Yeah, but they're not paying him for his "economic expertise"

He doesn't have a clue about economics and he's a pretty dull speaker. JP Morgan is in fact now paying him for all the favours he did them while he was still President, Sarkonomics, bank bail outs, Euro-tinkering etc etc, all done on a nod and a wink.

It's only more junior politicians who are allowed to be "paid for their expertise" while they are still in office, by the very same companies who happen to be benefitting from his department's spending. Which is all entirely coicidental, of course.

Welfare For The Wealthy (2)

The Daily Mail continues tapping into the same rich vein:

Tony Blair is facing fresh questions over his role as a Middle East peace envoy after claims that he has used the position to promote lucrative business deals for clients of an investment bank that pays him £2million a year.

As a representative of the Quartet –the UN, the EU, the U.S. and Russia – the former prime minister is tasked with fostering peace between Israel and Palestine.

But he has also used the post to promote two contracts worth more than £1billion in Palestine with British Gas and mobile phone firm Wataniya – both major clients of J P Morgan, the U.S. investment bank which employs him as a senior adviser.

J P Morgan to buy Bear Stearns for $236 million

Say what you like about the Yanks, they don't mess about do they?

Bear Stearns sort-of-collapsed last Friday and a fire sale to J P Morgan has already been organised!

And that $30 billion (£15 billion) loan/guarantee from the Fed looks like good value compared to the UK government effectively guaranteeing all £120 billion of Northern Rock's 'assets', a good six months after it went *pop*.