Michael Spencer: Did Tory Party Funds Take a Bath Too?

It doesn't rain but it pours for poor little rich boy Michael Spencer. Close friend of Dave Cameron. And embattled Conservative Party Treasurer. On Christmas Eve the Times reported his eventual disclosure of one of those naughty-if-not-disclosed shares loan pledge hot on the heels of Tory donor David Ross doing likewise. Ross - a Spencer showbiz party habitue - fell on his sword as I recall.

And now it falls to The Indy to report that almost half the local authorities who took a bath to the tune of £470 million in Iceland were taking Spencer's advice via Butlers, being most of the big spenders, predominantly Tory or NOC, and losing well over half the total wagered.

Volatility is where the money is after all. That's the Tory credo as practiced by this whole sick crew. And no Iain Dale however clever you think you are stability doesn't matter to everyone equally. Lack of it suits Tories like Spencer, Ashcroft, Duncan and Ross.

On a personal front Mr Spencer split with his wife Lorraine - also a Samandave buddy, I believe they too went to his extravagant showbiz parties - in August. Then, towards the end of September, the Icelandic advice his people had been dishing out started coming home to roost. And 'twas Nanny Spelman who claimed CCHQ staff cuts as just the ticket in the run up to an election. In December that was.

So did the Tory Party itself have oodles of cash in Iceland thanks to the Spencer/ICAP/Butlers connection? And if so quite how much did they lose?

Main image: YourBartender