Jacob Rees-Mogg is reportedly cashing in on coronavirus and people are furious
Jacob Rees-Mogg

The global coronavirus pandemic is having profound impact on the global economy, with families across the world suddenly struggling to pay for things.

But it's been reported that, for the investment company part-owned by Rees-Mogg, this is a “once in a generation” opportunity for "super normal returns" for its clients

Hmph.

The Tory MP owns 15 per cent shares in Somerset Capital Management, which he used be Director of but stood down to become Leader of the Commons last July. Clients of the investment management company are often advised to invest in businesses hit by falling share values, on the assumption that they will bounce back, leading to potential gains of up to 500 per cent.

His 15 per cent shares made Rees-Mogg a reported £1 million cut of SCM’s £19.5million profits last year.

With 2020’s coronavirus pandemic predicted to cause an economic crash, SCM has predicted “super normal returns,” which basically means nice fat profits for investors. Fund boss Mark Asquith, reportedly explained that investors could capitalise on smaller companies in particular. SCM has so far invested in private hospitals in Brazil, pharmacies in South Africa and a firm behind technology used in China to check the temperature of people in public places.

Labour leader Sir Keir Starmer was appalled at the MP profiting from the crisis, saying:

Nobody should be seeking to take advantage of this crisis. We should all be asking ourselves what we can do for our country and each other.

Some on twitter suggested that money made off the back of the health crisis should be put in to support the NHS.

This discussion has also led people to ask how an MP can be in a position to profit from such a crisis. Former Shadow Chancellor John McDonnell tweeted:

So if you’re looking for something to keep you occupied during lockdown, maybe see if there are any of these still available online...

Considering this sorry tale, is it any surprise that capitalism could ruin humanity entirely by 2050.

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