257. Heron House; Ark; Paul Marshall Trustee, Also Lib Dems 'Sugar Daddy

8/14/2019 257. Heron House; Ark; Paul Marshall Trustee, Also Lib Dems 'Sugar Daddy'

1/3

Sunday 21 February 2010 | Finance feed Log in | Register now

SEARCH

Home News Sport Finance Lifestyle Comment Travel Culture Technology Fashion Jobs Dating Games Offers

News by Sector Comment Personal Finance Markets Economics Your Business Blogs Finance Video Fund Game Business Club

HOME FINANCE

Business profile: The Lib Dems' sugar daddy

Published: 12:01AM GMT 05 Mar 2006

Paul Marshall made a fortune in hedge funds; now he wants to get

Britain's third party into government - but he tells Topaz Amoore he

doesn't think his money will help

It wasn't easy to spot Paul Marshall at the celebrations for Sir Menzies

Campbell's victory in the Lib Dem leadership contest. Television cameras

panned across the party and homed in on Lady Campbell making a gentle jokeabout how all their friends were retiring and why weren't they.

Standing well in the background - his preferred

habitat - was "one of the most powerful men in the

City", as Marshall was introduced on a recent edition

of Any Questions?.

Marshall, 46, is one of two co-founders of the

Marshall Wace hedge fund, their portfolio worth

anything from 4bn to 10bn - he's not saying. He

and Ian Wace are thought to have amassed personal

fortunes north of 200m. Their flagship equity fund,

run from offices just off the Strand with panoramic

views of the Thames, is among the 10 biggest funds

in Europe.

But, like many in that world, Marshall is by nature

reticent. "Oh God, I wasn't on the news, was I?" he

says. He hates publicity. But this moderniser has

agreed to talk of his passion for politics.

He has been a lifelong member and cheerleader for the Liberals in their various

guises, donating an estimated 30,000 to the party and ploughing 1m into an

independent liberal think tank, CentreForum. (He is also a devoted supporter of

the charity Ark, which helps children who are the victims of abuse, illness,

disability or poverty.)

During our interview he occasionally remembers to refer objectively to "the Lib

Dems". Mostly, though, he forgets. "We," he says. "Us."

Only rarely do his two worlds, and twin passions, collide. Marshall has made

time for both by stepping back from fund management to become chairman of

Marshall Wace Asset Management - last week he was in Asia, checking out

whether its new office should be in Hong Kong or Singapore - and extending

already long days to accommodate Lib-Demmery in the evenings.

He does use some intelligence harvested from the markets in his understanding

of politics - the movement of energy stocks, for example.

Previous 1 of2 Images Next

Marshall: ?Gordon Brown is in the Gladstone tradition. David

Cameron is in the Disraeli, greasy-pole tradition?

