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Greensill


spygirl

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4 minutes ago, spygirl said:

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.

 

 

Isn't that exactly what I said

 

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

He needs the policy for the transactions to go ahead.

Lex going back to Wallaby Spits wouldn't help him, when things hit the fan he will be wishing he was sat in Dubai or somewhere else that doesn't pay attention to extradition requests. 

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On 16/06/2021 at 21:09, spygirl said:

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.

And shes back

https://amp.theguardian.com/politics/2021/jul/01/jeremy-heywoods-widow-questions-greensill-inquiry-chiefs-independence

Jeremy Heywood’s widow questions Greensill inquiry chief’s independence

Exclusive: Suzanne Heywood raises concerns about Boris Johnson’s appointee, Nigel Boardman

 

She told the Guardian that she has voiced her worries after reading reports that Boardman, a former partner at the law firm Slaughter and May, is close to the government and the Conservative party.

Oh ffs. Hes a top lawyer. Hell be connected to loads.

Mrs Heywood, speaking from her 10m mansion in South of France......

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Greensill used taxpayer loans to cut exposure to Sanjeev Gupta

Lender resorted to scheme after regulators warned about risky lending to steel group

https://www.ft.com/content/bd125ca2-4c39-4335-9334-55855e70e19d



Greensill Bank used state-backed loans from three European governments to reduce its exposure to companies owned by metals magnate Sanjeev Gupta.

The scheme, described in documents seen by the Financial Times, highlights the extent of the potential taxpayer exposure to Gupta’s troubled business empire.

 

Ehhhhh ... whod have thought a jug eared munter from Wallaby Spits could fuck up so much?

 

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30 minutes ago, spygirl said:

Greensill used taxpayer loans to cut exposure to Sanjeev Gupta

Lender resorted to scheme after regulators warned about risky lending to steel group

https://www.ft.com/content/bd125ca2-4c39-4335-9334-55855e70e19d



Greensill Bank used state-backed loans from three European governments to reduce its exposure to companies owned by metals magnate Sanjeev Gupta.

The scheme, described in documents seen by the Financial Times, highlights the extent of the potential taxpayer exposure to Gupta’s troubled business empire.

 

Ehhhhh ... whod have thought a jug eared munter from Wallaby Spits could fuck up so much?

 

France, Italy and the Czech Republic so it isn't us that has lost the money

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  • 2 weeks later...

Heywood’s widow fears Greensill inquiry will heap blame on late Whitehall chief

Suzanne Heywood says Boardman review will point finger at her husband for bringing Australian financier into government

https://www.ft.com/content/3149a5b7-b19f-40e7-98b7-c25cd026dbd3

But he fucking did FFS.

Then bent all the rules to keep Lexy in place.

Comments (inc the usual wibble, lizard people, remain loons) -

 
 
 
I'm fine with Mrs Heywood defending her husband. However, she needs to do something other than say the narrative being put forward is unfair. She needs to explain why a massive international fraud was not instigated by her late husband pushing Lex Greensill into the heart of Whitehall and promoting his nefarious agenda for no good reason. What is her alternative explanation for how all of this unfolded? To the objective external observer, it is very hard to absolve Mr Heywood and I have no wish to speak ill of the dead. In fact, given Mr Greensill's evident penchant for buying people off, it is very hard to believe Mr Heywood had not received some very lucrative promises.
 

 

 
 
reply In reply to Mustibigg
Yes. But should not his widow have had as much access to the relevant material as anyone else? 
 

 

 
 
reply In reply to C.Darrow
I think the question is why should she, not why should she not. She was not involved in these events and unless the late Mr Heywood discussed these matters with her contemporaneously - which I doubt he would have done on the basis that he would have had duties of confidentiality - she is no more an informed witness to the events than any other bystander; so why should she have greater access and greater right to express her view?  
 
She might care about the outcome more than the average bystander but that is not quite the same as having material that can help Mr Boardman reach his conclusions.  
 
I can see the force in a “special representative” to put Mr Heywood’s  side of the story across.  The difficulty is that as he is deceased, no-one knows what that story would be.  It would be a pure thought experiment or matter or speculation.  
 
For the same reason I can’t see how Mr Boardman could sensibly reach any decisively firm conclusions about Mr Heywood’s intentions, thought processes, state of mind, etc.  Save where contemporaneous written evidence exists.  
 

 

 
 
reply In reply to C.Darrow
Not really. She is not being accused of anything and she was not and is not counsel for her late husband. From a legal and procedural perspective, she is little more than an emotionally invested member of the public.
 

