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spygirl

A commentator - prob Lex, tries the old EA 'youll talk us into a recession BS'

The Punisher:

Problems exist in every business and it’s important to resolve them with investors. I must say constant bashing by FT never gave Greensill, regulators and investors any breathing room to resolve the issues.
 
If the press starts reporting internal issues consistently then I think any bank can collapse within days.
 
Good jobs FT.
 
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reply In reply to The Punisher
Several auditors turned Greensill down.  I think money is king so regardless of rumours, they would have liked to take it on if possible.  Likewise insurers and investors.
 
I think the FT has reported truths.
 
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(Edited)
 
reply In reply to The Punisher
Many banks get into trouble, are reported on heavily and don’t collapse within days - Deutsche is just one example.
 
The issue here is not the reporting, rather that Greensill was a house of cards waiting for the tap that brought it down. Their problems have been known for years by anyone caring to investigate, even superficially. Anyone in their area of the credit markets in Australia could have told you they were shonky.
 
You can’t blame the press for this disaster
 
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reply In reply to The Punisher
Hahahahaha, sure, this is the FT's fault 🤣
 
Gupta was going to turn those potential invoices into real ones any day!
 
Amazing. 
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https://www.bloomberg.com/news/articles/2021-03-03/greensill-s-overnight-fall-from-grace-was-months-in-the-making Greensill’s Overnight Downfall Was Many Months in Making From the outside, 2

Thinks its got no net exposure.. Until a few months ago, Greenswill would have appeared to be nothing more than obscure corporate cheque cashing service. AS it implodes, it become obvious th

A rule of thumb for me is that any C-suite talking about AI and machine learning as their market advantage should be run away from very very very fast. I first encountered this 30 years ago, when

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spygirl

Labour faces Greensill pressure over shadow minister’s lobbying

Defence spokesman John Healey urged ministers to give finance company ability to offer larger Covid-19 loans

https://www.ft.com/content/f75c027c-69bf-4173-8415-33d643cf6440


In spite of intensive lobbying by David Cameron, the former prime minister who advised Greensill, the Treasury capped at £50m the size of individual taxpayer-backed loans Greensill could offer. Healey’s South Yorkshire constituency includes Liberty Speciality Steels’ operations.

Greensill, which is now in administration, is the main financial backer of Liberty Steel’s parent company, GFG Alliance. In a letter seen by the Financial Times, Healey wrote to Nadhim Zahawi, business minister, in May 2020 urging him to allow Greensill access to the higher £200m cap of the Coronavirus Large Business Interruption Loan Scheme.

He said Liberty badly needed money and “their application for CLBILS remains dependent on their lender, Greensill, being accredited for the higher cap loan scheme, which I trust can now be done without delay”.

Healey noted in his letter that it was vital that due diligence was conducted. He told the Financial Times that he had no regrets in making the pitch as “the local constituency MP”.

“I was doing my job for the big Rotherham plant that Liberty had recently bought and expanded,” he said. He added that knowledge of Greensill’s business model was “the sort of thing people in the Conservative party had”.

 

Wiki:

John Healey was born in Wakefield, the son of Aidan Healey OBE. He was educated at the Lady Lumley's School in Pickering before attending the independent St Peter's School, York sixth form college. Healey studied Social and Political Science at Christ's College, Cambridge[1] where he received a BA in 1982. He worked as a journalist and the deputy editor of the internal magazine of the Palace of Westminster, The House Magazine for a year in 1983. In 1984 he became a full-time disability rights campaigner for several national charities.

Healey joined Issues Communications in 1990 as a campaign manager before becoming the head of communications at the Manufacturing, Science and Finance trade union in 1992. He was appointed as the campaign director with the Trades Union Congress in 1994 in which capacity he remained until his election to the House of Commons. He was also a tutor at the Open University Business School.

Healey's first venture into Parliamentary politics was an unsuccessful attempt to gain the Ryedale seat at the 1992 general election. As the Labour candidate, Healey finished in third place, some 30,076 votes behind the sitting Conservative John Greenway.

 

Healey was promoted in 2002 to the position of Economic Secretary to the Treasury and nominally again following the 2005 general election when he took the role of Financial Secretary to the Treasury.

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spygirl

BBC and Labour are loing he Greenswil Dave lobbying.

https://www.bbc.co.uk/news/uk-politics-56720141

Its dire though.

