Mandelson Emails Reveal Epstein Bonus Policy Lobbying After Husband's Payment
Newly disclosed correspondence from the US Department of Justice has unveiled striking details about the relationship between former UK business secretary Peter Mandelson and the convicted sex trafficker Jeffrey Epstein. The emails, released on Friday, show Mandelson actively working to alter government policy on bankers' bonuses at Epstein's request, just months after the financier had transferred thousands of pounds to Mandelson's husband.
Financial Transaction Precedes Policy Discussions
The documents reveal a September 2009 exchange between Epstein and Reinaldo Avila da Silva, who married Lord Mandelson in 2023. Da Silva requested £10,000 from Epstein to fund an osteopathy course and other expenses, to which Epstein promptly responded: "I will wire your loan amount immediate'y". Days later, da Silva confirmed the money had arrived in his account. This transaction occurred shortly after Epstein's release from prison in July 2009, where he had pleaded guilty to trafficking a minor.
Bonus Tax Policy Intervention
In December 2009, with the UK still reeling from the financial crisis and subsequent bank bailouts, Chancellor Alistair Darling announced a controversial 50% "super tax" on bankers' bonuses. This measure aimed to prevent excessive payouts funded by taxpayer rescues. Just six days later, on 15 December, Epstein contacted Mandelson about potentially modifying this policy.
Epstein's email asked: "any real chance of making the tax only on the cash portion of the bankers bonus". Mandelson, then serving as business secretary in Gordon Brown's Labour government, replied: "Trying hard to amend as I explained to Jes last night. Treasury digging in but I am on case." Epstein responded requesting updates before sharing with "Jes", likely referring to Jes Staley, then head of JP Morgan's investment bank and a close Epstein associate.
Broader Relationship Revealed
The bonus tax discussion forms part of extensive email correspondence that illustrates the depth and duration of the Mandelson-Epstein connection. Dozens of exchanges show:
- Regular communication about their locations and in-person meeting arrangements
- Discussions about Mandelson's career prospects following Labour's 2010 election defeat
- Light-hearted commentary about media coverage of Mandelson
In one notable exchange, Epstein sent Mandelson a Guardian article proposing him as a potential International Monetary Fund leader, despite his lack of central banking experience. Epstein remarked he hoped the reporter "you encouraged to write this" was "cute", to which Mandelson clarified the Treasury had prompted the article.
Political Context and Aftermath
The emails also touch on broader political matters, with Epstein commenting on Gordon Brown's election prospects: "gb needs help in may , not another enemy". Mandelson responded with concern about potential early political damage: "Or a car crash any earlier".
These revelations emerge following Mandelson's dismissal as British ambassador to Washington last year. The correspondence raises significant questions about the intersection of personal financial relationships and political influence during a period of intense public scrutiny over banking practices.
Lord Mandelson, Jes Staley, and the Treasury have all been approached for comment regarding these newly public communications, which provide unprecedented insight into the connections between political figures and the disgraced financier during a critical period in UK economic policy.
