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Greensill


spygirl

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jamtomorrow
9 hours ago, spygirl said:

Slowly dawning that Daft Dave isnt the main story.

https://amp.theguardian.com/commentisfree/2021/apr/23/lex-greensill-jeremy-heywood

Again, senior Pols dont sign cheques. Senior civil servants do.

 

What with this and the Dyson leaks and the escalating argie bargie with Cummings ... it's almost as though someone on the inside is systematically trying to discredit the entire *system* of Government (pols and civil servants) and see it swept away by emergency reforms that "temporarily" centralize power with a small number of individuals.

Completely unrelated: anyone seen Gove lately?

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22 minutes ago, jamtomorrow said:

What with this and the Dyson leaks and the escalating argie bargie with Cummings ... it's almost as though someone on the inside is systematically trying to discredit the entire *system* of Government (pols and civil servants) and see it swept away by emergency reforms that "temporarily" centralize power with a small number of individuals.

Completely unrelated: anyone seen Gove lately?

Normal bitching.

 

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15 hours ago, spygirl said:

Slowly dawning that Daft Dave isnt the main story.

https://amp.theguardian.com/commentisfree/2021/apr/23/lex-greensill-jeremy-heywood

Again, senior Pols dont sign cheques. Senior civil servants do.

 

Greensill scandal puts Heywood’s business dealings under spotlight

The late cabinet secretary worked on M&A deals alongside ex-boss from Morgan Stanley

https://www.ft.com/content/78a63195-87c9-484c-8419-f9e9551e3498

Again daft Dave was just a well known face. And stupid.

To turn this sort of thing into a scam, you need the ear of senior civil servant not a ex Pol.



Behind the scenes, the cabinet secretary was also seen by business leaders as the go-to figure when they needed solutions to problems. “He was very accessible,” said one senior industry figure. “If you had a company that wanted to go to the prime minister, you would arrange it through Jeremy.” 

...



Heywood, previously known as “the man who really runs the country”, played a pivotal role in the government’s approach to at least two major deals involving his friend Robey: the failed merger between BAE Systems and EADS in 2012, and SoftBank’s takeover of Arm Holdings in 2016. 

 

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Greensill worked within UK government without contract

Simon Case, head of civil service, tells MPs he was ‘alarmed’ financier had been given advisory role

https://www.ft.com/content/cca3ab83-22d6-4bc3-8c24-1208e1c0f981



Lex Greensill, the financier who secured a place at the heart of the British government, acquired his privileged role without any contract or explanation of his job, two senior Whitehall officials revealed on Monday

...

Tierney said the appointment of Bill Crothers, a former chief procurement officer, to a role at Greensill while still in government had been authorised by the late Jeremy Heywood, then the cabinet secretary, and John Manzoni, the former chief executive of the civil service. Heywood, who died in 2018, was also instrumental in bringing Greensill into government.

...



“We cannot explain how these decisions were taken or why . . . it looks like there were conflicts and we are not clear on how they were managed. From our cursory look, we can’t see the evidence.” Case added that Greensill’s appointment “doesn’t look right” or “appropriate”.

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This is all a bent civil service. Was it a one off!

Or was there a clique?? 

Pols should have v little to with ut, bar sign off the pass handed to them.

Niw have they looked into Heywoods financial affairs.

 

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  • 2 weeks later...

UK regulator investigates collapsed Greensill Capital

Move revealed in documents released by MPs, which also show extent of Cameron’s lobbying on behalf of group

https://www.ft.com/content/06666acc-ee6c-471b-94e2-b05ff3645d0d



In three hours of robust questioning by MPs, Greensill denied that he was a “fraudster” given the company’s heavy use of future receivables — lending based on revenue which does not yet exist. “At no point would I or my firm have engaged in financing receivables which we knew to be fraudulent.”

Bullshit. Cretin Labour MP.

The question should have been - were any of the discounted receivable fraudulent or fabricated. And, by not checking with the named party were you a party or knowledgable to this fraud.

We can be 100% sure that most of the junk from Gupta was fabricated bullshit.

Greensill should -r o maybe was - ringing up the company that Gupta had put down as owing money and checked the invoice. esp as there would have not been that many invoices. Gupta was not trading on poubnd shop items.

Greensill should have had contacts within all of Gupta names buyers.

Then they concentrate on the Cameron link. Thats no he major issue - its the top civil servant thats the issue.

 

 

 

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One percent
On 02/05/2021 at 19:57, spygirl said:

I think this is a woman.

