Friday, December 01, 2006

At the Labour Party conference this year, Martin Bright discussed Labour's "loans" with Lord Levy.
What did he make of the general point I made in the programme: that the loans from wealthy party supporters were not intended as loans, but were to be converted into donations?

He gripped my arm like a long-lost friend and said, by way of answer: "Only some of them."
Loan on "commercial terms" are not normally given on the understanding that the lender will quietly donate the borrowed sum to the borrower at some later date in order to cancel the debt. If anyone knows of any commercial lender who would be willing to offer a loan on these terms, I would be most grateful if you would email me their contact details. In the meantime, I'll continue my experiments into methods of turning Swiss cheese into gold.

It's all unravelling now though. Now, some of the lenders are demanding their money back and Labour are desperately trying to reschedule the repayment of the loans due to acute cash flow problems. What a mess they've got themselves into. It's almost as if they never expected to have to pay back these loans...

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