The big story is about how the dead civil service head put Looker Lexi into government. Thats totally fucking nuts.

The other one is how no fucker - Pol or CS could work out how shit and BS the Greenswill pitch was. Are both so innumerate and gormless?????

The other is the lack of interest in a dodgy Indian buying up Steel on the tick.

Theres enough dodgy dealing of people of Indian origin to treat *all* Indian acticty in UK as v dodgy.

In terms of lobbying, half arsed sending texts and buying he heal;th secretary a beer has to rate with one of the most half arsed attempts ever.

 

 

 

 

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spygirl

Wierdo Labour Chancellor on radio, interviewed.

blah blah investigation .. Cameron ...

The interviewer bothered to ask her about John Healey.

He was lobbying about jobs in his constituency. Apparently

No he wasnt.

The difference for Labour, like it or not, is the 'Dave' is long out of politics - 5 years.

John Healy is still an MP.

Healy wasnt lobbying about steel jobs, he was lobbying about access for Liberty steel bankers FFS, a bank who were based in Germany FFSx2.

If the enquiry is expanded to look *all* access of Liberty and Greensill, rather than just Daft Dave, then Labour and civil service are in deep shit.

 

 

 

 

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spygirl

Senior civil servant also held role at Greensill Capital

Labour steps up call for inquiry into finance company after revelation about Bill Crothers

https://www.ft.com/content/e383bc59-b447-4f19-950d-baf66c51ceb3

It was civil servants all over greensill.

Daft Dave was just the dummy.



A Whitehall watchdog has criticised the UK government’s “lack of transparency” after it transpired its former chief procurement officer started work at Greensill Capital while he was still a civil servant.

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spygirl

Confirmation it's notdaft Dave.

https://www.scribd.com/document/502909086/Case-Letter

Pols are useless for doing money scamming.

One, they are either too well known. Or not known at all.

Two, they are nowhere near the cheque books. They make broad gestures n move on.

If you're scamming you want some who knows the shortcuts in procurement.

 

 

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spygirl

https://www.bbc.co.uk/news/uk-politics-56757195

The rules on ministers and top officials taking jobs with private firms need urgent reform, the government's adviser on them has said.

Lord Pickles said there did not appear to be "any boundaries at all" between civil servants and the private sector.

It comes after news a top civil servant worked for Greensill Capital while still on the government payroll.

Told you.

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wherebee

AFR, today:

"When Greensill’s Australian parent filed its most recent annual report with regulators, for the year ending December 2019, it had nine directors, including Lex Greensill and his brother Peter.

All of those directors, with the exception of Greenhill and Gabriel Caillaux, resigned from the board in February and early March before Greensill filed for insolvency on March 8.

Peter Greensill, who has sat on the board since 2011, is pursuing $US125,000 ($161,000) in unpaid directors’ fees, but Grant Thornton said his claim “has not been substantiated”.

Grant Thornton’s report revealed that the Australian parent had not filed tax returns for the years ending December 2017, 2018, 2019 and 2020, and that it had sought extensions to complete them citing complexities associated with its group structure"

No tax returns for 4 years?  If I miss one quarter, the ATO phones me up and starts with the pressure.  fucking clown world.

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spygirl

The gormless spin on Greensill and Gupta has change from Tory sleaze - something that Sir Lord Kier has been clinging too.

To - corruption in the government.

A quick scan of the scam showed that Daft Dave was nothing more than a well known idiot. In normal times Pols dont sign off or approve spending - always civil  servants.

Gormless piece on BBC, ex CS head spinning like mad

Greensill: Ex-Civil Service boss 'baffled' by business links

https://www.bbc.co.uk/news/uk-politics-56763460

Mr Crothers had stopped being head of government procurement by the time he started work as an adviser for Greensill in 2015, but remained a senior civil servant.

Lord Kerslake: 'Don't go to war' with the civil service

https://www.bbc.co.uk/news/av/uk-politics-51737827

Sir Bobby was in charge when the Crooked Crowther - and others - were dipping in an out of private business.

This all started with Labour, who infected the scammy get rich in the public sector.

The issue is not so much lobbying by 'business' its lobby by the likes of charity and what not, an area stuff full of Labour appointees after Brown.

 

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Harley

One for the finance types.... 

Apologies if already posted.  