Related Articles

Lib Dem donoradmits to short-selling

Beekeepers protestoutside DowningStreet

MPs expenses: AnnWiddecombe isvoters' favourite fornext Speaker inYouGov poll

Radio Highlights:Tuesday 23 JuneSpeaker: candidatestake the Heineken test

Ads by Google

Liberal Democrats

Crude Oil Analysis

Business

Crisis

Business Financial

Crisis

Share |

0 tweet

Email | Print

Text Size

Finance

FINANCE MOST VIEWED

1. So where did all the money go?

2. Mandelson backs state-run investment bank

3. Credit markets flash hottest warning signal

since crisis

4. German parent eyes TUI bid

5. UK growth figures may be revised upwards

TODAY PAST WEEK PAST MONTH

UncommonWisdomDaily.com Ads by Google

Google.com/LocalBusinessCAds by Google
http://ads.telegraph.co.uk/event.ng/Type=click&FlightID=46979&AdID=59342&TargetID=12457&Values=1479&ASeg=4802,4808,4829,4855,4872,4877&AMod=1&AOpt=0&Redirect=http://dpwn.jobpartners.com/jpapps/dhl_eur/http://ads.telegraph.co.uk/event.ng/Type=click&FlightID=46612&AdID=58810&TargetID=12457&Values=1479&ASeg=4802,4808,4829,4855,4872,4877&AMod=1&AOpt=0&Redirect=http://jobs.telegraph.co.uk/job/398024/permanent/cardiff-south-wales/customer-value-manager-job-vacancy.aspx%3Frtn%3Drsl%26order%3D0%26pagesize%3D10%26page%3D0%26searchstring%3D0398024http://www.telegraph.co.uk/finance/economics/7279781/UK-growth-figures-may-be-revised-upwards.htmlhttp://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/7280922/German-parent-eyes-TUI-bid.htmlhttp://www.telegraph.co.uk/finance/economics/7251901/Credit-markets-flash-hottest-warning-signal-since-crisis.htmlhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7280918/Mandelson-backs-state-run-investment-bank.htmlhttp://www.telegraph.co.uk/finance/economics/7266188/So-where-did-all-the-money-go.htmlhttp://www.telegraph.co.uk/finance/alex/http://www.telegraph.co.uk/finance/financevideo/7198790/Bill-Nighy-stars-in-Robin-Hood-tax-advert.html?utm_source=tmg&utm_medium=puff_tax&utm_campaign=videohttp://ads.telegraph.co.uk/event.ng/Type=click&FlightID=45914&AdID=57717&TargetID=16344&ASeg=4802,4808,4829,4855,4872,4877&AMod=1&AOpt=0&Segments=475,964,1108,1427,1428,1779,1999,2080,2095,2391,2541,2550,2932,3125,3314,3471,3493,3655,4583,5147,5320,5503,5897,5898,5900,5991,5992,6004,6005,6006,6015,6019,6025,6034,6042,6057,6059&Targets=16870,16871,16344&Values=31,43,51,60,72,80,92,101,110,150,1314,1444,1453,1479,1503,1899,2205,2244,2261,2423,2500,2542,2603,2619,2621,2629,2630,2631,2632,2633,2664,2666,2667,2683,3116,3126,3136,3161,3236,3283,3311,3328,3390,3569,3603,3707,3753,3794,4111,5580,5603,5617,5984,5985,6039,6068,6379,6476,6533,6566,6655,6776,6789,6866,6894,6903,6938,7040,7062,7065,7066&RawValues=&Redirect=http://www.telegraph.co.uk/telegraph/template/utils/google/results.html?google_kw=Business+Financial+Crisis&google_rt=ChBLgYTJAAQ9HgrlOKrZrx2KEhlCdXNpbmVzcyBGaW5hbmNpYWwgQ3Jpc2lzGghE3cDVye70cSgBMAJSEwiKr5TjkISgAhXEf-UKHXtNVfA&google_page_url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.htmlhttp://ads.telegraph.co.uk/event.ng/Type=click&FlightID=45914&AdID=57717&TargetID=16344&ASeg=4802,4808,4829,4855,4872,4877&AMod=1&AOpt=0&Segments=475,964,1108,1427,1428,1779,1999,2080,2095,2391,2541,2550,2932,3125,3314,3471,3493,3655,4583,5147,5320,5503,5897,5898,5900,5991,5992,6004,6005,6006,6015,6019,6025,6034,6042,6057,6059&Targets=16870,16871,16344&Values=31,43,51,60,72,80,92,101,110,150,1314,1444,1453,1479,1503,1899,2205,2244,2261,2423,2500,2542,2603,2619,2621,2629,2630,2631,2632,2633,2664,2666,2667,2683,3116,3126,3136,3161,3236,3283,3311,3328,3390,3569,3603,3707,3753,3794,4111,5580,5603,5617,5984,5985,6039,6068,6379,6476,6533,6566,6655,6776,6789,6866,6894,6903,6938,7040,7062,7065,7066&RawValues=&Redirect=http://www.telegraph.co.uk/telegraph/template/utils/google/results.html?google_kw=Crisis&google_rt=ChBLgYTJAAQ9FQrlOKrZrx2KEgZDcmlzaXMaCI1hoIMFV9vRKAEwAlITCIqvlOOQhKACFcR_5Qode01V8A&google_page_url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.htmlhttp://ads.telegraph.co.uk/event.ng/Type=click&FlightID=45914&AdID=57717&TargetID=16344&ASeg=4802,4808,4829,4855,4872,4877&AMod=1&AOpt=0&Segments=475,964,1108,1427,1428,1779,1999,2080,2095,2391,2541,2550,2932,3125,3314,3471,3493,3655,4583,5147,5320,5503,5897,5898,5900,5991,5992,6004,6005,6006,6015,6019,6025,6034,6042,6057,6059&Targets=16870,16871,16344&Values=31,43,51,60,72,80,92,101,110,150,1314,1444,1453,1479,1503,1899,2205,2244,2261,2423,2500,2542,2603,2619,2621,2629,2630,2631,2632,2633,2664,2666,2667,2683,3116,3126,3136,3161,3236,3283,3311,3328,3390,3569,3603,3707,3753,3794,4111,5580,5603,5617,5984,5985,6039,6068,6379,6476,6533,6566,6655,6776,6789,6866,6894,6903,6938,7040,7062,7065,7066&RawValues=&Redirect=http://www.telegraph.co.uk/telegraph/template/utils/google/results.html?google_kw=Business&google_rt=ChBLgYTJAAQ9EArlOKrZrx2KEghCdXNpbmVzcxoIbV-8--waf5goAVITCIqvlOOQhKACFcR_5Qode01V8A&google_page_url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.htmlhttp://ads.telegraph.co.uk/event.ng/Type=click&FlightID=45914&AdID=57717&TargetID=16344&ASeg=4802,4808,4829,4855,4872,4877&AMod=1&AOpt=0&Segments=475,964,1108,1427,1428,1779,1999,2080,2095,2391,2541,2550,2932,3125,3314,3471,3493,3655,4583,5147,5320,5503,5897,5898,5900,5991,5992,6004,6005,6006,6015,6019,6025,6034,6042,6057,6059&Targets=16870,16871,16344&Values=31,43,51,60,72,80,92,101,110,150,1314,1444,1453,1479,1503,1899,2205,2244,2261,2423,2500,2542,2603,2619,2621,2629,2630,2631,2632,2633,2664,2666,2667,2683,3116,3126,3136,3161,3236,3283,3311,3328,3390,3569,3603,3707,3753,3794,4111,5580,5603,5617,5984,5985,6039,6068,6379,6476,6533,6566,6655,6776,6789,6866,6894,6903,6938,7040,7062,7065,7066&RawValues=&Redirect=http://www.telegraph.co.uk/telegraph/template/utils/google/results.html?google_kw=Crude+Oil+Analysis&google_rt=ChBLgYTJAAQ9DArlOKrZrx2KEhJDcnVkZSBPaWwgQW5hbHlzaXMaCNqD18BrTRiaKAFSEwiKr5TjkISgAhXEf-UKHXtNVfA&google_page_url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.htmlhttp://ads.telegraph.co.uk/event.ng/Type=click&FlightID=45914&AdID=57717&TargetID=16344&ASeg=4802,4808,4829,4855,4872,4877&AMod=1&AOpt=0&Segments=475,964,1108,1427,1428,1779,1999,2080,2095,2391,2541,2550,2932,3125,3314,3471,3493,3655,4583,5147,5320,5503,5897,5898,5900,5991,5992,6004,6005,6006,6015,6019,6025,6034,6042,6057,6059&Targets=16870,16871,16344&Values=31,43,51,60,72,80,92,101,110,150,1314,1444,1453,1479,1503,1899,2205,2244,2261,2423,2500,2542,2603,2619,2621,2629,2630,2631,2632,2633,2664,2666,2667,2683,3116,3126,3136,3161,3236,3283,3311,3328,3390,3569,3603,3707,3753,3794,4111,5580,5603,5617,5984,5985,6039,6068,6379,6476,6533,6566,6655,6776,6789,6866,6894,6903,6938,7040,7062,7065,7066&RawValues=&Redirect=http://www.telegraph.co.uk/telegraph/template/utils/google/results.html?google_kw=Liberal+Democrats&google_rt=ChBLgYTJAAQ8-QrlOKrZrx2KEhFMaWJlcmFsIERlbW9jcmF0cxoIaqe_rUIHK6UoAVITCIqvlOOQhKACFcR_5Qode01V8A&google_page_url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.htmlhttp://www.telegraph.co.uk/finance/rsshttp://www.telegraph.co.uk/finance/http://www.telegraph.co.uk/finance/2933566/Business-profile-The-Lib-Dems-sugar-daddy.html#http://www.telegraph.co.uk/finance/2933566/Business-profile-The-Lib-Dems-sugar-daddy.html#http://print%28%29/mailto:?subject=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&body=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy%0D%0Ahttp%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html%0D%0A%0D%0AShared%20via%20AddThis.comhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=stumbleupon&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=reddit&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=facebook&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.phphttp://blogs.telegraph.co.uk/benedict_brogan/blog/2009/06/15/speaker_candidates_take_the_heineken_testhttp://www.telegraph.co.uk/culture/tvandradio/5604517/Radio-Highlights-Tuesday-23-June.htmlhttp://www.telegraph.co.uk/news/newstopics/mps-expenses/5418690/MPs-expenses-Ann-Widdecombe-is-voters-favourite-for-next-Speaker-in-YouGov-poll.htmlhttp://www.telegraph.co.uk/earth/earthnews/3394962/Beekeepers-protest-outside-Downing-Street.htmlhttp://www.telegraph.co.uk/news/newstopics/politics/labour/4361256/Lib-Dem-donor-admits-to-short-selling.htmlhttp://www.telegraph.co.uk/finance/http://www.telegraph.co.uk/http://www.telegraph.co.uk/finance/businessclub/http://www.telegraph.co.uk/fantasyfundmanagerhttp://www.telegraph.co.uk/finance/financevideo/http://blogs.telegraph.co.uk/financehttp://www.telegraph.co.uk/finance/yourbusiness/http://www.telegraph.co.uk/finance/economics/http://www.telegraph.co.uk/finance/markets/http://www.telegraph.co.uk/finance/personalfinance/http://www.telegraph.co.uk/finance/comment/http://www.telegraph.co.uk/finance/newsbysector/http://www.telegraph.co.uk/sponsored/offers/http://www.clueduppuzzles.telegraph.co.uk/http://dating.telegraph.co.uk/s/a/4167http://jobs.telegraph.co.uk/http://www.telegraph.co.uk/fashion/http://www.telegraph.co.uk/technology/http://www.telegraph.co.uk/culture/http://www.telegraph.co.uk/travel/http://www.telegraph.co.uk/comment/http://www.telegraph.co.uk/lifestyle/http://www.telegraph.co.uk/finance/http://www.telegraph.co.uk/sport/http://www.telegraph.co.uk/news/http://www.telegraph.co.uk/http://www.telegraph.co.uk/https://auth.telegraph.co.uk/sam-ui/registration.htm?redirectTo=http://www.telegraph.co.uk/finance/2933566/Business-profile-The-Lib-Dems-sugar-daddy.htmlhttps://auth.telegraph.co.uk/sam-ui/login.htm?redirectTo=http://www.telegraph.co.uk/finance/2933566/Business-profile-The-Lib-Dems-sugar-daddy.htmlhttp://www.telegraph.co.uk/finance/rss


