Sunday 31st May 2020

FINANCE

Why Is Dominic Cummings So Important?

His rich backers have bet big against the UK economy and Dominic Cummings must stay in Westminster to deliver a No Deal Brexit.

Dominic Cummings

Dominic Cummings, Architect of a Brexit No Deal

Dominic Cummings accompanied Boris Johnson into Downing Street for one reason only - to 'Get Brexit Done'[1]. The Billionaire Hedge Fund Managers who paid for his and Michael Gove's Vote Leave campaign want the UK to crash out of Europe because they have made very large 'shorts' (or bets against) the UK economy, worth hundreds of millions of pounds.

Paul Marshall

Sir Paul Marshall bet against the UK economy and made £50 Million[3]

Sir Paul Marshall co-owns Marshall Wallace which manages $39 Billion in assets[2]. His company has made £50 Million in profit betting against the UK during the COVID-19 pandemic[3] and just recently bet against the British firm Burberry while it is in the process of making PPE[4].

He was the person who convinced Michael Gove to lead Vote Leave in 2016[5] and personally donated £100,000 to the campaign[6] . The majority of funding came from hedge fund managers betting against the UK economy, like Crispen Odey who paid himself a £47 Million salary in 2014[7] .

Michael Gove

Michael Gove and Dominic Cummings were recruited to deliver Brexit by Sir Paul Marshall[8]

When Michael Gove was contacted by Sir Paul Marshall, he recruited Dominic Cummings to delivered Brexit[9]. As someone who co-authored a book that called for the NHS to be dismantled[10], he worked with Dominic Cummings to to convince voters that we needed to get away from 'unelected bureaucrats' in the EU and protect the NHS and to stem immigration[11].

Crispen Odey contributed £100,000 to Dominic Cummings and Michael Gove's campaign[12]. He profited by £220 Million betting against the UK economy shortly before Brexit[13].

Crispen Odey

Crispen Odey donated to Cummings' campaign and helped Jacob Rees-Mogg make £7 Million betting against the UK economy[14]

Odey helped Jacob Rees-Mogg (who is personally worth an estimated £100 Million)[15] to set up his own hedge fund, Somerset Capital and move assets to Dublin, Ireland to insulate from the losses brought about by Brexit (profiting him around £7 Million[16]). Odey Asset Management provied financial services at cost to his company and funded Rees-Mogg's Election Campaign.[17].

Hedge Fund Managers are extremely powerful and influential, with the top 400 companies controlling $65 Trillion[18] in assets under management - or 81.25% of the World's economic output, valued at $80 Trillion[19].

While betting against the UK economy is a major pay-off for these rich businessmen, astoundingly it's not the main reason why Dominic Cummings was funded by elites to win a Leave Vote and push through Brexit with no deal on Financial Services. The EU Regulations enacted in 2013 provide for protection of the UK economy to safeguard against the 2008 World financial market crash by requiring that the EU and its member (including the UK) adhere to safe practices when providing credit - to make sure they don't gamble with other people's money.

EU Regulations

EU Regulations requiring Hedge Funds to behave responsibly since the 2008 crash and recession[20]

The only to get back to the Wild West of unsafe bets made before the 2008 crash is to leave the European Union and for the City of London to go back to the old rules which give the freedom to the City's hedge fund managers to do as they wish, taking bigger risks and increasing the likelihood of another economic crash, while they profit again and again.

Boris Johnson, Dominic Cummings, Michael Gove and Jacob Rees-Mogg are members of our UK Government and have a legal, moral and fiduciary duty to protect the UK economy. Instead they are serving the needs to the super rich elite in order to remove the safety mechanisms put in place after the 2008 financial crisis.

Cummings is a go-between of government and hedge funds[21].

$65 Trillion says that Dominic Cummings stays in Westminster and continues 'hacking the political system'[8] until a No Deal Brexit that circumvents the EU Financial Regulations is achieved.

That is why Dominic Cummings is so important.


