Thursday, December 10, 2009

Fidelity Fund Managers Fund Tories Armoury (with union member’s money)

Tom P the mild mannered scourge of Tory funding maestros Fidelity has found out that the company has donated another £125,000 to their puppets in the Conservative Party.

This is just plain wrong on a number of levels. Not least did Fidelity disclose being a (or the?) major corporate funding of the Conservative Party when they won the investment mandate for Tory controlled North York’s LGPS fund last year? Fidelity are employed as fund managers by a number of Council pension funds. The profits from Unison members pensions are being used to pour money into the Party pockets of Cameron and Osborne?

Tom also exposes the public PLC Investment Trust Cameron (sorry Caledonia) that is a long standing Tory funder which is now part owned by the state (via our nationalised banks) who last year funded individual Tory CLP’s with our money. Local Tory parties in Ealing Central and Acton got £3,000 while Milton Keynes, Sutton and Cheam got £5,000.

Great picture from Truth, Reason and Liberty


Mike Law said...

Are you saying that the money flow straight from Unison Members' pockets to the Conservatives? Or is that the Company make a donation from the fees they charge the Union for investing its money?

Easy answer is that Unison lobby Local Authorities to find a different fund manager.

Did you make the same fuss when it was made clear that the Labour Party Pension fund held over 34,000 shares in BAE systems? What about Labour donations from Raytheon Systems Limited, the world's largest missile makers; Bergmans, a lobbying company representing Lockheed Martin, Thales, Boeing, and GKN; BAE Systems representative Bell Pottinger; and military trade association the UK Defence Forum?

Anonymous said...

it's frankly a distraction...Labour worry about a few millions off Unions funds - who cares - don't you appreciate that by 2014 the nation will owe 1.5 trillion pounds? Norman Lamb, the Liberal Democrat MP, once calculated that one trillion pounds in £10 notes, placed end to end, would stretch to the moon and back 18 times over.
I'm more concerned about all our money in taxes that this Government have squandered. What was it you were always claiming..Ohe yes " britain's most successful post war chancellor" - havn't heard that for a while.

John Gray said...

Hi Mike
It is companies using their profits from providing union members with services without declaring it or proper governance that is the big problem! UNISON members I think don’t pay into funds that directly profit those other companies?
What is wrong with the Labour Party pension fund holding shares in BAE? I’ve no doubt that the trustees are as inactive with regards to governance as most pension funds. My brother-in-law use to work for them on the shop floor until recently and my Dad use to be an aircraft sparkie (and assistant union branch secretary) in one of their founder companies?
Hi anon
Don't be silly now. National debt in 1950 was 3 times as high as this year’s outcome. We are in a difficult place but the fault is with neo-liberal "free markets" not Gordon Brown. We will have to have a more collective and regulatory regime to protect us from such market failure and fraud in the future.