Of Lords And Loans

Alastair Grant / AP

Lord Levy leaves his north London home by car

On Jan. 30 British Prime Minister Tony Blair's chief fund raiser, former music business impresario Lord Levy, was arrested — for a second time — by police investigating allegations that seats in the House of Lords were sold for political donations. Levy has denied any wrongdoing. A guide to the inquiry that has all the British classes chattering.

Why the fuss? British political parties nominate candidates for life peerages, which give recipients the title of lord or lady and allow them to sit in Britain's 748-member upper chamber of Parliament. Under a 1925 law, the sale of honors...

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