2/3

"What I see at the moment is a huge bull market in alternative energy. What I

hear from Tony Blair is that alternative energy is not going to be the solution to

our energy needs, so we have to look at nuclear. Then I look back at stock

markets and see that nowhere in the world is anyone prepared to finance

nuclear energy in a free market - only through government. That tells me the

problem is not solved."

Politics has been a preoccupation ever since his enthusiasm was fired by the

formation of the SDP in 1981. Two decades ago Marshall spent a few months

as a researcher for Charles Kennedy. He ran for Parliament in 1987, in the

Tory/Labour marginal seat of Fulham.

At the time he was two years into a career at Mercury Asset Management,

which must have been relieved by his failure to win the seat. By 1989 he was its

chief investment officer for European equities; by the time he left, his 15-strongteam managed $12bn in equities. He founded MW in 1997.

"I didn't do very well [in Fulham] but it was a great experience." His adrenaline-

fuelled concession speech was a "complete rant".

"I went on much longer than I should have done," he says. "It was, 'Don't forget

this night, because Britain is going to become more divided than ever etc, etc.' "

Has he always voted Liberal? "I can't remember who I voted for in 1979, my first

election," he admits. "But I recently found a letter from my father, replying to

one from me, and it suggests that I was pretty left-wing." Marshall was reading

history and modern languages at St John's. His father was chairman of Unilever

in the Philippines, and the two wrote weekly.

"He was saying, 'What you have to bear in mind is that for the past 10-15 years

our country has been run without any attention to the wealth creation process.

We're running out of money and Thatcher has understood this.'

"There's an interesting parallel," Marshall says. "As the saying goes, Labour

governments always run out of money. By the next election we will be spending

up to the European average on health and will have far worse results, and up to

the European average on education, in most cases, and have far worse results.

Labour has blown it."

He admires Gordon Brown for his political conviction, if not his methods of

delivering policy via the state. He has not joined the cult of David Cameron

("Opus Dave" as political wags call it), resentful that he has shifted the Tories

onto traditional Liberal territory - even though they would now make more

palatable coalition partners.

"If you asked David Cameron who his heroes were, he'd say Maurice Saatchi

and Tim Bell. There are two types of politician - those in the Gladstone tradition

and those in the Disraeli tradition. Brown is in the Gladstone tradition. Cameron

is in the Disraeli, greasy-pole tradition."

Marshall believes these are momentous times for the Lib Dems, despite the

downfalls of Kennedy and Mark Oaten. He is buoyed by the party's unexpected

victory in the Dunfermline by-election, and hopes for a hung parliament after the

next election.

"I decided to devote a lot of time to the Lib Dems because I think there is a very

high probability they will be in overall control in the next parliament," he says.

He's done the maths - you wouldn't question Marshall's maths - on the Labour

seats likely to disappear in boundary changes and the swing needed for an

overall Tory majority. "I don't think the media has fully picked this up," he

repeats. "The Lib Dems will be the bride next time round."

During Kennedy's leadership his advisers privately nicknamed their favourite

benefactor "Moneybags". He and Ian Wace shared almost 50m in pay and

dividends in the two years to August 2004, according to the hedge fund's most

recent accounts.

Marshall says there is a "big difference" between the unelected Lord Ashcroft's

targeted funding of Conservative marginals and his funding of the think tank. "It's

trying to get good ideas implemented, but it's up to the party whether it accepts

or rejects them."

Even so, his role within the party troubles him. "Do I have any legitimacy? I'd

rather have an elected position." He won't rule out or rule in standing as an MP

again; certainly, nothing is planned in the medium term. Being a sugar daddy is

clearly uncomfortable.

"Money is a major disadvantage in British politics," Marshall argues. "Both

having it and giving it. By having it, it's what people then associate you with. I

just want to participate in a political process, a battle of ideas, in a one-

member, one-vote party. I have one vote, like everybody else, and I also want

my ideas to be influential. I don't want them to be devalued by the fact that I've

got money."

Marshall was a co-editor of the Orange Book, a series of essays by
http://ads.telegraph.co.uk/event.ng/Type=click&FlightID=46979&AdID=59342&TargetID=12457&Values=1479&ASeg=4802,4808,4829,4855,4872,4877&AMod=1&AOpt=0&Redirect=http://dpwn.jobpartners.com/jpapps/dhl_eur/http://ads.telegraph.co.uk/event.ng/Type=click&FlightID=46612&AdID=58810&TargetID=12457&Values=1479&ASeg=4802,4808,4829,4855,4872,4877&AMod=1&AOpt=0&Redirect=http://jobs.telegraph.co.uk/job/398024/permanent/cardiff-south-wales/customer-value-manager-job-vacancy.aspx%3Frtn%3Drsl%26order%3D0%26pagesize%3D10%26page%3D0%26searchstring%3D0398024


3/3

MORE FROM TELEGRAPH.CO.UK

Back to top

frontbenchers and young MPs which advocated more pro-market policies and

caused quite a rumpus among Lib Dems. One chapter called for Britain to

adopt a French-style insurance-based health system. It wasn't official policy

and some on the left of the party began to question Marshall's motivation. As

one activist told me: "His money is welcome, but it's not an Open Sesame to

policy-making".

One party adviser, however, says Marshall's contribution goes beyond money.

"He's committed. He doesn't just fund the think tank; he's its chairman. This

week he was helping an MP with his conference speech for Harrogate. It's not

exactly glory-hunting."

Marshall himself is decidedly unflash, today wearing a shapeless navy jacket

over casual black-gone-green trousers. He has lived for many years in the same

house in south-west London with his French wife and teenage son anddaughter. He used to pay his son to deliver political leaflets until he was scared

off by the local dogs.

Will he give more money now that Campbell has won? "No comment," he says,

though it has apparently been suggested that he host a series of City dinners to

promote the Lib Dem cause. It might be safer. If Marshall gives to the party on a

heroic scale, as he points out, "people will say, 'well, he's trying to buy policy'.

If I don't give to the party, people think I'm being stingy.

"I have a lifelong passion for politics. I'm a lifelong liberal. I'm trying to contribute

to better ideas and help us get into government. Funnily enough, money doesn't

really help."

