Tories Have Become Just A Bunch Of Carpetbaggers

You can tell the nature of the Tory party by the company it keeps

Will Hutton

What is striking about the invitation lists for both the Billingsgate and Hurlingham events is who is not on them. Mainstream business and finance were conspicuous by their absence. The big money guests are people from the darker side of global capitalism, using the leverage available in the shadow banking system over the last two decades to make fortunes in property and private equity.

I could spot no great innovators or business builders. They are almost entirely populated by the new seekers of risk-free profit, congratulating themselves on their entrepreneurial acumen when in truth their skill has been to borrow aggressively as private or family-owned companies at a time of rising asset prices away from the prying eyes of public shareholders or regulators. And then to use the many unregulated and untaxed gaps in the new global economy to hide the financial results from the authorities.

Too many for my taste have toppled over the edge and are embroiled in battles with varying authorities in their former homelands for alleged fraud or tax evasion. Small wonder Central Office was so reluctant to confirm the guest lists.

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