Mandelson's Post-Election Job Hunt: Emails Reveal Epstein's Role in BP and Glencore Pursuits
Newly disclosed emails from the extensive Jeffrey Epstein files have shed light on Peter Mandelson's determined efforts to secure highly paid corporate positions immediately following Labour's 2010 general election defeat. The correspondence, released by the US Department of Justice, reveals how the convicted sex offender Jeffrey Epstein actively mentored the former cabinet minister in his pursuit of lucrative roles at global giants BP and Glencore.
Immediate Post-Election Job Search
The email trail indicates that Mandelson's serious job hunting began remarkably quickly after Labour lost power. On 22 May 2010, just eleven days after the election result, Mandelson was already writing to Epstein about his scheduled meeting with Ivan Glasenberg, the billionaire chief executive of Glencore. This timing underscores the rapid transition from government minister to corporate job seeker that has become increasingly common among departing politicians.
In his communication, Mandelson highlighted Glasenberg's significant stake in another mining company, Xstrata, suggesting it might be seeking a chairman. He attributed this potential opportunity to his friend, financier Nat Rothschild, who had connections within the mining industry. Sources close to Rothschild confirmed he discussed the role with multiple individuals, potentially including Mandelson.
Glencore: The Primary Target
The emails reveal that Glencore represented Mandelson's primary focus, particularly as the company prepared for its massive stock market floatation in 2011. This flotation, which would eventually value the company at approximately $60 billion, was expected to generate enormous financial rewards for directors and investors, earning Glencore the nickname "billionaire factory."
In July 2010, Mandelson pitched himself directly to Glasenberg in a detailed cover letter, describing himself as an "experienced pair of hands" who could provide significant value ahead of the planned float. He specifically highlighted his political knowledge and government experience as assets that could help Glencore navigate increasing regulatory scrutiny and government attention.
Mandelson wrote: "In the coming decade and beyond, business is going to have to face a lot more government attention and interference." He particularly emphasized the risks facing companies with substantial environmental and political impacts, areas where Glencore would indeed face significant scrutiny regarding its tax affairs, environmental record, and community relationships in remote mining regions.
BP Crisis Management Role Considered
While Glencore remained the priority, the emails show Mandelson and Epstein also explored opportunities at BP, which was then grappling with the catastrophic Deepwater Horizon oil spill in the Gulf of Mexico. Epstein suggested Mandelson could position himself to take charge of managing the crisis, to which Mandelson responded seeking clarification about whether this would involve a "fireman role as highly paid adviser."
This exchange reveals how corporate crises create opportunities for former politicians to leverage their government experience and connections for substantial financial gain. The BP disaster represented exactly the kind of reputational and regulatory challenge where Mandelson believed his background could prove valuable.
Strategic Negotiation Tactics
The correspondence reveals sophisticated negotiation strategies employed by Epstein on Mandelson's behalf. When discussing a separate job offer from Deutsche Bank in June 2010, Epstein advised that "we can leverage against Glencore," suggesting they use competing offers to strengthen Mandelson's position.
The following day, Epstein elaborated on this strategy, suggesting Mandelson inform Rothschild about the Deutsche Bank offer so he could relay this information to Glencore, creating pressure through the appearance of competing opportunities.
Outcome and Aftermath
Despite these efforts, Mandelson ultimately did not secure the Glencore chairmanship. Glasenberg responded promptly to Mandelson's July pitch, indicating he would discuss the possibility of Mandelson joining as chairman during partner meetings about the floatation. However, by April 2011, Mandelson reported "No word" when Epstein inquired about progress, and Simon Murray was subsequently announced as chair.
Sources familiar with the selection process indicated Mandelson was never seriously in contention for the chair role during the flotation. Nevertheless, he did secure a position for his company, Global Counsel, to provide strategic advice to Glencore. This followed a pattern established by his former boss Tony Blair, who earned substantial fees from Glencore for brief consultancy work.
The released emails provide unprecedented insight into the lucrative opportunities available to departing ministers and the sophisticated networks that facilitate their transition to corporate roles. They also raise questions about the appropriate boundaries between public service and private sector employment, particularly when former ministers leverage government experience for personal financial gain.
The Guardian has approached Mandelson for comment regarding these revelations. Both Glencore and BP have declined to comment on the email disclosures.