 

 

 

 
 
reply In reply to Mustibigg
Matter of interest. How do you know it was Sir Jeremy pushing anything and not his political masters leaning on him to do it?
 

 

reply In reply to If not me who then
As a very senior civil servant - it is one of Mr Heywood’s duties to remain impartial and in some senses above party politics. That’s how how governments works and is supposedly not just tradition but a duty. 
 

 

 
(Edited)
 
reply In reply to Mustibigg
In the interests of justice, not in the interests of No: 10 politics and its current occupant, of course the Boardman Review should examine all the evidence.
 
Jeremy Hayward may have instigated Greensill's arrival at No: 10 under Cameron, but surely Cameron had to approve Greensill's presence in the building. Furthermore, as four civil servants were apparently reporting to Greensill, or were at least at his beck and call, there would have been administrative approvals required? This was 10 Downing Street after all.
 
I am pretty sure, and probably Mrs. Hayward is as well, that the Terms of Reference for the review have been carefully drafted to ensure the political result is grey, but will infer that Hayward should take most of the blame posthumously, rather than the whole truth comes out. Typically British. We are well-known for it.
 

 

 
 
reply In reply to Mustibigg
Fair comment. Also - and this doesn’t mean her or her husband are in any way in the wrong - this story is a text book example of how access to friendly journalists makes or breaks you in public life. 
 

 

 
 
It is not unusual practice to blame those who are no longer around to defend themselves. However, the FT reported last week that lender Greensill Capital got £400m of its lending guaranteed by the  British Business Bank following internal government parties' pestering for Greensill capital to get accreditation. So who in government did the pestering and for whom seems more important - for David Cameron? Introducing Greensill into Whitehall may have been poor judgement, but influencing decisions on the guarantee of loans to the unsound Gupta companies via Greensill capital seems much more criminal.
 

 

It does seem like a colossal failure of judgment by Jeremy Heywood and the whole affair, including the role of David Cameron, stinks. It is also unclear what problem Heywood thought Greensill might fix. Ministers and the civil service seem to have been hostile to the ludicrous idea that the government needed a middleman factor when it could just pay its bills faster if it wished. I also don’t buy that Nigel Boardman is conflicted. His links to the administration are not strong. If there is a critique over his appointment it is that he is a black letter establishment man who is likely to be conservative in approach. 
 

 

 
(Edited)
 
Let us just remind ourselves of who Jeremy Heywood was.
 
Jeremy Heywood was the only Civil Servant in the room when the decision was taken to name Dr David Kelly as the source of the 'leak' that the Iraq dossier had been sexed up.
 
Jeremy Heywood swore under oath that he kept no records of that meeting, but then resigned from the Civil Service shortly after.
 
Jeremy Heywood was the man who insisted that Andrew Mitchell had not called a police officer a 'prole', only for that conclusion to the flatly contradicted by a High Court judge.
 
Jeremy Heywood was the man who assured Theresa May that the Northern Ireland protocol of her draft Withdrawal Agreement would not bind the UK in perpetuity, only for that claim to be flatly contradicted by the official advice of the Attorney General.
 
Jeremy Heywood was a man whose virtues were his capacity to take care of himself and 'take a bullet' for his Ministers. He was not a man of ethics or of standards.
 
History I fear will not be kind to him.
 

 

 
(Edited)
 
From where I am standing on the evidence I have read it looks as though Heywood was more than a bit of a Spiv.
Of course his widow would defend him  - - no one calls stinking fish about a recently dead partner.
But Heywood had form — let’s not forget his lack of a moral compass and his desire to play with the politicians in relation to his time with Blair rather than stand necessarily apart from them was a factor in us going to war with Iraq on spurious claims.
 

 

 
 
Mrs Heywood should go back to her family and have a nice holiday. If she knows precisely what her husband did in this case she should tell us. 
 
She clearly knows nothing about the issues which is why Boardman is not interested. 
 
Just quietly fade away unless you have facts. 
 

 

 
 
reply In reply to Diogenes
Well, she’s sore because she thought she could squash all this stuff by putting out a hagiography in advance of the less nice stuff coming out. She was wrong.
 

 

 
 
Well she would say that, wouldn't she?
 