77b687dbfb7aad67afa35195f12b36c4945299f1

Nah, that’s the character from the sketch to only gay in the village. 

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Dire reporting on Camoron and this..

'David Cameron had a 1% of Greensill, once value at 70bln, mean his stake would have been worth ... 80m ...'

All total BS.

Greensill value was made up by the bullshiiters and crooks involved with Greensill.

Even in a gormless market that floats junk like THG, Greensill would have failed to list.

 

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Credit Suisse under growing pressure to compensate clients over Greensill

The collapse of the supply chain finance firm has hurt more than 1,000 of the bank’s customers

https://www.ft.com/content/451aa60d-b35e-4a72-837d-acf8b57ece4c



More than 1,000 Credit Suisse customers invested in the $10bn suite of funds, having been told by the bank’s advisers and marketing material that they were low-risk products, fully insured against losses.

 

 

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Greensill critic Myners discussed taking role at firm, emails show

Former city minister inquired about position after likening company to a Ponzi scheme

https://www.ft.com/content/963d4d53-3de4-4735-b2ce-ecf2889a36f2

Just goes to show what a bunch of cretins the civil service and all Pols are.

And, to be frnak, most people working i nthe finsec.



Myners appeared to respond in a broadly positive way in July 2019 when he met Lex Greensill, founder of the eponymous company, who invited him to join the board, according to the emails released by the House of Commons Treasury select committee. The messages show Myners asked about what kind of financial package he might receive.

No clue whether a company is real or just a scam.

 

Comment:

A popover with more user information
16 HOURS AGO
 
Think back to school: there were the bright tech-y kids, good at numbers. And, separately those who were good with words who formed clubs with archane rules. The former set become scientists or quanty-bankers. The latter set become politicians or investment bankers. All that happened in this case was that Lex pulled off an impression of a quant type who had invented a fintech and through appearing successful, attracted plaudits from politicians who thought "he's one of those bright mathsy boys from school that were brighter than me". Once you think someone is brighter than you, you never really ask searching questions as you know you won't understand the answer. (Cameron kept referring to Greensill as a fintech company, rather than a factoring company). 
Sadly, Myners falls into the same camp. Better business minds needed in Parliament.

Paul Myners was adopted at the age of two by a Cornish family, and grew up in Truro, Cornwall.[4] His adopting father was a self-employed butcher and fisherman and his mother a hairdresser.[5] He has no siblings. He attended Truro School, an independent Methodist school, on a scholarship. He graduated from the University of London, Institute of Education, with a first class honours degree in Education and a Certificate in Education (teaching qualification), and became a secondary school teacher in Wandsworth with the Inner London Education Authority (1971–72).[5] He left teaching after two years and subsequently joined The Daily Telegraph as a financial journalist moving into the financial sector in 1974 as a junior portfolio manager at N M Rothschild & Sons.[6]

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  • 3 weeks later...

https://www.ft.com/content/31a86951-4a0d-493d-9be9-6e10641f7431



Lord Francis Maude, former Cabinet Office secretary, told the committee that Heywood had invited him to meet Greensill, saying he was “a very clever guy who is going to help you to save lots of money”.

Maude said he was unimpressed by the idea that government departments could borrow more cheaply through a third party.

“I didn’t see how Jeremy [Heywood]’s contention that this would save us a lot of money would stack up,” he told the MPs. “Rule 101 of finance is that no one can provide finance more cheaply than a triple A-rated government.”

Which makes Heywood, head of civil service, either an idiot or a conman.

Again, Camoron is just a thick patsy. The issue here is the civil service.

 

 

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  • 2 weeks later...
On 09/03/2021 at 06:57, spygirl said:

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 that it is much more bigger and more bank like.

Everyone's going nuts as banks are meant to be better regulated.

Greenswill has basically shown the system can still be massively and dangerously gamed.

The big reputation damage on this is going to be the UK civil service, as Looker Lexy seemed to have go his intro - and path cleared for him - by the head honcho Jeremy Heywood. Forget the Cameron stuff, its Heywood that bent the regulations and allowed Looker Lex to create this monster.

 

An unfair slur on the name of my late husband, Jeremy Heywood

Letters

Suzanne Heywood defends the reputation of her husband from claims relating the Greensill affair

https://amp.theguardian.com/politics/2021/jun/15/an-unfair-slur-on-the-name-of-my-late-husband-jeremy-heywood

Blah blah blah.

Lex Looker got his foot in the door via Heywood.