References

[1] BBC | Dominic Cummings and the Battle for Downing Street: https://www.bbc.co.uk/news/extra/09jpSjVUpQ/dominic_cummings
_battle_for_downing_street

[2] Yahoo Finance | Marshall Wallace's Return, AUM and Holdings: https://finance.yahoo.com/news/marshall-wace-return-aum-holdings-155119017.html
[3] This Is Money | Millionaire Hedge Funds Bosees Make £50M on COVID 19 Crash: https://www.thisismoney.co.uk/money/news/article-8112273/Millionaire-hedge-fund-bosses-Sir-Paul-Marshall-Ian-Wace-make-50m-coronavirus-crash.html
[4] Open Democracy | As Burberry Makes PPE, Hedge Funder Shorts Its Stock: https://www.opendemocracy.net/en/dark-money-investigations/burberry-makes-ppe-nurses-and-doctors-brexiteer-hedge-funder-shorts-its-stock/
[5] Tim Shipman | All Out War (2016), William Collins: https://www.harpercollins.com/9780008215163/all-out-war-the-full-story-of-how-brexit-sank-britains-political-class/
[6] Business Insider | 21 Biggest Donors To The Leave Campaign: https://www.businessinsider.com/twenty-one-biggest-donors-to-the-leave-brexit-campaign-2017-5?r=US&IR=T#t11-paul-marshall-100000-10
[7] Independent | Hedge Fund Managers Backing 'Out' Campaign: https://www.independent.co.uk/news/uk/politics/eu-referendum-hedge-fund-managers-backing-out-campaign-to-set-make-millions-from-brexit-a6708496.html
[8] Dominic Cummings | On The Referendum: https://dominiccummings.com/2017/01/09/on-the-referendum-21-branching-histories-of-the-2016-referendum-and-the-frogs-before-the-storm-2/
[9] Guardian | Dominic Cummings of Vote Leave: https://www.theguardian.com/politics/2019/jul/24/dominic-cummings-of-vote-leave-to-be-named-key-johnson-adviser
[10] Guardin | Key Tory MPs Backed Call To Dismantle the NHS: https://www.theguardian.com/politics/2009/aug/16/tory-mps-back-nhs-dismantling
[11] Vote Leave | Why Vote Leave: http://www.voteleavetakecontrol.org/why_vote_leave.html
[12] The Sunday Times | Boris Johnson Backer Bets Against British Firms: https://www.thetimes.co.uk/article/boris-johnsons-donor-crispin-odey-eyes-brexit-jackpot-with-300m-bet-against-british-firms-0lwjbnqsn
[13] Independent | Hedge Fund Manager Describes Moment He Won £220M: https://www.independent.co.uk/news/uk/politics/hedge-fund-manager-describes-moment-he-won-220-million-brexit-vote-the-morning-has-gold-in-its-mouth-a7323626.html
[14] Metro | Jacob Rees-Mogg has Earned £7M: https://metro.co.uk/2019/03/11/jacob-rees-mogg-earned-7000000-investments-since-brexit-8884678/
[15] New Statesman | The Polite Extremist: https://www.newstatesman.com/politics/uk/2018/02/polite-extremist-jacob-rees-mogg-s-seemingly-unstoppable-rise
[16] Channel 4 | Brexiteer Earnt £7M: https://www.channel4.com/press/news/brexiteer-jacob-rees-mogg-estimated-have-earnt-ps7m-investments-referendum-according
[17] Bad Boyds Of Brexit | Crispen Odey: https://badboysofbrexit.com/2017/12/22/crispin-odey/
[18] IPE | Top 400 Asset Managers: https://www.ipe.com/Uploads/k/x/x/Top-400-Ranking.pdf
[19] CIA | World Factbook, World: https://www.cia.gov/library/publications/the-world-factbook/geos/xx.html
[20] European Union | EU Regulations on Financial Institutions: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R0575&from=en
[21] London Economic | Companies Profiting from COVID 19: https://www.thelondoneconomic.com/business-economics/these-are-the-companies-profiting-from-the-covid-economic-collapse/29/04/