Edited by Harley
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spygirl

How Credit Suisse rolled the dice on risk management — and lost

Senior executives pushed compliance to become ‘more commercial’ and dissenting voices were suppressed

https://www.ft.com/content/cb708ba2-ea8c-4c66-9190-0255fa5112e3

Five months before Greensill Capital’s collapse, Credit Suisse invited a special guest to present to its top ranks in Asia. The visitor was hailed as the sort of bold entrepreneur the bank wanted to do business with: Lex Greensill.

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spygirl

It would be a lot more funnier if the cunts did not make so much money.

Time n time again, the big banks dont seem to question the business model or kick the tyres or work out where the profits/money is coming from.

The car industry  hardly a model of competence - but competitor cars and take them apart to learn about  the BOM and assembly method

Wholesale/commercial banks just allow shysters to turn up - Lex, Wirecard, etc etc - present a load of $$$ bollocks and accept it.

 

 

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spygirl



“The tone was this is the exact kind of client the bank wants, tell the MDs to go out and find more guys like Lex,” said one senior manager who watched the November video conference. It was hosted by Helman Sitohang, the bank’s head of Asia and one of Greensill’s biggest advocates.

Yet just two months earlier Greensill Capital had been put on a “watchlist” by the Swiss bank’s risk managers in Asia, according to people familiar with the matter.

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sancho panza

It's funny when you're on the same side of teh abrricade as the Guardianistas.

https://www.theguardian.com/commentisfree/2021/apr/18/david-cameron-greensill-scandal-tip-of-fatberg

David Cameron and the Greensill scandal is just the tip of the fatberg

It is in danger of becoming received wisdom that the Greensill affair is an example of “Tory sleaze” similar to that which polluted the party’s reputation in the late 1990s. They do not compare. I had a ringside seat for the seedy death throes of John Major’s government. The scandals of those years mainly involved hitherto obscure politicians being caught with their peckers out or their snouts in the trough. The tabloids discovered various Conservative MPs in bed with people who were not their wives, often a career-busting transgression then, but now so accepted that Boris Johnson can be prime minister. There were also some notorious cases of Tory backbenchers taking undeclared payments – “cash for questions” – to promote business interests in parliament. This swelled the public’s feeling that the Conservatives had been corrupted by a long stretch in power and contributed to their landslide defeat at the 1997 election, but none of it threw into question the integrity of government itself.

The Greensill affair is several orders of magnitude more serious. A former prime minister is at the heart of this scandal that points to something rotten about how we are governed and is now embroiling not just politicians, but also the civil service.

  Guardrails to prevent abuse in the murky world of influence-peddling were supposedly put in place during David Cameron’s time as prime minister. So it is one of politics’ piquant ironies that he has played such a large role in demonstrating that those protections are as much use as a chocolate fireguard.

He has belatedly issued a “lessons to be learned” statement about his frantic efforts to bend government policy to suit the commercial needs of his paymasters at Greensill Capital, the collapsed Australian financial services company. At best a half-apology, he included this pompous account of why he was hired.

 

“My responsibilities included providing geopolitical advice to the leadership, helping to win new business, speaking for the company at conferences and events and helping with plans for international expansion.”

Who is he trying to kid – himself or us? I am sure the Greensill board politely nodded along when Mr Cameron offered them the benefit of his “geopolitical” prognostications. I expect they dutifully clapped when he strung together some cliches for company events. But his ability to make a speech was not the reason he was put on the books by Lex Greensill, who had a desk in Number 10 when Mr Cameron lived there and a Downing Street business card with bragging rights that he was an adviser to the prime minister. Everyone on both sides of the equation knows the deal. Those who employ former politicians do so to get access to their networks and use of their inside knowledge of how to navigate the system. They are hired to be a golden swipecard that will open doors in Whitehall and also abroad. Someone once described this very well. “We all know how it works. The lunches, the hospitality, the quiet word in your ear, the ex-ministers and ex-advisers for hire, helping big business find the right way to get its way.” That someone was Mr Cameron, speaking shortly before he became prime minister, when he predicted that “the far-too-cosy relationship between politics and money” was “the next big scandal waiting to happen”, though he failed to foresee that he would be at the core of it. Former ministers – and especially former prime ministers – are hired because they can bend the ear of government decision-makers.