I'd be looking at any back channel payments to the Heywood family.

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  • 2 weeks later...
sancho panza

https://www.nakedcapitalism.com/2021/06/first-uk-inquiry-into-greensill-scandal-calls-for-extension-to-lobbying-ban-for-former-ministers-and-civil-servants.html

First UK Inquiry Into Greensill Scandal Calls for Extension to Lobbying Ban for Former Ministers and Civil Servants

The inquiry also recommends greater transparency and accountability from the government. Unfortunately, the trend is in the opposite direction. 

It is a formality of British politics that when a big scandal breaks, a public inquiry is formed. Sometimes a scandal is so bad that it warrants more than one. So far, the Greensill affair, the worst lobbying scandal in a generation, has racked up no fewer than eight separate inquiries.

 

When Lobbying Becomes Stalking

The inquiry has revealed how the former premier David Cameron, who had joined the supply chain finance provider Greensill as an advisor in 2018, blitzed government ministers, including the Chancellor of the Exchequer Rishi Sunak, and officials at 10 Downing Street, the Treasury and Bank of England with around 80 text, WhatsApp and email messages during the first four months of the coronavirus crisis. One member of the Treasury Select Committee likened it more to “stalking than lobbying”.

Cameron was desperate to secure Greensill access to Covid support. Once he had, he tried to increase the amount the company could receive. In June, he urged both Sunak and vaccines minister Nadhim Zahawi to increase the maximum loan Greensill could make under the Treasury’s Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million. The difference, Cameron said, was “rather crucial”.

By that time Greensill was on the ropes. A number of its client companies had already collapsed. Attention was shifting to the financial menage á trois Greensill had formed with its primary backer, Soft Bank, and Swiss mega-lender Credit Suisse. Greensill was also under investigation by German banking regulator BaFin and the Association of German Banks, an industry group, over its German subsidiary Greensill Bank’s huge exposure to a single client: UK-based steel magnate Sanjeev Gupta.

The company needed money fast. And thanks to Cameron’s tireless lobbying, it got it. Greensill was able to make loans totalling £418 million under the government’s coronavirus lending schemes, £335 million of which was guaranteed by the British Business Bank. Most of that money ended up going to Greensill’s biggest client, Gupta’s GFG Alliance.

Special Treatment

Greensill Capital was the only non-bank financial firm to administer the emergency coronavirus loan schemes. It was also exempt from the capital adequacy and stress tests that are normally applied to lenders. The only apparent reason for this special treatment was Cameron’s persistent lobbying, none of which was included in departmental disclosures. This patent disregard for transparency and accountability is par for the course in British government today, says the Committee on Standards in Public Life:


Greensill’s Legacy, Thus Far

The Greensill affair is important for a host of reasons. It has served as yet another reminder of the risks posed by excessive financialization. It has pushed two small banks into bankruptcy — the Greensill Bank in Germany and Milan-based Aigis Banca — and left one very big bank, Credit Suisse, in serious trouble. Greensill’s biggest customer, GFG Alliance, which owns huge chunks of Europe’s steel industry, is also on the ropes as it seeks alternative financing.

The scandal has also revealed just how bad government can be at managing public money — and how easily ministers and civil servants can be seduced by smooth-talking, well-connected financiers, especially when said financiers offer said civil servants or ministers well-paid advisory positions at their firms.

Greensill Capital’s eponymous founder, Lex Greensill, was brought into Whitehall by late mandarin Sir Jeremy Heywood, who ended up sitting on Greensill Capital’s board a few years later. Heywood described Greensill as a “very clever guy”, then employed by Citi, who could find substantial savings for the public sector. Instead, the opposite has happened. The government has racked up big losses as a result of its underwriting of Greensill’s emergency loans. It has also squandered public funds and forced government suppliers to accept lower payments due to its wholly unnecessary use of supply chain finance.

As former Cabinet Office minister Lord Maude told the inquiry, he saw “nothing that suggests that any involvement the government has with supply chain finance actually saved the government money”:

I could not see how Jeremy’s contention that this would save the government a lot of money stacked up, because it is kind of rule 101 of finance that nobody could provide finance more cheaply than a triple-A rated Government, which is what we were.”

The scandal has also revealed the vital — albeit diminished — role investigate journalism can play in shining the light on government. This is particularly important when the government in question is engaging in all manner of corrupt activity while doing everything within its significantly increased powers to conceal that activity and cover its tracks. If it wasn’t for the tireless work of journalists like the FT’s Robert Smith and The Times’ Gabriel Porgrund, it would have taken even longer for the Greensill scandal to break, allowing even more damage to accrue in the meantime.

