Foundation X: Lord James Of Blackheath Tells Sky News Group Could Pay Off Billions Of UK Debt | Politics. By Ruth Barnett, Sky News Online A shadowy organisation has apparently offered to lend the UK £75bn to clear the national debt and "help save the world", a peer has told Sky News. Lord James of Blackheath said the group, which he refuses to name and refers to only as "Foundation X", is willing to hand over the cash without strings attached. And the Conservative peer is accusing the Government of squandering the chance to rescue the UK economy and save hundreds of thousands of jobs.
He says they have dismissed him as an ageing maverick. Lord James, who denies he is the victim of an elaborate hoax, first revealed the details to stunned peers in the House of Lords on Monday night. "The British Government can have the entire independent management and control of it - Foundation X does not want anything to do with it," he told them. He said a phone call from a senior minister to the foundation's chairman was all it would take "and then we can get into business". The strange case of Lord James and 'Foundation X' | Hopi Sen. It's quite the most extraordinary speech I think I've ever come across.
It was given by Lord James of Blackheath, a respected industrialist and a former senior adviser to the Conservative party. James was speaking in the Lords debate on the spending review. You might expect him to touch on the issue of government waste, which he is known for politically. Not a bit of it. James's speech begins with Brigadoon, moves on to money laundering billions of pounds of terrorist money and ends with the claim that he has been contacted about a mysterious "Foundation X" that wishes to invest £5bn in the United Kingdom, with an extra £17bn for hospitals, schools and Crossrail by Christmas, and who have met with a cabinet minister to discuss their investment.
Intriguing, isn't it? So here's the skinny. This body, which he calls "Foundation X", apparently has huge reserves of gold bullion-backed funds. Having come to this conclusion, James wished to expedite this investment. So what on earth is going on? Lord James: Foundation X not a scam. A mysterious organisation that claims to have billions of pounds to invest in the UK economy is not an attempted scam, according to a peer with extensive City experience.
Lord James of Blackheath told ZDNet UK on Thursday that the organisation, which Lord James has dubbed 'Foundation X', to his knowledge is a viable organisation. "I'm convinced it's bona fide," said James. "I've been working on this case for five months, and I've not found a single reason [to think otherwise].
" Blogger Hopi Sen suggested in a blog post on Wednesday that the mysterious organisation could be the "United Nations Office of International Treasury Control" (UNOITC), which claims to be a sovereign entity formed after the Second World War. James told ZDNet UK that he had not been approached by the UNOITC, and that there were no links between Foundation X and UNOITC. James, who was a respected troubleshooter in the City, made a speech to Parliament on Monday. "I'm a money washer, not a money launderer," said James. Lord James of Blackheath, Speech on Foundation X (House of Lords, 01/11/2010) The parliamentary Foundation X-files [updated]