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| ==Personal life== | ==Personal life== | ||
| A father of four from two marriages,<ref name=FinSpread/> Cruddas was resident in ] for a period until March 2009, commuting daily from an apartment on Avenue de Spélugues to ].<ref name=Indp2294343/> In an interview in early 2011 he stated that he had: "A £10m apartment in Monaco, a £5m house in ], a house in ], a yacht and a private jet."<ref name=HackneyPeople/><ref name=Indp2294343/> He plays ] with a low handicap, composes ], and supports ]<ref name=FinSpread/> | A father of four from two marriages,<ref name=FinSpread/> Cruddas was resident in ] for a period until March 2009, commuting daily from an apartment on Avenue de Spélugues to ].<ref name=Indp2294343/> In an interview in early 2011 he stated that he had: "A £10m apartment in Monaco, a £5m house in ], a house in ], a yacht and a private jet."<ref name=HackneyPeople/><ref name=Indp2294343/> He plays ] with a low handicap, composes ], and supports ]<ref name=FinSpread/> | ||
| ==References== | ==References== | ||
Revision as of 11:19, 1 April 2012
Peter Cruddas (born 1953 in Hackney, North London) is an English banker and businessman, and philanthropist. He is the founder of online trading company Currency Management Consultants Ltd. In the 2007 Sunday Times Rich List, he was named the richest man in the City of London, with an estimated fortune of £860 million.
Cruddas was appointed Conservative Party co-treasurer in June 2011. In March 2012 it was alleged by The Sunday Times that he had offered access to the Prime Minister David Cameron and the Chancellor George Osborne, for cash donations of between £100,000 and £250,000. Cruddas resigned the same day.
Early life
The son of a father who worked at Smithfield Market, he has an elder brother John and a twin brother Stephen. Born in the Metropolitan Borough of Hackney, the family initially lived on the Bracklyn Court Estate, before moving to Vince Court when the twins were six. Cruddas states his membership of the Boy Scouts as the reason for his early success, who taught him self-discipline and self-confidence:
The Boy Scouts enabled me to escape a violent home situation and the inner city. I sincerely believe that I would not be where I am today had I not become a member.
Career
He left Shoreditch Comprehensive with no qualifications, aged 15, and gained a job as a telex operator for Western Union in the City of London. After being made redundant, he worked in the foreign currency trading rooms of various banks, including the Bank of Iran and Marine Midland.
By 1989, Cruddas was the head foreign exchange dealer at the City of London branch of the Jordanian-based Petra Bank. He left the same year to set up his own business, starting CMC Markets with £10,000 in the bank. Effectively a bookmaker for the City of London, it allows dealers to place margin calls on foreign currency movements. CMC Markets is currently valued at between £750 million and £1.2 billion.
Philanthropy
Cruddas has a stated his intention to give away £100 million to enable children who have a background like his to succeed. To achieve this he set up the Peter Cruddas Foundation, which is chaired by the former Conservative cabinet minister David Young, Baron Young of Graffham. Cruddas is the largest individual donor to the Duke of Edinburgh Award International Association, a board member of the Prince's Trust, and has donated to Great Ormond Street Hospital.
Cruddas supported the Royal Opera House and The Royal Ballet, and after becoming a member of the Chairman’s Circle, in March 2012 was invited to become a Trustee and join the Board of the Royal Opera House.
Politics
In total, it is believed that Cruddas has donated over £350,000 to the Conservative Party. He donated £100,000 in the last quarter of 2010 and £50,000 in the first week of the 2010 general election campaign.
Cruddas was appointed Conservative Party co-treasurer in June 2011 alongside Lord Fink, effectively the party's chief fund raiser, in succession to billionaire property tycoon David Rowland.
In March 2012 it was alleged by The Sunday Times that he had offered access to the Prime Minister David Cameron, and the Chancellor George Osborne. In The Sunday Times footage Cruddas is heard discussing what access different size donations leads to: "£200,000 to £250,000 is Premier League - things will open up for you - you can ask him practically any question you want." Cruddas resigned the same day.
The undercover journalists were introduced to Cruddas by Sarah Southern, a lobbyist who is David Cameron's former aide. The undercover reporters posed as overseas financiers and claimed that their clients intended to buy distressed government assets and wanted to make political connections.
Personal life
A father of four from two marriages, Cruddas was resident in Monaco for a period until March 2009, commuting daily from an apartment on Avenue de Spélugues to London City Airport. In an interview in early 2011 he stated that he had: "A £10m apartment in Monaco, a £5m house in Hertfordshire, a house in Antibes, a yacht and a private jet." He plays golf with a low handicap, composes quatrains, and supports Arsenal FC
References
- ^ "Hackney People - Peter Cruddas". Hackney Council. 15 June 2010. Retrieved 24 March 2012.
- Rigby, Elizabeth (25 March 2012). "PM's fundraiser quits over cash for access". Financial Times. Retrieved 28 March 2012., The Independent, 8 June 2011
- ^ Andy McSmith (8 June 2011). "'Very polished' rough diamond Peter Cruddas joins Tory treasury team". The Independent. Retrieved 2012-03-25.
- ^ "Tory Peter Cruddas sold access to PM, Sunday Times alleges". BBC News. BBC. 24 March 2012. Retrieved 24 March 2012.
- ^ "Conservatives Deny Sunday Times 'Cash For Access'". Sky News. British Sky Broadcasting. 24 March 2012. Retrieved 24 March 2012.
- ^ Boffey, Daniel (25 March 2012). "Tory co-treasurer Peter Cruddas resigns over cash for access to prime minister". The Guardian. Retrieved 25 March 2012.
- ^ "Peter Cruddas". Financial-Spread-Betting.com. Retrieved 2012-03-24.
- "Peter Cruddas". Prince's Trust. Retrieved 24 March 2012.
- Hughes, Mark (26 March 2012). "Sarah Southern: The Young Conservative who 'sold' access to the Prime Minister". Daily Telegraph. Telegraph Media Group. Retrieved 26 March 2012.
- Davies, Caroline (26 March 2012). "Cash for access: Sarah Southern claims to be political consultant". The Guardian. Guardian Media Group. Retrieved 26 March 2012.
- "Sarah Southern Had Other Tories on Her Business Cards Links to Transatlantic Lobbying Group Masked". Guy Fawkes' blog. Order-order.com. 26 March 2012. Retrieved 26 March 2012.
- Hughes, Mark (26 March 2012). "How David Cameron predicted the lobbying scandal which now engulfs him". Daily Telegraph. Telegraph Media Group. Retrieved 26 March 2012.