 

 
 

 

 
Let's face it, if you think a government that creates money needs to pay a company to help smooth out cash flow to pay the government bills, then I'm not sure I would trust him to be the door man
 

 

 
 
Heywood was a civil servant.  Maude, an mp, was afraid? Maude!?  Not a junior no.  Give me a break.
Greensill is on Cameron and the Tories
 

 

 
 
Was Heywood commercially naïve or was there another consideration or incentive that opened the door for Greensill in Whitehall? Dim or venal, it looks bad for his legacy.
 

 

 
 
Whatever, Heywood gave Greensill a post that he could leverage off. We know the consequences of that leveraging. 
 

 

 
 
'What Does Jeremy Think? Jeremy Heywood and the making of Modern Britain' by Suzanne Heywood (William Collins, 2021) brought the author to the fore.  There are many reasons people write books as tributes to (late) loved ones, and Mrs Heywood will have hers. 
 
In the process of writing and promoting the book Mrs Heywood has, to some degree, put herself in the firing line for her late husband's successes and failures.  Whilst she will probably not have had access to the Greensill enquiry material, in all likelihood she will have known that all politicians - and especially those presently in power - will look for reasons to deflect blame and avoid their share of responsibility.  
 
By putting her head above the publishing parapet Mrs Heywood has, to a greater degree than the average civil service widow, taken the risk of being discredited in a situation she cannot easily explain or defend. 
 

 

 
 
There is absolutely no doubt that Jeremy Hayward will be the fall guy. This is not because I know something about Greensill affair but because I have seen how Conservatives deal with officials when something goes wrong.
 
No matter who of the elected politicians may have been at fault it is never them who carry the can. Nor do they have to learn anything. Just force a high ranking official to resign even if that involves substantial pay off and an NDA.
 
So why would the No10 tenants be any different? Especially when the person being targeted is not any more here to defend himself.
 

 

 
 
reply In reply to If not me who then
It is a shame for No 10 that so much of the Greensill / GFG saga happened after Hayward's death. Introducing Lex wasn't that big a deal, although not clever.
 

 

 
 

 

reply In reply to Myrna D. Belfess
Well, without Heywood would Greensill have got as far as he did? Seems unlikely, though grifters like Greensill often keep trying until they find some unlocked entrance they can sneak through.
 

 

 
 

 

 

 

 

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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.

 

Same report, different spin

Lord Heywood ‘will face repeated criticism in Greensill review’

Former Prime Minister David Cameron described by sources as not ‘escaping’ criticism for his lobbying

https://www.telegraph.co.uk/politics/2021/07/21/lord-heywood-will-face-repeated-criticism-greensill-review-telegraph/amp/

 

Greensill enjoyed ‘extraordinary’ relationship with UK government, report finds

Downing Street inquiry calls for greater transparency over public appointments

https://www.ft.com/content/271949b5-2b5a-4339-8cd7-f38dd1cf4ef9

From ft article



The affair has led to intense scrutiny of the role played by former prime minister David Cameron, who frenetically lobbied the Treasury on behalf of Greensill last year for greater access to state-backed Covid-19 loan schemes. The Boardman inquiry, commissioned by the Cabinet Office, said that Cameron’s lobbying last year was “not the right way for a former prime minister to engage with government”. However, the report found that Cameron was not responsible for bringing Greensill into government in 2012




Instead that decision was “primarily” at the behest of Lord Jeremy Heywood, the former head of the civil service, who had previously worked with Greensill in 2008 at Morgan Stanley, the US investment bank. The Boardman review said Heywood supported Greensill in 2011 when he suggested he was leaving his then employer Citibank



The report also confirmed that Heywood pushed successfully for Greensill to get a CBE several years later. Boardman said there was some inconclusive evidence that Greensill’s initial three-month appointment in 2012 as an unpaid adviser was “approved” by Francis Maude, the then Cabinet Office minister. However he noted that Greensill himself said in an email in July 2012 that he “never met Francis Maude or his Spads (special advisers)”.

 

Suzanne Heywood, the cabinet secretary’s widow, said: “The conclusions of this review are a convenient diversion from the embarrassment the collapse of Greensill Capital continues to cause this government.”

 

 

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Getting there - 

How civil service chief Heywood opened the door to Lex Greensill

Long-awaited report by lawyer Nigel Boardman draws claims of ‘cover-up’ from Labour

https://www.ft.com/content/8811e116-2517-4989-a35c-5640ab89e57a



Boardman is clear in his belief that it was Jeremy Heywood, head of the civil service, who first brought Greensill into Whitehall and set him up with a desk in the Cabinet Office, a pass and a Downing Street email address. “My primary liaison is with Jeremy Heywood,” Greensill says in one memo from 2012. Greensill and Heywood had worked together at Morgan Stanley in the mid-2000s. The report shows how Greensill was in touch with the government as early as 2008, name-dropping “Jeremy Heywood at Number 10” to a sceptical Treasury official. Three years later, in 2011, Heywood emailed a colleague to argue that Greensill should join the Cabinet Office.

