News and Document archive source
copyrighted material disclaimer at bottom of page

NewsMinecabal-elitefamiliesrothschilds — Viewing Item


Lord wakeham rothschild stooge { January 30 2002 }

Original Source Link: (May no longer be active)
   http://media.guardian.co.uk/presspublishing/comment/0,7495,642431,00.html

http://media.guardian.co.uk/presspublishing/comment/0,7495,642431,00.html

Master fixer who ended up in a fix

Critics have wondered how former Tory minister Lord Wakeham, no stranger to controversy, found time for all his business activities

Andrew Clark and David Hencke
Wednesday January 30, 2002
The Guardian

During his 20-year parliamentary career, Lord Wakeham became known as "minister for banana skins" for his sure-footed handling of potentially tricky issues.

Nicknamed "the chief", his reputation was as a "fixer par excellence" who acted behind the scenes providing invaluable advice to the prime minister. When he was chief whip he kept tabs on backbenchers and let those at the top know exactly what was going on.

Lord Wakeham's contacts with Enron began when he was appointed energy secretary by Margaret Thatcher in 1989 with the task of privatising the electricity industry.

An accomplished accountant, the minister had both to deliver a complex privatisation programme and create an electricity energy market from scratch. At the time, the biggest private energy market was in the US, and Enron was seen as being at the cutting edge of exploiting it.

Lord Wakeham oversaw the first contracts for Britain's gas-fired power stations - to British Nuclear Fuels and Enron. Enron won the contract for a large power station in Teesside, which would include providing energy for the ICI complex there.

In 1994, months after Lord Wakeham quit as leader of the House of Lords and two years after leaving the energy brief, he became a non-executive director of Enron.

At the time, his 80,000-a-year job raised few eyebrows - it was part of a long tradition of retired ministers putting their departmental expertise to lucrative use in the private sector.

Keen to fill the rest of his diary, Lord Wakeham cast his net wider in his search for lucrative roles. In January 1995, his business career caused angry protests in the Commons when MPs discovered that he had become a director of the merchant bank NM Rothschild.

NM Rothschild had advised regional electricity companies while Lord Wakeham was privatising them as a member of the government. The merchant bank had already signed up Lord Lawson, former chancellor, as a non-executive director. Gordon Brown, then shadow chancellor, wrote to the parliamentary standards commissioner, Lord Nolan, complaining: "The cabinet room is becoming a recruiting ground for the boards of privatised companies."

It later emerged that Lord Wakeham had awarded a contract to NM Rothschild to advise the government on coal privatisation.

More recently, NM Rothschild has taken the former minister into equally controversial waters. The bank advised the government on privatisation of Railtrack, and now faces lawsuits from shareholders, who claim the prospectus for flotation was misleading.

Lord Wakeham also sits on the advisory board of LEK Consulting, a management consultancy which is working with the German bank WestLB on Swiftrail, a project to buy Railtrack out of administration.

Critics have frequently asked how Lord Wakeham could devote sufficient time to all his business interests. At one point, he had a dozen different directorships.

Among his responsibilities is chairing the board of Vosper Thorneycroft, the shipbuilder. This appointment followed a familiar pattern - one of his first government jobs in the early 1980s was as a parliamentary under-secretary of state at the Department of Trade, then responsible for shipbuilding.

While Vosper has prospered over the last year, with its shares surging by more than 50%, Lord Wakeham's other substantial quoted company, the recruitment firm Michael Page, has had a terrible time. After floating last March with a market value of 650m, the company issued two profit warnings in quick succession. Michael Page's market value fell as low as 375m, infuriating investors.

Lord Wakeham, his wife Angela and another relative, Jonathan Wakeham, own a family company, Genner Holdings, a provider of "consultancy and management services".

According to filings at Companies House, Genner Holdings had investments of 1.3m in 2001. As directors, the three Wakehams drew a combined salary of 218,800 and received dividends of 140,000.

