David Noel James, Baron James of Blackheath CBE (born December 7, 1937) is a British businessman and corporate troubleshooter and Conservative life peer.
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James has had a varied career in the city of London. Between 1959 and 1964, he trained with Lloyds Bank, joining Ford Credit's launch team in 1964. He then became a director of many companies, often in trouble, to assist their recovery: in 1973 he joined Cork Gulley to rescue Cedar Holdings; in 1989 he was appointed chairman of Eagle Trust; other directorships have included British Shoe Corporation, LEP group, Dan-Air, North Sea Assets and Central & Sheerwood. During his time at Eagle Trust he triggered the Iraqi supergun affair. Whilst visiting Eagle-owned Walter Somers factory in Halesowen in 1990, he noticed the muzzle of what appeared to be a large gun. He informed MI6, giving them one of their first leads.[1] He served a term under David Rowland on the Council of Lloyd's and chaired a committee which controversially allowed corporate capital to underwrite on more favourable terms.
In late 2000, James was appointed as chairman of the ailing Millennium Dome project, a high profile position, and was credited with saving the attraction from financial collapse. In 2005 he attempted to make a bid for troubled carmakers MG Rover.[2]
Ahead of the 2005 general election, James conducted a review for the Conservatives that identified £35 billion of state sector savings. The disputed figures were heavily used by then Party leader, Michael Howard. After the election defeat, Howard and Shadow Chancellor George Osborne appointed James to head a new Conservative watchdog to monitor the way the third term Labour administration delivers on its promises to cut costs. He has been vocal about his concerns for the financial management of the London 2012 Olympics.
In April 2006 it was announced that James had been nominated for a Life Peerage by the Conservative Party [3] The news had already been revealed in a list leaked to The Times[4] that eventually led to the Cash for Peerages scandal. James himself had given a relatively small amount to the Conservatives. He was gazetted as the 'Baron James of Blackheath', of Wildbrooks in the County of West Sussex on 9 June 2006.
In November 2010 Lord James claimed in the House of Lords that he had been approached by a secretive "megarich" organization, which James referred to only as 'Foundation X', willing to lend billions of pounds, interest-free, to the UK government.[5]
He has worked as a Consultant for Cerberus Capital Management.[6]
Lord James is married but has no children. He has a particular interest in music and cricket. He is Chairman of the British Racing Club of horses.
James attracted some press and blog attention after a speech in the House of Lords on November 1, 2010, in which he claimed to have been approached by an unnamed organization wishing to fund massive public works projects in the UK with vast currency reserves backed by gold bullion.[7][8] A Labour Party staff member and political blogger who wrote about the story[9] speculated that the organization in question is the Office of International Treasury Control.[10] possibly an organization though unknown or unacknowledged by any government to date. However, James has stated that he had not been approached by the Office of International Treasury Control, that there were no links between Foundation X and the Office of International Treasury Control,[11] that the Foundation X was a viable organization, and that the offer was in good faith. Further, in the course of the recorded speech James explicitly, albeit apparently unconsciously, conflates Foundation X with the Vatican Bank.[12]
On Saturday November 6, 2010; the UK Treasury issued a statement which contradicted James' earlier claims; denying that any meeting took place between Lords James & Sassoon and a representative of the group which had being referred to as 'Foundation-X'.[13]