In that respect, Mr Cameron tried to earn his corn for Greensill. When its risky business model ran into trouble, he sent fusillades of text messages and emails to Rishi Sunak and other Treasury ministers to persuade them to tweak the rules to allow the company to draw on emergency support for businesses hit by Covid.

  Mr Cameron is not hard up. He owns three homes that we know of. He can pull more than £100,000 for a speech. He has several well-remunerated roles with other firms. Yet that was apparently not enough to satisfy his gargantuan sense of entitlement. While he insists it is an exaggeration to say he stood to gain $60m from share options in Greensill, he won’t divulge the anticipated payday. Says one senior Tory: “Dave’s eyes were out on stalks at the gold on offer.”

This would be a big story if it were only about an avaricious former prime minister wrecking what remained of his Brexit-shattered reputation. What makes it even larger is the illumination being cast on the dark undergrowth of entanglements between commercial interests and government. Conversations with MPs, officials and others suggest to me that Greensill is just the tip of a fatberg. Many MPs and advisers – Mr Cameron being one of them – were corporate lobbyists before they got a perch at Westminster. Many ex-MPs and former advisers work in paid advocacy. This is a very hectic revolving door.

In response to previous scandals, codes were drawn up that supposedly commit ministers and officials not just to avoid conflicts of interests, but also any appearance of them. Yet it has now emerged that Bill Crothers, who managed billions of pounds of taxpayers’ money as the government’s chief procurement officer, remained a senior civil servant while also having an advisory role at Greensill before later becoming one of the company’s directors. “I wasn’t surprised about David Cameron, because that is the way he ran government. You’re a mate. I’ve got your phone number. Do me a favour. That’s how he does business,” says one former Tory cabinet minister. “I was shocked that you can be a civil servant and simultaneously have a part-time job with a company. That’s genuinely jaw-dropping.”

There has long been a pattern of senior mandarins securing a nice earner on retirement by sliding into seats on company boards. The Crothers case, a still active civil servant also having a commercial gig, is at a different level. Mr Crothers’s troubling defence is that double-jobbing is “not uncommon” and he had been given the nod by the Cabinet Office. That, he argues, released him from any obligation to seek permission from the Advisory Committee on Business Appointments. Eric Pickles, the former Tory cabinet minister who chairs that toothless watchdog, says his “eyebrows raised the full quarter-inch” when he found out. Most people will have struggled to stop their eyebrows from hitting the ceiling upon learning that a civil servant can moonlight in the private sector. How “not uncommon” is this straddling of the boundary between the public interest and commercial ones? When I asked someone who once held a very senior position at the Cabinet Office how many civil servants had a private sector job on the side, he replied: “I simply don’t know. I never thought to ask, because it was so unthinkable.”

There are now more than half a dozen inquiries of various kinds. The government will probably be forced to rewrite some of the rules. The most obvious gaps may be tightened up, such as the loophole that did not require disclosure of Mr Cameron’s activities. That was brought to light by enterprising journalism. More rigorous safeguards will be promised. Ex-ministers may be subject to a longer quarantine period before they can lobby government.

 

Yet I struggle to believe that there will be a thorough clean-up so long as Boris Johnson is prime minister. Much as he may be relishing the humiliation of “Dave”, a rival since they were at Eton together, anything concerning conflicts of interests asks questions about the current tenant of Number 10. He sees nothing wrong with Jennifer Arcuri securing financial sponsorship for her business from City Hall when he was mayor of London and they were lovers. We still don’t know the identity of the mystery benefactors who paid for the expensive makeover of the Downing Street flat. Robert Jenrick remains seated in the cabinet despite expediting an “unlawful” planning decision that saved Richard Desmond, the property developer and Tory donor, £45m in taxes. The government continues to resist a comprehensive accounting of which friends and contacts of Tory ministers, MPs, peers and advisers were given first-class berths aboard the Covid-contracts gravy train, the crony express. Five months have passed since the resignation of Sir Alex Allan as the invigilator of the ministerial code in protest at Mr Johnson’s refusal to accept his findings about bullying by Priti Patel. The position of ethics prefect remains vacant, which tells you all you need to know about how much priority the prime minister gives to policing the integrity of his government.

This Augean stable needs mucking out, but it is unlikely that Mr Johnson will be a vigorous shovel.

Edited by sancho panza
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spygirl

There was ~13 years between Majors a Pm and Dave as PM.

This is when the  problems come from.

The senior servant Crother  involved left in 2015.