Publishers wishing to reproduce photographs on this page should phone

44 (0) 207 538 7505 or e-mail [email protected]

Email Print

ADS BY GOOGLE

MORE ON

Finance Get feed updates

TELEGRAPH DATING

Dating Success

Find out how Kindred

Spirits is turning

sceptical internet daters

into perfect partners.

Find Someone Amazing

BAFTA AWARDS 2010

Bafta awards 2010-

news, nominations,

winners, dresses and

more

FASHION VIDEO

How to get red carpet

ready with advice

from Bafta hair and

makeup artists

SUN AND SEA

Ten years on from

The Beach, we select

the best of Thailand's

coastline

TECHNOLOGY

Google 'Goggles' will

help tourists translate

menus

HOT TOPICS Football Politics Winter Olympics Tiger Woods Afghanistan Dubai London Fashion Week

News

UK News

World News

Obituaries

TravelHealth

Jobs

Football

England

World Cup 2010

Live Scores

CultureMotoring

Dating

Finance

Personal Finance

Markets

Economics

FashionProperty

Games

Comment

Letters

My Telegraph

Blogs

TechnologyFood and Drink

Offers

Contact Us

Privacy Policy

Advertising

A to Z

AnnouncementsPromotions

Reader Prints

RSS feeds

Widgets

Mobile

Epaper

ExpatSubscribe

Syndication

Copyright of Telegraph Media Group Limited 2010 Terms and Conditions Today's News Archive Style Book Weather Forecast

Starting A Hedge FundMSH Provides Start-Up Advice Documents-Prime Brokerage-Trading

www.mshowells.com

Obama & Bernanke's WarSecret War On The Dollar Exposed! Washington Doesn't Want You To Know

