From: Peter Mandelson To: Jeffrey Epstein <[email protected]> Subject: FW: Rio Date: Sun, 20 Mar 2011 20:43:33 +0000 Lunch and afternoon at friends at nice house in mountains outside Rio. UK doesn't compete. Boring people in England, all either star struck or violently hostile. And not so pretty. From: Peter Mandelson Date: Sun, 20 Mar 2011 20:28:11 +0000 To: james palumbo Subject: Rio I am sure you are right to be cautious about economy. Question is whether my income will be seriously cut in bad scenario. I view Lazard as secure - they want me/BWP/GC to do more for them eg in Russia. There will be some sort of bonus at end of year. I can use this income to make monthly interest payments and to pay down some capital if bonus is reasonably substantial. Double dip would reduce GC growth but not I think its general income as we are not dependent on UK alone. So I think my repayments would be very large but secure - I do not really have other calls on my income in UK as I live cheaply. There is an issue of repayment of capital but I am prepared to chance that against expectation of future income growth. And will discuss with bank in meantime. I don't much like borrowing more than 50%, makes me nervous. I have savings in UK and Bx1 (which amount to around 400k) which I would much prefer to keep for emergencies but that is not a necessity. Ben has told me to approach bank and secure 500k of loan against the money that my personal company, Willbury, has from book, speeches etc. Otherwise would be secured against London home (at present no mortgage). The issue for me is whether I want to sacrifice almost every other income use in order to do Rio (including annual taxes, upkeep etc). There are two answers to this. One, what else is there to do with my income ? Of course I would like a bigger home in London but this is not vital. I would like somewhere in country but again this is not vital, and I would prob only use it once or twice a month at m