rose by more than two cents to $1.505, before losing all its gains as Brown’s resignation – and his plan for Labour to hold coalition talks with Clegg’s Liberal Democrats – sent shock waves through Westminster. Sterling would gain back a cent a day later, as the Lib Dems struck a deal with the Tories, handing the keys of No 10 to the Conservative leader, David Cameron.
However good your information that was not, shall we say, wholly predictable.
Wouldn’t be a convincing defence though, would it?
Defence to what?
I hope it goes without saying that I despise Mandelson, but what’s the allegation here?
I don’t think it is illegal to pass on information of this type, inside or outside trading hours, and nor do I think it should be.
There are pretty strict rules about it.
I’m pretty convinced that those rules cover material nonpublic information about a company that is traded, not governments.
There are rules about telling your mate that you know that Gordon Brown is about to step down? Utter bollocks.
Insider trading rules *exclude* trading on your own information so Mandy trading on telling GB to resign wouldn’t be covered – but Epstein trading on knowing Mandy had told GB to resign would be covered.
It’s a bit late to charge Epstein with insider trading (if he had done so for which NIL evidence has been provided).
I have zero sympathy for hereditary Socialist leaders like Mandelson and Kim Jong-Il but I do care about the truth
Epstein trading, maybe. Good luck prosecuting him.
I repeat: There are rules about telling your mate that you know that Gordon Brown is about to step down? Utter bollocks.
Interested said:
The copper who bet on the 2024 General Election date was charged with misconduct in public office. I should think that would do for Mandelson too.
(most of the others involved were charged with Gambling Act offences, which presumably wouldn’t apply to Mandelson)