www.UncommonWisdomDaily.com

Profit Now: Buy Silver

30%+ Yearly w/ a Silver Investment! Free Investor Kit. $10,000 Minimum.DirectMetalsInvesting.com
http://googleads.g.doubleclick.net/aclk?sa=l&ai=BSICNyYSBS_6GFczilQf7iPWDD4fE9KQBvaWykw372bueDYDqMBACGAUghs7vDCgDOABQj4uMgf7_____AWDJroqM0KSIEqABh6Ou7QOyARN3d3cudGVsZWdyYXBoLmNvLnVryAEB2gFZaHR0cDovL3d3dy50ZWxlZ3JhcGguY28udWsvZmluYW5jZS8yOTMzNTY2L0J1c2luZXNzLXByb2ZpbGUtVGhlLUxpYi1EZW1zLXN1Z2FyLWRhZGR5Lmh0bWzgAQKAAgHAAgHIAs_zsgyoAwHoA4wD6ANr9QMCAAIE9QMAAAAQ&num=5&sig=AGiWqtycra2ProGReezc9DlGB8qujSuggQ&client=ca-telegraph_uk_300x250&adurl=http://finance.uncommonwisdomdaily.com/roi/war-on-the-dollar.php%3Fsc%3DG100%26ec%3DA97650%26ga_campaign%3Duw%2Bcontent%2B-%2Broi%2Bplacement%2B(a97650)%26ga_adgroup%3Dtelegraph%2Bco%2Buk%26ga_keyword%3Dcontenthttp://googleads.g.doubleclick.net/aclk?sa=l&ai=BDEVlyYSBS_6GFczilQf7iPWDD9r_xDXKn6mJBcCNtwGw61QQARgEIIbO7wwoAzgAUMLEwVRgya6KjNCkiBKgAdfO-f4DsgETd3d3LnRlbGVncmFwaC5jby51a8gBAdoBWWh0dHA6Ly93d3cudGVsZWdyYXBoLmNvLnVrL2ZpbmFuY2UvMjkzMzU2Ni9CdXNpbmVzcy1wcm9maWxlLVRoZS1MaWItRGVtcy1zdWdhci1kYWRkeS5odG1s4AECgAIBqAMB6AOMA-gDa_UDAgACBPUDAAAAEA&num=4&sig=AGiWqtygBkO-Ac9YCVWb_hZuuHTEP6yVgA&client=ca-telegraph_uk_300x250&adurl=http://www.mshowells.com%3F_kk%3Dhedge%2520funds%26_kt%3D65ab8aa0-d39f-4ef0-9a05-e083d58a3536http://www.telegraph.co.uk/finance/2933566/http://www.telegraph.co.uk/fashion/fashionvideo/?utm_source=tmg&utm_medium=TD_fvh&utm_campaign=video2102http://www.telegraph.co.uk/fashion/fashionvideo/?utm_source=tmg&utm_medium=TD_fvh&utm_campaign=video2102http://www.telegraph.co.uk/fashion/fashionvideo/7249370/Bafta-awards-2010-make-up-tips-from-Armand-Beasley.html?utm_source=tmg&utm_medium=TD_makeup&utm_campaign=video2102http://www.telegraph.co.uk/travel/picturegalleries/7265250/Paradise-found-Thailands-best-beaches.html?utm_source=tmg&utm_medium=TD_thai&utm_campaign=travel2102http://www.telegraph.co.uk/fashion/fashionvideo/7249370/Bafta-awards-2010-make-up-tips-from-Armand-Beasley.html?utm_source=tmg&utm_medium=TD_makeup&utm_campaign=video2102http://www.telegraph.co.uk/travel/picturegalleries/7265250/Paradise-found-Thailands-best-beaches.html?utm_source=tmg&utm_medium=TD_thai&utm_campaign=travel2102http://www.telegraph.co.uk/technology/google/7264801/Google-Goggles-will-help-tourists-translate-menus.html?utm_source=tmg&utm_medium=TD_goggles&utm_campaign=tech2102http://www.telegraph.co.uk/fashion/fashionvideo/7249370/Bafta-awards-2010-make-up-tips-from-Armand-Beasley.html?utm_source=tmg&utm_medium=TD_makeup&utm_campaign=video2102http://www.telegraph.co.uk/travel/picturegalleries/7265250/Paradise-found-Thailands-best-beaches.html?utm_source=tmg&utm_medium=TD_thai&utm_campaign=travel2102http://www.telegraph.co.uk/technology/google/7264801/Google-Goggles-will-help-tourists-translate-menus.html?utm_source=tmg&utm_medium=TD_goggles&utm_campaign=tech2102http://www.telegraph.co.uk/technology/google/7264801/Google-Goggles-will-help-tourists-translate-menus.html?utm_source=tmg&utm_medium=TD_goggles&utm_campaign=tech2102http://www.telegraph.co.uk/technology/google/7264801/Google-Goggles-will-help-tourists-translate-menus.html?utm_source=tmg&utm_medium=TD_goggles&utm_campaign=tech2102http://dating.telegraph.co.uk/s/info/success.php?utm_source=telegraph&utm_medium=TD_DatingSuccess&utm_campaign=Dating1101http://www.telegraph.co.uk/culture/film/baftas/?utm_source=tmg&utm_medium=TD_bafta&utm_campaign=bafta2102http://www.telegraph.co.uk/fashion/fashionvideo/7249370/Bafta-awards-2010-make-up-tips-from-Armand-Beasley.html?utm_source=tmg&utm_medium=TD_makeup&utm_campaign=video2102http://www.telegraph.co.uk/travel/picturegalleries/7265250/Paradise-found-Thailands-best-beaches.html?utm_source=tmg&utm_medium=TD_thai&utm_campaign=travel2102http://www.telegraph.co.uk/news/newstopics/politics/http://www.telegraph.co.uk/sport/othersports/winter-olympics/http://www.telegraph.co.uk/sport/football/http://www.telegraph.co.uk/sport/football/world-cup-2010/http://dating.telegraph.co.uk/s/a/4168http://www.telegraph.co.uk/news/worldnews/asia/afghanistan/http://www.telegraph.co.uk/news/worldnews/middleeast/dubai/http://my.telegraph.co.uk/http://www.telegraph.co.uk/contactushttp://www.telegraph.co.uk/rssfeeds/http://www.telegraph.co.uk/advertising/http://3276.e-printphoto.co.uk/dailytelegraph/http://www.telegraph.co.uk/topics/weather/4142730/Weather-forecast.htmlhttp://www.telegraph.co.uk/topics/about-us/style-book/http://www.telegraph.co.uk/archive/http://www.telegraph.co.uk/archive/2010-2-21.htmlhttp://www.telegraph.co.uk/termsandconditionshttp://www.telegraph.co.uk/topics/syndication-services/http