BREAKING: How HSBC’s ‘dark money’ could have bought the Conservatives the 2010 general election

”The Canary can exclusively reveal a fresh election expenses scandal involving the Conservative Party. It’s one that goes to the heart of David Cameron’s 2010 election campaign, as well as the EU referendum. One senior Labour MP has told The Canary it needs investigating for “potential criminal behaviour” by the Conservatives.

A former Conservative Party Treasurer

Lord Michael Spencer (left) and Stanley Fink , the new Tory treasurer Photo: PAUL GROVER

The story centres around a private investment firm called IPGL, run by former Conservative Party Treasurer Michael Spencer. In October 2008, HSBC made [pdf] a £214.2m loan to IPGL. At the time, IPGL was in financial difficulties, with one of its subsidiary companies (a betting firm called City Index) reporting [paywall] £43m losses. Spencer had to put in £70m of his personal £1bn fortune to bail out the failing company.

Millions in donations

But despite these losses, from 2007 to 2011 IPGL was donating between £500,000 and £1.1m a year to the Tories [pdf p4]. And it specifically gave [pdf p6] £1.03m to the Conservatives’ 2010 election campaign. Including £18,706 directly to Cameron, which paid [pdf p60] for him, George Osborne and four unnamed others to fly by private jet to the World Economic Forum in Davos, Switzerland. Months before the 2010 general election. The Guardian also named Spencer in Cameron’s “cash-for-access” scandal, as he attended private dinners with the former PM at Number 10.

Spencer had gone on the record to state that he would ensure enough election funding for the Tories to “blow [Labour] out of the water”. The party reportedly needed £40m for the election campaign. Spencer had also co-founded the Conservative Party Foundation, a group with the specific aim of “underpinning” the party’s finances.” https://www.thecanary.co/2017/04/28/breaking-dark-money-hsbc-conservatives-2010-election/

GW:  So the ToriCons ”bought” the 2010 Election.

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