Naked Jon Richardson takes aim at Sunak in new Labour election advertSource The Labour Party
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00:00 Do you know what Rishi Sunak did before he got into politics?
00:03 No.
00:04 Well, you're not supposed to.
00:06 Rishi Sunak would love for you to forget about how he made his millions before becoming an
00:09 MP.
00:10 He wants you to think it's too complicated to understand.
00:12 Or even better, that it isn't notable at all.
00:15 So here's John Richardson and the Bubble Bath to explain.
00:19 Basically before Rishi Sunak got into politics, he was a partner in a hedge fund.
00:23 Now that was amazingly profitable for him, but bad for pretty much everyone else.
00:28 The opposite of Robin Hood.
00:31 Cheers Mick.
00:32 Now in 2007, his firm took an interest in a struggling Dutch bank called ABN Amro.
00:39 This was the eve of the financial crisis.
00:41 No one should have touched that bank with a barge pole.
00:44 But Rishi's firm saw a chance to make a killing.
00:46 They bought a 2% stake, they wound up the other shareholders to demand the sale, and
00:51 the bank was placed on the market.
00:53 And guess who bought it?
00:55 Remember the Royal Bank of Scotland?
00:57 They paid billions for the bank, and in the process inherited a shed load more toxic subprime
01:02 mortgage assets.
01:03 It's been described as the worst deal in British corporate history.
01:07 But not for Rishi and his mates.
01:08 They made millions from the deal.
01:10 RBS was pushed to the brink of collapse and had to be bailed out by billions of pounds
01:15 of taxpayers' money, while Rishi went to California to count his coins.
01:19 The Conservative.
01:21 So Rishi Sunak was one of those bankers who made millions from a deal that helped trigger
01:26 the financial crash.
01:27 And all at the expense of the British taxpayer.
01:30 Got it?
01:31 Good.
01:32 Now let's f*** off, shall we?
01:37 [BLANK_AUDIO]