 

....



Paul Kirby, the then head of the Number 10 Policy Unit, was sceptical of Greensill’s ideas.

But Heywood responded: “Lex is giving huge amounts of his personal time to HMG (government) and needs occasional use of Number 10 to host senior business people.” Heywood told Kirby that Greensill could not possibly be motivated by personal gain when he was a rich man already.



However, the report admonishes Crothers for his “forceful” attempts to strong-arm former colleagues in the civil service into buying Greensill Capital products. “Some of his other behaviour towards government departments, including leveraging his former role, was at the margins of acceptable conduct.”

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BBC, in true BBC fasioh, lends with the bulshit from the widow and ends with Boob Rayner.

https://www.bbc.co.uk/news/uk-politics-57933130

The widow of a former top civil servant has hit out at a government report into lobbying critical of her late husband.

The review said Lord Heywood failed to properly consider conflicts of interest over a government role for Australian financier Lex Greensill.

His widow Suzanne Heywood called the report a "travesty" that "scapegoated" her late husband.

Soo .. the wife the top CS .... expects us to believe that the CS is toally subsevient to Pols, who might be out th door the next door?????

This is the running of day to day government. Pols have nothing to do with this. Pure CS.

Labour's deputy leader Angela Rayner said the report had been set up as "a classic Boris Johnson cover-up and whitewash to protect the government".

She added that the terms of Mr Boardman's inquiry had been limited "to avoid a wider investigation of lobbying, privileged access and the revolving door between Whitehall and business".

"The rules that are supposed to regulate lobbying are completely unfit for purpose and require radical and immediate overhaul," she added.

Responding to the report, Mr Cameron said he was "pleased that the report provides further confirmation that I broke no rules".

"I have said all along that there are lessons to be learnt, and I agree on the need for more formal lines of communication."

Wibble. What point is she trying to make?

Does she know Whitehall is mainly CS not Pols.

The Boris government has nothing to do with this.

 

 

 

 

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https://amp.theguardian.com/business/2021/jul/23/jeremy-heywood-widow-calls-greensill-inquiry-travesty

Gordon Brown has criticised the official inquiry into the Greensill affair as unsatisfactory and missing vital evidence that meant the government was not properly scrutinised for its actions.

The former prime minister’s comments come as the widow of Jeremy Heywood, a former top civil servant who was heavily criticised in the inquiry’s report, described the process as a travesty set up to scapegoat her husband and distract attention from events after his death.


Brown said the report was “so unsatisfactory” that he wanted its author, the solicitor Nigel Boardman, to be called to explain publicly why “as a reviewer he did not interview key people, why he did not consider vital evidence from Lady Heywood and others that made clear Jeremy Heywood was implementing government policy decided by ministers”.

 

Note the use of 'commercial'

https://news.sky.com/story/greensill-gordon-brown-suggests-ex-pms-should-be-banned-from-lobbying-for-five-years-12273293

If only hed been PM.....

Mr Brown has been a member of an advisory board for international investment firm Pimco since 2015 - his first private sector role since resigning as prime minister - and is now also an adviser for Swiss private equity firm Partners Group.

The fees for his private sector roles are said to be paid to the Office of Gordon and Sarah Brown, the business set up to support the couple's charity work.

There is no suggestion Mr Brown has lobbied UK government ministers on behalf of the firms

 

 

EXC: GORDON BROWN OFFICE HAS £10,000-A-WEEK “EXPENSES” RAISES OVER £3 MILLION, GIVES LESS THAN £1 MILLION TO CHARITY

https://order-order.com/2014/01/24/exc-gordon-brown-office-has-10000-a-week-expenses-raises-over-3-million-gives-less-than-1-million-to-charity/

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  • 3 weeks later...

The lefty cretins on Twitter are getting excited about Camoron n Greenshill.

Panorama has done an expose -

 

BBC is over a year late on Greenshill. Embarrassingly late.

They are also getting it wrong - dither thru incompetence or political ideology.

Greenshill is all about the senior civil service.

I started my Gupta thread almost 3 years ago.

 

Why not an expose on bent non white business in operating in the UK?

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