Mandelson Turned to Epstein for Corporate Career Advice After Labour's Electoral Collapse
Newly released documents from the US Department of Justice have revealed the extent of Peter Mandelson's pursuit of lucrative corporate positions following Labour's 2010 general election defeat. The former cabinet minister began seeking guidance from the convicted sex offender Jeffrey Epstein within days of leaving government, with emails showing a determined effort to secure highly paid roles at major global corporations.
The Glencore Ambition: A "Billionaire Factory" Opportunity
The correspondence, part of three million pages of Epstein files released by American authorities, demonstrates Mandelson's particular focus on landing a senior position at Glencore. The global mining giant was preparing for what would become a $60 billion stock market flotation in 2011, an event that would create enormous wealth for its executives and investors.
Mandelson positioned himself as someone who could help the company navigate increasing government scrutiny and regulatory challenges. In a typo-ridden email to Glencore's billionaire chief executive Ivan Glasenberg in July 2010, he presented himself as an "experienced pair of hands" who could provide valuable political insight.
"In the coming decade and beyond, business is going to have to face a lot more government attention and interference," Mandelson warned, specifically highlighting risks for companies with significant environmental and political impact. He offered to help Glencore manage these challenges as it prepared for its landmark public listing.
The BP "Fireman" Role: Crisis Management Opportunity
While Glencore remained the primary target, the emails reveal Mandelson and Epstein also discussed potential opportunities at BP during the Deepwater Horizon disaster. As oil continued to gush into the Gulf of Mexico following the catastrophic rig explosion, Epstein suggested Mandelson could offer to "be in charge of this crisis, in all aspects."
Mandelson responded by seeking clarification about whether this would involve a "fireman role as highly paid adviser." The exchange demonstrates how political figures can potentially monetise their experience during corporate crises, though there's no evidence Mandelson ultimately secured such a position with the oil giant.
The Job Hunt Begins: Immediate Post-Election Moves
The documents indicate Mandelson's corporate job search began remarkably quickly after Labour's electoral defeat. On 22 May 2010, just eleven days after the party lost power, he emailed Epstein about an upcoming meeting with Glasenberg. He highlighted the Glencore CEO's significant stake in mining company Xstrata, suggesting it "may be looking [for] a chairman."
Mandelson attributed this opportunity to his friend, financier Nat Rothschild, describing it as "Nat['s] idea." Rothschild, who had investments in the mining sector and knew Glasenberg, reportedly discussed the potential role with multiple contacts, possibly including Mandelson.
Strategic Positioning and Leverage Tactics
The emails reveal sophisticated job-seeking strategies. When Mandelson received an offer from Deutsche Bank in June 2010, Epstein advised they could "leverage against Glencore," suggesting they use competing offers to strengthen his negotiating position.
The following day, Epstein proposed getting Rothschild to inform Glencore about Mandelson's other opportunities, writing: "My suggestion is for you to tell Nat, so that he can tell Glencore." This approach reflects how well-connected individuals can use their networks to create competitive situations for corporate roles.
Ultimate Outcome and Continuing Connections
Despite Mandelson's persistent efforts, he never secured the Glencore chairmanship. In April 2011, when Epstein asked for an update, Mandelson simply responded: "No word." Days later, former French foreign legionnaire Simon Murray was announced as chair.
Sources familiar with the selection process indicated Mandelson was never seriously considered for the position during the flotation. However, he did eventually establish a relationship with the company through his advisory firm, Global Counsel, which provided strategic advice to Glencore.
This placed Mandelson alongside his former boss Tony Blair, who had previously earned substantial fees from Glencore. Blair reportedly received more than £250,000 in 2012 for helping negotiate a settlement between Glencore and the Qatari state to secure a £45 billion merger with Xstrata.
Broader Implications for Political-Business Relationships
The released correspondence provides a rare window into the immediate post-government career planning of senior political figures. It highlights the potential conflicts of interest and ethical questions surrounding the "revolving door" between high-level politics and lucrative corporate positions.
Mandelson, who once famously declared he was "intensely relaxed about people getting filthy rich," exemplifies how former ministers can leverage their political experience and connections for substantial financial gain in the private sector.
The Guardian has approached Mandelson for comment on these revelations, while both Glencore and BP have declined to comment on the email exchanges and the job discussions they reveal.