Man in demand

Director of Enron since 1994, drawing an annual salary of 80,000

Director of the merchant bank NM Rothschild, which is among the City's biggest financial advisers and deal-makers

Chairman of the press complaints commission

Chairman of recruitment company Michael Page, which specialises in filling jobs in accountancy, finance and law

Chairman since 1995 of Vosper Thorneycroft, one of Britain's biggest military shipbuilders

Director of the Bristol & West building society

Member of the advisory board of LEK, an international management consultancy

Director of Kalon, a paint company owned by the French group TotalFinaElf

Director of Genner Holdings, the Wakeham family's investment company

Director of the Carlton Club, recently boycotted by Tory leader Iain Duncan Smith for its refusal to grant full membership to women

Director of Cothill House, a preparatory school in Oxfordshire

Chairman of Alexander Rose Day, a charity which organises an annual nationwide flag day for good causes




Argentina rothschild bailout 1890s
Arnold meets jacob rothschild { September 24 2002 }
Banker sets sights on left wing newspaper
Buffet arnold rothschild [jpg]
Businessman sues lord rothschild breach of contract
Central banker sir eddie { October 17 2003 }
Citibank investment banker hired germany { September 26 2003 }
Diamond trader hires rothschilds
Firefighters save rothschild country home
Glad rothschilds giving up gold { September 11 2001 }
Global warming menaces california wine industry
Goldman rothschild advise hongkong airport { August 28 2003 }
Hitler stalin rothschilds
Jacob and nat rothschild deutsche borse takeover
Lord wakeham rothschild stooge { January 30 2002 }
Mikhail khodorkovsky gives shares to rothschild
Nathan rothschild built india infrastructure { February 17 2004 }
Nazis looted rothschild art { April 12 1999 }
New york rothschild office hures banker for lazard
Nm rothschild merge french counterpart
Raiders steal millions rothschild gold
Restoring pavilion profitable
Reuniting under parisian baron david de rothschild { August 11 2003 }
Rothchilds recruit Rohatyn from comcast disney deal { October 13 2004 }
Rothschild advisor on mineral project
Rothschild and murdoch son team up bskyb { November 3 2003 }
Rothschild banking dynasty
Rothschild buys stake in chinese bank { August 15 2007 }
Rothschild consult india power company
Rothschild family unifies holdings { July 18 2007 }
Rothschild family unites french english branches
Rothschild fix gold price { June 9 2003 }
Rothschild israel [jpg]
Rothschild launches oil trading business { September 24 2003 }
Rothschild role in columbus state university { May 21 2004 }
Rothschild sets time for dpc buyer
Rothschild urges uk utility to partner in australia { January 22 2004 }
Rothschilds african banker mineral rights { February 1 2004 }
Rothschilds balfour declaration { November 2 1917 }
Rothschilds bankrolled europe { July 9 1999 }
Rothschilds buy into russia
Rothschilds dynasty { January 28 1998 }
Rothschilds gave gold to wellington army end napoleonic wars { April 15 2004 }
Rothschilds hiring agent
Rothschilds house architect
Rothschilds meet wine families twice a year { June 9 2004 }
Rothschilds replace american bank heads { July 2007 }
Rothschilds russian oil 1900 royal dutch shell { March 5 2004 }
Rothschilds story secretive dynasty
Rothschilds take wineries on west coast { May 18 2004 }
Rothschilds to repel sanofi hostile takeo { January 24 2004 }
Rothschilds wakeham enron
Rothschilds wealthy dynasties matrimony { July 22 2003 }
Rothshchild largest private bank does gold tour
Russian oil tycoon passes oil rothschild before arrest
Schwarzenegger flanked by buffet and rothschild
Suez canal rothschilds bank { July 20 2003 }
Tote hire rothschild for selloff advice
Uk rothschild group 200 years old
Vegetarian bush niece rothschilds
Vote machines rothschilds
Wedding unites rothschilds goldsmiths

Files Listed: 62



Correction/submissions

CIA FOIA Archive

National Security
Archives
Support one-state solution for Israel and Palestine Tea Party bumper stickers JFK for Dummies, The Assassination made simple