The head of civil service jeremy Heywood now dead:

Jeremy John Heywood, Baron Heywood of Whitehall, GCB, CVO (31 December 1961 – 4 November 2018) was a British civil servant who served as Cabinet Secretary to David Cameron and Treason May from 2012 to 2018 and Head of the Home Civil Service from 2014 to 2018. He served as the Principal Private Secretary to Prime Ministers Tony Blair and Gordon Brown from 1999 to 2003 and 2008 to 2010. He also served as Downing Street Chief of Staff and the first Downing Street Permanent Secretary.[1][2] After he was diagnosed with lung cancer,[3] he took a leave of absence from June 2018, and retired on health grounds on 24 October 2018, receiving a life peerage; he died two weeks later on 4 November 2018.

https://www.theguardian.com/politics/2018/nov/04/lord-heywood-of-whitehall-obituary

He went on to become private secretary to the new chancellor, Kenneth Clarke, and in 1994-95 drew up his fundamental review of the Treasury’s structure, which became a blueprint for other changes.

When Blair became PM in 1997 he summoned Heywood to his office and made him economic and domestic secretary, which meant he became one of the key figures bridging the Blair-Brown divide in the new government. To his credit – and despite the acrimonious battles between the PM and his chancellor – Heywood was both trusted by Blair and by Brown’s rising star, Ed Balls. In 1999 he was promoted to principal private secretary to the PM.

Then in a rare move Heywood, who had also married a fellow civil servant, Suzanne Cook, in the year Blair won the election, left Whitehall. He became managing director of the US bank Morgan Stanley in 2003 and decided to have more time with his newborn son.

But it was not to last. By 2007 he had been lured back to Whitehall by Brown – first as head of domestic policy and strategy at the Cabinet Office, and within a year as permanent secretary in Brown’s office. He was immediately thrown into the financial crisis, which stretched his ability to the limit.

Theres that man again.

He should have never been let back in the CS after leaving.

All part of the cretins trying to rectreate the godo luck that Blair had.

 

 

 

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spygirl

I assume the FT are rolling now

Lex Greensill and the rules of wearing boots with suits

David Cameron met the businessman in the desert — but it’s Greensill’s ankle wear that’s truly troubling

https://www.ft.com/content/834ccb50-7342-4a9b-ad4e-989f89f3b0ba

 

5d6148ca-1809-4baf-82b8-e99e3ec03751.jpg

I agree that Lex looks bizarre in the top picture: like a little gnome with huge feet. But it’s got little to do with the RM Williams boots, which are very common workwear down here - whether you are a gardener, builder, lawyer or banker, they have different styles for whatever your role may be. It’s a cultural thing really, just as poms love those ridiculous looking sandals that look like shoes with bits cut out of them!

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wherebee

Hands off my RM Williams.  They are fecking fantastic.  If you wear shitty London style low shoes or brogues, when you get a flash rainstorm and the pavements have an inch of water on them, it goes over the sides and you get wet feet.  Or if you are in a dry part, the dust gets in your shoe all the time.

Boots for the win.

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spygirl
7 hours ago, wherebee said:

Hands off my RM Williams.  They are fecking fantastic.  If you wear shitty London style low shoes or brogues, when you get a flash rainstorm and the pavements have an inch of water on them, it goes over the sides and you get wet feet.  Or if you are in a dry part, the dust gets in your shoe all the time.

Boots for the win.

IM OK wih bots.

However they are very big. Or Lex is very small.

Give him a pointy hat and fishing rod and - taddah! gnome.

 

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sancho panza

https://www.dailymail.co.uk/news/article-9501581/Cameron-lobbied-Bank-England-chief-Fresh-emails-former-PM-wrote-deputy-governor.html

Cameron lobbied Bank of England chief: Fresh emails show how the former PM wrote to deputy governor to plead for failed Greensill

The ex-PM texted Treasury's top civil servant as part of a 'persistent' campaign

Mr Cameron contacted Bank of England officials at least six times, it emerged

He sent emails to deputy governor Sir Jon Cunliffe and spoke to him by phone

At first he boasted Greensill Capital was 'world leader' in early payment system

He later pleaded for help after admitting he failed to get anywhere with Treasury

image.png.3acd292ca87ab44ca4fba4d1f56bd1c4.png

image.png.89b082a3ed6740ff8ffbe88d8adc214e.png

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