You can't say you weren't warned Gordon

Recalling the twice disgraced Peter Mandelson was always a risk and Gordon Brown was warned. Last week news broke that questions were being raised over Peter Mandleson accepting hospitality from Oleg Deripaska, Russia’s richest man, at around the time that Peter Mandelson had approved trade concessions worth up to £50m a year to the Russian tycoon. Today I see that:

"Lord Mandelson has accepted hospitality from a second businessman who has benefited from key European Union decisions during his term as trade commissioner. Mandelson, the new business secretary, has been a guest of Nat Rothschild, a hedge fund manager from the famous banking dynasty, on the Caribbean island of St Barts. He has also accepted flights from the Rothschild family, said to include trips to Moscow on a private jet. Rothschild, 37, is co-chairman of Atticus Capital, one of the world’s biggest hedge funds. At the time of Mittal Steel’s hostile takeover bid of Arcelor, its European rival in early 2006, Atticus Capital had shares in both companies. Atticus lobbied vigorously for the takeover and Mandelson helped to scotch the opposition, warning that the European commission would resist the “emotion of economic nationalism”."

The Times reports that:

"Mandelson says the decision to approve the Mittal deal was taken without him being consulted."

Many are asking how long it will before Lord Mandelson has to resign for a third time? I doubt he will resign, Gordon Brown cannot afford such a resignation and will encourage Lord Mandelson to brazen it out.