MAIL COMMENT: A modern tale of money and sleaze

By Mail Comment
Last updated at 1:28 AM on 22nd October 2008

Nobody emerges with any credit from the drama of dazzling wealth, political intrigue and back-biting played out this summer on the Greek island of Corfu.
What did George Osborne think he was doing, accepting hospitality from a controversial Russian billionaire aboard his £80million yacht - or, for that matter, gossiping at a private dinner with the poisonous Peter Mandelson?
At best, the Shadow Chancellor was naive to allow himself to be drawn into the gilded world of his old Oxford chum, hedge fund manager Nathaniel Rothschild, on whose estate he was enjoying a free family holiday.

Shadow Chancellor George Osborne defends himself yesterday
At worst, it was highly improper of him to permit any discussion - no matter who started it - about the possibility of an illegal donation to the Tory Party by the yacht's owner, Oleg Deripaska.
Under David Cameron, the Conservatives have had an honourable record cleaning up party funding.
If Mr Osborne's ineptitude has indeed put that at risk, he forfeits all claim to our sympathy.
More...
Osborne is forced to admit he met oligarch FIVE times after crossing Mandelson (and just look who's smiling now)
Then there's the rather unappealing Mr Rothschild, a close business associate of Mr Deripaska. Whatever possessed him to write his vicious letter to the Times, putting the worst possible construction on Mr Osborne's behaviour? Some 'friend'.
Did somebody put pressure on him to land the Shadow Chancellor in the mire? Inevitably, the finger points at the man we must learn to call 'Lord' Mandelson.
Only a fortnight ago, it emerged that Mr Osborne had been regaling friends with stories of that private dinner, at which the then EU Commissioner had 'dripped poison' into his ear about Gordon Brown.
Shouldn't the Shadow Chancellor have learnt by now that anybody who spreads damaging tittle-tattle about the Prince of Darkness must expect a terrible revenge? How convenient for Lord Mandelson, too, that these allegations switch the spotlight from his own friendship with Mr Deripaska.
Only yesterday, more disturbing questions were raised about the EU's decision to lift tariffs on aluminium, which benefited the Russian billionaire to the tune of a cool £200million.
It now emerges that his association with Lord Mandelson goes back at least to January 2005 - much earlier than previously admitted and, crucially, before the decision on EU tariffs was taken.
When Lord Mandelson returned to the Cabinet, the Mail warned that offering him a third chance was a huge gamble.
We wrote: 'Any hint that he is spreading poison, doing favours for friends or greedily pursuing personal advancement will be swiftly punished.'
Less than three weeks on, with the miasma of sleaze hanging over the Government once again, our misgivings already seem horribly prescient.
But it's not only the Corfu mob who emerge badly from this affair. Isn't it quite incredible how the BBC has behaved?
On the Today programme, political editor Nick Robinson openly boasts that he 'resisted' making much of the yacht allegations when they concerned only Lord Mandelson. But now that a Tory is implicated, the corporation gets stuck into the story with all guns blazing.
Talk about double standards, from an organisation supposedly bound by its charter to impartiality.
On one point, though, Mr Robinson is right. The Corfu saga is a 'story of our modern times' - and what profoundly depressing reading it makes.
As for any lasting damage it may do to Mr Osborne, at least he can justly proclaim that the Tories accepted no money from Mr Deripaska (which is more than can be said for Labour and Bernie Ecclestone).
That may yet save him. Meanwhile, may we suggest that in future both he and Lord Mandelson choose their holiday companions with more care?