://www.telegraph.co.uk/sponsored/3121158/Subscribe-and-save.htmlhttp://www.telegraph.co.uk/expat/http://dailytelegraph.newspaperdirect.com/epaper/viewer.aspxhttp://www.telegraph.co.uk/mobilehttp://www.telegraph.co.uk/widgetshttp://www.telegraph.co.uk/rssfeeds/http://3276.e-printphoto.co.uk/dailytelegraph/http://www.telegraph.co.uk/promotions/http://announcements.telegraph.co.uk/http://www.telegraph.co.uk/atoz/http://www.telegraph.co.uk/advertising/http://www.telegraph.co.uk/topics/about-us/3691972/Privacy-and-Cookie-Policy.htmlhttp://www.telegraph.co.uk/contactushttp://www.telegraph.co.uk/sponsored/offers/http://www.telegraph.co.uk/foodanddrink/http://www.telegraph.co.uk/technology/http://blogs.telegraph.co.uk/http://my.telegraph.co.uk/http://www.telegraph.co.uk/comment/letters/http://www.telegraph.co.uk/comment/http://www.clueduppuzzles.telegraph.co.uk/http://www.telegraph.co.uk/property/http://www.telegraph.co.uk/fashion/http://www.telegraph.co.uk/finance/economics/http://www.telegraph.co.uk/finance/markets/http://www.telegraph.co.uk/finance/personalfinance/http://www.telegraph.co.uk/finance/http://dating.telegraph.co.uk/s/a/4168http://www.telegraph.co.uk/motoring/http://www.telegraph.co.uk/culture/http://www.telegraph.co.uk/sport/football/livescores/6470605/Live-scores.htmlhttp://www.telegraph.co.uk/sport/football/world-cup-2010/http://www.telegraph.co.uk/sport/football/world-cup-2010/teams/england/http://www.telegraph.co.uk/sport/football/http://jobs.telegraph.co.uk/http://www.telegraph.co.uk/health/http://www.telegraph.co.uk/travel/http://www.telegraph.co.uk/news/obituaries/http://www.telegraph.co.uk/news/worldnews/http://www.telegraph.co.uk/news/uknews/http://www.telegraph.co.uk/news/http://www.telegraph.co.uk/http://www.telegraph.co.uk/fashion/london-fashion-week/http://www.telegraph.co.uk/news/worldnews/middleeast/dubai/http://www.telegraph.co.uk/news/worldnews/asia/afghanistan/http://www.telegraph.co.uk/sport/golf/tigerwoods/http://www.telegraph.co.uk/sport/othersports/winter-olympics/http://www.telegraph.co.uk/news/newstopics/politics/http://www.telegraph.co.uk/sport/football/http://www.telegraph.co.uk/technology/google/7264801/Google-Goggles-will-help-tourists-translate-menus.html?utm_source=tmg&utm_medium=TD_goggles&utm_campaign=tech2102http://www.telegraph.co.uk/technology/google/7264801/Google-Goggles-will-help-tourists-translate-menus.html?utm_source=tmg&utm_medium=TD_goggles&utm_campaign=tech2102http://www.telegraph.co.uk/technology/?utm_source=tmg&utm_medium=TD_th&utm_campaign=tech2102http://www.telegraph.co.uk/travel/picturegalleries/7265250/Paradise-found-Thailands-best-beaches.html?utm_source=tmg&utm_medium=TD_thai&utm_campaign=travel2102http://www.telegraph.co.uk/travel/picturegalleries/7265250/Paradise-found-Thailands-best-beaches.html?utm_source=tmg&utm_medium=TD_thai&utm_campaign=travel2102http://www.telegraph.co.uk/travel/sunandsea/?utm_source=tmg&utm_medium=TD_sun&utm_campaign=travel2102http://www.telegraph.co.uk/fashion/fashionvideo/7249370/Bafta-awards-2010-make-up-tips-from-Armand-Beasley.html?utm_source=tmg&utm_medium=TD_makeup&utm_campaign=video2102http://www.telegraph.co.uk/fashion/fashionvideo/7249370/Bafta-awards-2010-make-up-tips-from-Armand-Beasley.html?utm_source=tmg&utm_medium=TD_makeup&utm_campaign=video2102http://www.telegraph.co.uk/fashion/fashionvideo/?utm_source=tmg&utm_medium=TD_fvh&utm_campaign=video2102http://www.telegraph.co.uk/culture/film/baftas/?utm_source=tmg&utm_medium=TD_bafta&utm_campaign=bafta2102http://www.telegraph.co.uk/culture/film/baftas/?utm_source=tmg&utm_medium=TD_bafta&utm_campaign=bafta2102http://www.telegraph.co.uk/finance/2933566/http://dating.telegraph.co.uk/s/info/success.php?utm_source=telegraph&utm_medium=TD_DatingSuccess&utm_campaign=Dating1101http://dating.telegraph.co.uk/s/info/success.php?utm_source=telegraph&utm_medium=TD_DatingSuccess&utm_campaign=Dating1101http://dating.telegraph.co.uk/s/a/4167?utm_source=telegraph&utm_medium=TD_DatingSuccess&utm_campaign=Dating1101http://dating.telegraph.co.uk/s/info/success.php?utm_source=telegraph&utm_medium=TD_DatingSuccess&utm_campaign=Dating1101http://www.telegraph.co.uk/finance/rsshttp://www.telegraph.co.uk/finance/http://googleads.g.doubleclick.net/aclk?sa=l&ai=B8CT8yYSBS_6GFczilQf7iPWDD5e8vpgBhc2W8Q_AjbcBsOynARADGAYghs7vDCgDOABQgfu5rgJgya6KjNCkiBKgAfHP1e8DsgETd3d3LnRlbGVncmFwaC5jby51a8gBAdoBWWh0dHA6Ly93d3cudGVsZWdyYXBoLmNvLnVrL2ZpbmFuY2UvMjkzMzU2Ni9CdXNpbmVzcy1wcm9maWxlLVRoZS1MaWItRGVtcy1zdWdhci1kYWRkeS5odG1s4AECgAIByAKZ69wIqAMB6AOMA-gDa_UDAgACBPUDAAAAEA&num=6&sig=AGiWqtyZEDgNPk3mlKSUvc6YoJedpGXc1w&client=ca-telegraph_uk_300x250