But the UK government also appreciates this fact. The Greensill affair has caused serious embarrassment to many of its leading figures, past and present. And it is now using and seeking every opportunity to protect itself from further scrutiny, including by escalating its war on whistleblowers and investigative journalists, who are increasingly being treated as one and the same thing.

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On 29/06/2021 at 20:36, sancho panza said:

https://www.nakedcapitalism.com/2021/06/first-uk-inquiry-into-greensill-scandal-calls-for-extension-to-lobbying-ban-for-former-ministers-and-civil-servants.html

First UK Inquiry Into Greensill Scandal Calls for Extension to Lobbying Ban for Former Ministers and Civil Servants

The inquiry also recommends greater transparency and accountability from the government. Unfortunately, the trend is in the opposite direction. 

It is a formality of British politics that when a big scandal breaks, a public inquiry is formed. Sometimes a scandal is so bad that it warrants more than one. So far, the Greensill affair, the worst lobbying scandal in a generation, has racked up no fewer than eight separate inquiries.

 

When Lobbying Becomes Stalking

The inquiry has revealed how the former premier David Cameron, who had joined the supply chain finance provider Greensill as an advisor in 2018, blitzed government ministers, including the Chancellor of the Exchequer Rishi Sunak, and officials at 10 Downing Street, the Treasury and Bank of England with around 80 text, WhatsApp and email messages during the first four months of the coronavirus crisis. One member of the Treasury Select Committee likened it more to “stalking than lobbying”.

Cameron was desperate to secure Greensill access to Covid support. Once he had, he tried to increase the amount the company could receive. In June, he urged both Sunak and vaccines minister Nadhim Zahawi to increase the maximum loan Greensill could make under the Treasury’s Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million. The difference, Cameron said, was “rather crucial”.

By that time Greensill was on the ropes. A number of its client companies had already collapsed. Attention was shifting to the financial menage á trois Greensill had formed with its primary backer, Soft Bank, and Swiss mega-lender Credit Suisse. Greensill was also under investigation by German banking regulator BaFin and the Association of German Banks, an industry group, over its German subsidiary Greensill Bank’s huge exposure to a single client: UK-based steel magnate Sanjeev Gupta.

The company needed money fast. And thanks to Cameron’s tireless lobbying, it got it. Greensill was able to make loans totalling £418 million under the government’s coronavirus lending schemes, £335 million of which was guaranteed by the British Business Bank. Most of that money ended up going to Greensill’s biggest client, Gupta’s GFG Alliance.

Special Treatment

Greensill Capital was the only non-bank financial firm to administer the emergency coronavirus loan schemes. It was also exempt from the capital adequacy and stress tests that are normally applied to lenders. The only apparent reason for this special treatment was Cameron’s persistent lobbying, none of which was included in departmental disclosures. This patent disregard for transparency and accountability is par for the course in British government today, says the Committee on Standards in Public Life:

 

Greensill’s Legacy, Thus Far

The Greensill affair is important for a host of reasons. It has served as yet another reminder of the risks posed by excessive financialization. It has pushed two small banks into bankruptcy — the Greensill Bank in Germany and Milan-based Aigis Banca — and left one very big bank, Credit Suisse, in serious trouble. Greensill’s biggest customer, GFG Alliance, which owns huge chunks of Europe’s steel industry, is also on the ropes as it seeks alternative financing.

The scandal has also revealed just how bad government can be at managing public money — and how easily ministers and civil servants can be seduced by smooth-talking, well-connected financiers, especially when said financiers offer said civil servants or ministers well-paid advisory positions at their firms.

Greensill Capital’s eponymous founder, Lex Greensill, was brought into Whitehall by late mandarin Sir Jeremy Heywood, who ended up sitting on Greensill Capital’s board a few years later. Heywood described Greensill as a “very clever guy”, then employed by Citi, who could find substantial savings for the public sector. Instead, the opposite has happened. The government has racked up big losses as a result of its underwriting of Greensill’s emergency loans. It has also squandered public funds and forced government suppliers to accept lower payments due to its wholly unnecessary use of supply chain finance.

As former Cabinet Office minister Lord Maude told the inquiry, he saw “nothing that suggests that any involvement the government has with supply chain finance actually saved the government money”:

I could not see how Jeremy’s contention that this would save the government a lot of money stacked up, because it is kind of rule 101 of finance that nobody could provide finance more cheaply than a triple-A rated Government, which is what we were.”

