A charity established by Tony Blair to aid the African poor is being run by a banker who helped to mastermind toxic mortgage investments at the centre of an alleged multi-million-pound fraud.
Paolo Pellegrini, an Italian-born financier, quietly became president last year of the US arm of the Tony Blair Africa Governance Initiative, set up to foster economic development on the continent.
The 53-year-old banker is a controversial figure in New York because of his role in devising a scheme to bet on the collapse of the US housing market, which earned his company an estimated £645 million while other investors lost the same amount.
Controversy: Tony Blair on a visit to Sierra Leone
US regulators have charged a London-based broker who marketed the products, Fabrice ‘Fabulous Fab’ Tourre, and the merchant bank that employed him, Goldman Sachs, with fraud.
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