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From:
Jennie Enterprise
Sent:
Wednesday, January 28, 2015 1:24 PM
To:
Jeffrey Epstein
Subject:
interesting news....
do u have 5 minutes ? love u
CORE: Jennie Enterprise I
@dandjenterprise I Founder & Chairman I 66 East 55th Street New York NY=10022 I Main:
I www.coreaccess.net
chttp://www.coreaccess.netk
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From:
Peter Mendelson
Sent:
Sunday, August 12, 2012 8:18 AM
To:
Jeffrey Epstein
Subject:
FW: CityUk and the future of the UK finance sector
Below is s=mething I have sent to the incoming chairman of CityUK at his request and =hich is useful for you to read. It
reflects my view of what every bank CEO needs to focus on.
Peter<=span>
From: Peter Mandelson
Date: Sun, 5 Aug 2012 22:50:04 +=0100
To:'Gerry Grimstone
Cc: Benjamin Wegg-Prosse
, Geoffrey Norris
Subject: CityUk and the future of t=e UK finance sector
Dear Gerry
Stephen Adams
It was go=d to see you on Friday. It hardly needs saying that you are taking over th= chairmanship of CityUK at a difficult
but crucial time for the sector given the huge political and public pressu=es, the new regulatory demands and the
changes in governance and business =odels required to recover from the mistakes of the past. You suggested we =ight
offer some preliminary thoughts on the nature of the challenge and we are happy to do so as we all realise=the vital
need to secure the UK financial sector and London's pre-eminence=
The basic problem is self-evident. T=e LIBOR-rigging scandal has set back whatever incremental gains the bankin= sector
had made over the last three years in re-establishing public trust and political patronage. It has ceme=ted a perception
of investment banking, and securities trading in particul=r, as inherently risky and culturally unacceptable. The PPI and
interest r=te swap mis-selling problems compound the perception of an industry whose view of its customers and cli=nts
needs fundamental reshaping. Although these are not new problems in fi=ancial services, in the public mind they are
indelibly associated with 200= and the banking sector's culpability for the current economic crisis. If anything, European
continental feeling= are even stronger and this will be reflected in fresh regulatory pressure= from Brussels, whatever
the conflicting interests apparent in Paris and B=rlin.
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For understandable reasons the recto= has had difficulty since 2008 with the notion of collective responsibilit= for
conduct before the banking crisis. There is a palpable impatience at all levels of the industry with continue= public
antagonism and criticism. Yet the political and public desire for =ccountability is instinctive and strong, and is being
actively reinforced =y competing electoral trends and strategies. This is of course why the subject of pay is so
combustible.
Sectoral leaders who are not sensiti=e to this, or who try to suggest that problems are isolated to a few uneth=cal
individuals or failed institutions, are likely to trip up, not least because the steady flow of the Tyrie Comm=ssion's work
and LIBOR-related sanctions and prosecutions will send the =pposite signal. It will fall in part to CityU= to bring home
this reality to its members and to lead with a strategy tha= balances a clear defence of the sector's value with a realistic
underst=nding of just how far its credibility has been damaged. This is a difficult path to tread.
Nonetheless, if CityUK does not navi=ate this course and insist on the positive value of the sector to the UK e=onomy,
few others will. One of the problems is finding articulate and courageous exponents from amongst banking's lead=rs
who are prepared to speak up in a balanced and persuasive way. The trad=tional trade association approach of pointing
to jobs created and taxes pa=d risks looking irrelevant if it does not register a debate that is shifting onto the ground of
culture and=ethics. The questions put implicitly to the sector will increasingly focus=on what these jobs involve, how
their profits are made and in what spirit the taxes are paid.<=o:p>
One of the temptations of banks is l=kely to be to throw money at high profile CSR work, which risks being sing=larly
counterproductive in dealing with a critique of their business models. For managers accustomed to being meas=red by
returns on equity, these more qualitative benchmarks may be difficu=t. It seems to us that part of C=tyUK's work is in
challenging the way its members approach this changed =andscape.
One of the marked tendencies of City=K's membership has always been to try to outsource the sector's image =o the
organisation. Although visible CityUK leaders are vital, CityUK should chiefly be a facilitator for bringing sta=eholders and