&adurl=http://www.itgtracking.com/counter%3Fagid%3D2941%26redirect%3Dhttp%253A%252F%252Fwww.directmetalsinvesting.com%252Fcmp1%252F%26agkw%3Dhedge%2Bfund%2B%5BBroad%5Dhttp://googleads.g.doubleclick.net/aclk?sa=l&ai=B8CT8yYSBS_6GFczilQf7iPWDD5e8vpgBhc2W8Q_AjbcBsOynARADGAYghs7vDCgDOABQgfu5rgJgya6KjNCkiBKgAfHP1e8DsgETd3d3LnRlbGVncmFwaC5jby51a8gBAdoBWWh0dHA6Ly93d3cudGVsZWdyYXBoLmNvLnVrL2ZpbmFuY2UvMjkzMzU2Ni9CdXNpbmVzcy1wcm9maWxlLVRoZS1MaWItRGVtcy1zdWdhci1kYWRkeS5odG1s4AECgAIByAKZ69wIqAMB6AOMA-gDa_UDAgACBPUDAAAAEA&num=6&sig=AGiWqtyZEDgNPk3mlKSUvc6YoJedpGXc1w&client=ca-telegraph_uk_300x250&adurl=http://www.itgtracking.com/counter%3Fagid%3D2941%26redirect%3Dhttp%253A%252F%252Fwww.directmetalsinvesting.com%252Fcmp1%252F%26agkw%3Dhedge%2Bfund%2B%5BBroad%5Dhttp://googleads.g.doubleclick.net/aclk?sa=l&ai=BSICNyYSBS_6GFczilQf7iPWDD4fE9KQBvaWykw372bueDYDqMBACGAUghs7vDCgDOABQj4uMgf7_____AWDJroqM0KSIEqABh6Ou7QOyARN3d3cudGVsZWdyYXBoLmNvLnVryAEB2gFZaHR0cDovL3d3dy50ZWxlZ3JhcGguY28udWsvZmluYW5jZS8yOTMzNTY2L0J1c2luZXNzLXByb2ZpbGUtVGhlLUxpYi1EZW1zLXN1Z2FyLWRhZGR5Lmh0bWzgAQKAAgHAAgHIAs_zsgyoAwHoA4wD6ANr9QMCAAIE9QMAAAAQ&num=5&sig=AGiWqtycra2ProGReezc9DlGB8qujSuggQ&client=ca-telegraph_uk_300x250&adurl=http://finance.uncommonwisdomdaily.com/roi/war-on-the-dollar.php%3Fsc%3DG100%26ec%3DA97650%26ga_campaign%3Duw%2Bcontent%2B-%2Broi%2Bplacement%2B(a97650)%26ga_adgroup%3Dtelegraph%2Bco%2Buk%26ga_keyword%3Dcontenthttp://googleads.g.doubleclick.net/aclk?sa=l&ai=BSICNyYSBS_6GFczilQf7iPWDD4fE9KQBvaWykw372bueDYDqMBACGAUghs7vDCgDOABQj4uMgf7_____AWDJroqM0KSIEqABh6Ou7QOyARN3d3cudGVsZWdyYXBoLmNvLnVryAEB2gFZaHR0cDovL3d3dy50ZWxlZ3JhcGguY28udWsvZmluYW5jZS8yOTMzNTY2L0J1c2luZXNzLXByb2ZpbGUtVGhlLUxpYi1EZW1zLXN1Z2FyLWRhZGR5Lmh0bWzgAQKAAgHAAgHIAs_zsgyoAwHoA4wD6ANr9QMCAAIE9QMAAAAQ&num=5&sig=AGiWqtycra2ProGReezc9DlGB8qujSuggQ&client=ca-telegraph_uk_300x250&adurl=http://finance.uncommonwisdomdaily.com/roi/war-on-the-dollar.php%3Fsc%3DG100%26ec%3DA97650%26ga_campaign%3Duw%2Bcontent%2B-%2Broi%2Bplacement%2B(a97650)%26ga_adgroup%3Dtelegraph%2Bco%2Buk%26ga_keyword%3Dcontenthttp://googleads.g.doubleclick.net/aclk?sa=l&ai=BDEVlyYSBS_6GFczilQf7iPWDD9r_xDXKn6mJBcCNtwGw61QQARgEIIbO7wwoAzgAUMLEwVRgya6KjNCkiBKgAdfO-f4DsgETd3d3LnRlbGVncmFwaC5jby51a8gBAdoBWWh0dHA6Ly93d3cudGVsZWdyYXBoLmNvLnVrL2ZpbmFuY2UvMjkzMzU2Ni9CdXNpbmVzcy1wcm9maWxlLVRoZS1MaWItRGVtcy1zdWdhci1kYWRkeS5odG1s4AECgAIBqAMB6AOMA-gDa_UDAgACBPUDAAAAEA&num=4&sig=AGiWqtygBkO-Ac9YCVWb_hZuuHTEP6yVgA&client=ca-telegraph_uk_300x250&adurl=http://www.mshowells.com%3F_kk%3Dhedge%2520funds%26_kt%3D65ab8aa0-d39f-4ef0-9a05-e083d58a3536http://googleads.g.doubleclick.net/aclk?sa=l&ai=BDEVlyYSBS_6GFczilQf7iPWDD9r_xDXKn6mJBcCNtwGw61QQARgEIIbO7wwoAzgAUMLEwVRgya6KjNCkiBKgAdfO-f4DsgETd3d3LnRlbGVncmFwaC5jby51a8gBAdoBWWh0dHA6Ly93d3cudGVsZWdyYXBoLmNvLnVrL2ZpbmFuY2UvMjkzMzU2Ni9CdXNpbmVzcy1wcm9maWxlLVRoZS1MaWItRGVtcy1zdWdhci1kYWRkeS5odG1s4AECgAIBqAMB6AOMA-gDa_UDAgACBPUDAAAAEA&num=4&sig=AGiWqtygBkO-Ac9YCVWb_hZuuHTEP6yVgA&client=ca-telegraph_uk_300x250&adurl=http://www.mshowells.com%3F_kk%3Dhedge%2520funds%26_kt%3D65ab8aa0-d39f-4ef0-9a05-e083d58a3536https://www.google.com/adsense/support/bin/request.py?contact=abg_afc&gl=US&hideleadgen=1http://print%28%29/mailto:?subject=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&body=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy%0D%0Ahttp%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html%0D%0A%0D%0AShared%20via%20AddThis.comhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=buzz&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=twitter&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&template=RT%20%40TelegraphNews%20Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy%20%7B%7Burl%7D%7D&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=stumbleupon&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=reddit&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=myspace&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=live&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=linkedin&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=google&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=fark&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=facebook&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=digg&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enhttp://www.addthis.com/bookmark.php?pub=telegraphmedia&v=250&source=tbx-250&tt=0&s=delicious&url=http%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2F2933566%2FBusiness-profile-The-Lib-Dems-sugar-daddy.html&title=Business%20profile%3A%20The%20Lib%20Dems%27%20sugar%20daddy&content=&lng=enmailto:[email protected]