The scandal has also revealed the vital — albeit diminished — role investigate journalism can play in shining the light on government. This is particularly important when the government in question is engaging in all manner of corrupt activity while doing everything within its significantly increased powers to conceal that activity and cover its tracks. If it wasn’t for the tireless work of journalists like the FT’s Robert Smith and The Times’ Gabriel Porgrund, it would have taken even longer for the Greensill scandal to break, allowing even more damage to accrue in the meantime.

But the UK government also appreciates this fact. The Greensill affair has caused serious embarrassment to many of its leading figures, past and present. And it is now using and seeking every opportunity to protect itself from further scrutiny, including by escalating its war on whistleblowers and investigative journalists, who are increasingly being treated as one and the same thing.

Shows how stupid the civil service are.

Short sellers tend to do this sort of investigation far better than journos.

FT have been good recently.

Most journos write up underresearched poof pieces praising cretins like Lex.

 

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2 hours ago, spygirl said:

Greensill Capital’s insurers claim they were misled by the finance group

Allegations in report from administrator to Greensill Bank threaten to complicate efforts to recoup losses

https://www.ft.com/content/ca05dea4-7ff5-4652-8d25-8ddc69cf3d84

Lying to your insurer...

Get rich tips  #123

Why wouldn't you lie to your insurer - the sole purpose of the insurer is to make yourself look more "trustworthy". 

As with the auditing it really is up to the insurer to double check things. 

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2 hours ago, eek said:

Why wouldn't you lie to your insurer - the sole purpose of the insurer is to make yourself look more "trustworthy". 

As with the auditing it really is up to the insurer to double check things. 

Lie on commercial insurance???

Because your are a fucking idiot andor a crook.



According to the administrator’s report, IAG has argued that Greensill Capital or Greensill Bank “made false statements” about the insured claims and underlying businesses, adding that the finance firm “potentially even deliberately deceived in advance”.

 

There will be load of caveats and rules - leverage, debt, turnover supervision,  etc etc.



The report also states that Tokio Marine has challenged the validity of an insurance policy related to GFG “on the same grounds” as IAG.

A copy of another insurance policy provided by BCC to Greensill, which was disclosed in an Australian court case earlier this year, stated that it would be voided if the company knowingly made “false or fraudulent statements”.

 

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2 minutes ago, spygirl said:

Lie on commercial insurance???

Because your are a fucking idiot andor a crook.



According to the administrator’s report, IAG has argued that Greensill Capital or Greensill Bank “made false statements” about the insured claims and underlying businesses, adding that the finance firm “potentially even deliberately deceived in advance”.

 

There will be load of caveats and rules - leverage, debt, turnover supervision,  etc etc.



The report also states that Tokio Marine has challenged the validity of an insurance policy related to GFG “on the same grounds” as IAG.

A copy of another insurance policy provided by BCC to Greensill, which was disclosed in an Australian court case earlier this year, stated that it would be voided if the company knowingly made “false or fraudulent statements”.

 

You are missing the point

Greensill is only buying the insurance policy because the other party in the transaction is insisting on the policy existing.

The fact he is lying through his teeth to get said policy isn't an immediate consideration for him, as he needs the policy for the transactions he needs to make to go ahead.

Remember it's only after Greensill has gone belly up and the insurance company is being asked to pay that the insurance company is discovering that they wrote the policy based on dodgy information. 

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1 minute ago, eek said:

You are missing the point

Greensill is only buying the insurance policy because the other party in the transaction is insisting on the policy existing.

The fact he is lying through his teeth to get said policy isn't an immediate consideration for him, as he needs the policy for the transactions he needs to make to go ahead.

Remember it's only after Greensill has gone belly up and the insurance company is being asked to pay that the insurance company is discovering that they wrote the policy based on dodgy information. 

I think tis the other way around.

Greenshill *needed* these insurances in place to be able sell the structured product/debt products.



The Credit Suisse funds invested in packaged-up invoices sourced by Greensill, a supply-chain finance specialist, which then arranged insurance to cover non-payment of the invoices. Greensill fell into administration in March after its main coverage, provided by Tokio Marine unit The Bond & Credit Co, expired.

Its all pointing the finger at the mo. We'll find out as the cases are made and the shit hits the fan.

Has Sanjeev come back from Dubai yet?

Bet Lex wished hed fucked off back to Wallaby Spits.

 

 

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