The biggest problem for a politician comes not when people merely dislike or disapprove of them. The biggest problem, as David Cameron’s lobbying scandal has confirmed, comes when the public sees through them.
His is a murky affair. After leaving office earlier than expected, Cameron scooped up a number of lucrative jobs. As well as accepting a role in a new $1 billion Chinese investment fund, he was signed up in 2018 by Greensill Capital. The finance firm was run by the Australian financier Lex Greensill, who had worked for Cameron during the time he was at No 10.
Last year, according to the Sunday Times investigation, Cameron attempted to lobby members of the current government to give Greensill access to state-backed pandemic loans. This included texting the Chancellor of the Exchequer, Rishi Sunak, arranging a private drink with Greensill and Health Secretary Matt Hancock to discuss a new payment scheme, and contacting a number of ministers at the Treasury about Greensill’s business.
Cameron’s lobbying was a spectacular failure: Sunak and others remained unmoved by Cameron’s pleas; Greensill was denied the government-backed loans and the company ultimately collapsed. The whole sorry saga appeared to be another demonstration of the former prime minister’s negotiation skills.
It is hard not to conclude that, while the fall-out of Greensill’s collapse will no doubt affect thousands of investors, Cameron is the biggest loser. For although it seems he neglected to inform his former colleagues, Cameron held significant share options in Greensill. And he reportedly boasted to friends that he stood to gain up to $60 million from his share-options, a figure he has since disputed.
But whatever the rough number, it seems Cameron expected to become very rich off the back of his involvement with the firm. Today that investment is worthless — and the former PM has proved himself not just incompetent, but also greedy, lazy and somewhat entitled: someone used to the idea that he can somehow make money easily without having to do much more than lift a finger and dial.
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