Podcasts about greensill capital

This week on The Fin podcast, Financial Review reporters Jenny Wiggins and Liam Walsh on how IAG became entangled in the Greensill Capital collapse, what's next in the legal stoush, and why billions of dollars and corporate reputations are at stake. This podcast is sponsored by Governance Institute of Australia. Further reading: The $7b hangover: How IAG was sucked into Lex Greensill's vortex One of Australia's most expensive corporate fights is in court. But how did the insurer targeted in the cases become entangled? The battle of Saughall fields: What Lex Greensill did next The fallen Australian billionaire tried to buy 200 hectares of farmland near a village in north-west England so the view from his home isn't spoiled. Now the town is tearing itself apart over the plan. How the Greensill empire was brought down Skittish insurers, wary fund managers, a suspicious regulator and a sceptical press created a pile of tinder that only needed a few sparks to start a fire. See omnystudio.com/listener for privacy information.

Brad D. Smith was six years old when a plane carrying the 1970 Marshall University football team crashed a mile from his home near campus in southern West Virginia, killing all 75 people on board. His cousins rushed to aid their dying neighbors as volunteer firefighters. “I watched the flames burn outside my window,” Smith remembers. “And then I watched this community rise from the ashes.”Half a century later, the recently retired Intuit CEO's community is waging new battles, with an opioid epidemic raging and the coal economy that once made Governor Jim Justice a billionaire on the verge of extinction. So, after 36 years away, Smith decided to take the country roads back home to West Virginia, the place he belongs—and into the President's House at Marshall, his alma mater, which he took over in January 2022. He brought back with him a sizable fortune, accumulated over nearly four decades in business. According to Forbes' ranking of the richest person in each state, released Thursday for the first time since 2019, he's West Virginia's wealthiest resident, worth $700 million.Forbes estimates that roughly half of his fortune is comprised of 943,000 Intuit shares and options he still holds. That's after selling 2.4 million shares during his tenure as CEO from 2008 to 2018 (and as chairman until January 2022), netting him about $300 million (after taxes and the cost of option exercises). He takes the mantle as the state's richest from Jim Justice, whose wealth has been weighed down by debt. Smith is worth some $250 million more than the governor, who dropped from the ranks of the world's billionaires in 2021, when it was revealed that he'd personally guaranteed $850 million of loans to his coal businesses by Credit Suisse via a now insolvent intermediary, Greensill Capital. (Justice also owns the iconic Greenbrier Resort in White Sulphur Springs, West Virginia, and other real estate assets in Appalachia; he disputes Forbes' estimate of his fortune.) Smith declined to comment on Forbes' estimate of his net worth.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

pWotD Episode 2386: David Cameron.Welcome to popular Wiki of the Day where we read the summary of a popular Wikipedia page every day.With 555,393 views on Monday, 13 November 2023 our article of the day is David Cameron.David William Donald Cameron (born 9 October 1966) is a British politician who has served as Secretary of State for Foreign, Commonwealth and Development Affairs since 13 November 2023. He previously served as Prime Minister of the United Kingdom from 2010 to 2016, as Leader of the Conservative Party from 2005 to 2016, and as Leader of the Opposition from 2005 to 2010, while serving as Member of Parliament (MP) for Witney from 2001 to 2016. He identifies as a one-nation conservative and has been associated with both economically liberal and socially liberal policies.Born in London to an upper-middle-class family, Cameron was educated at Heatherdown School, then Eton College, and Brasenose College, Oxford. From 1988 to 1993 he worked at the Conservative Research Department, latterly assisting the Conservative prime minister John Major, before leaving politics to work for Carlton Communications in 1994. Becoming an MP in 2001, he served in the opposition shadow cabinet under Conservative leader Michael Howard, and succeeded Howard in 2005. Cameron sought to rebrand the Conservatives, embracing an increasingly socially liberal position and introducing the "A-List" to increase the number of female and minority ethnic Conservative MPs.Following the 2010 general election, negotiations led to Cameron becoming prime minister as the head of a coalition government with the Liberal Democrats. His premiership was marked by the ongoing effects of the global financial crisis; these involved a large deficit in government finances that his government sought to reduce through austerity measures. His administration passed the Health and Social Care Act and the Welfare Reform Act, which introduced large-scale changes to healthcare and welfare. It also enforced stricter immigration policies, introduced reforms to education and oversaw the 2012 London Olympics. Cameron's administration also privatised the Royal Mail and some other state assets, and legalised same-sex marriage in England and Wales.Internationally, Cameron's government intervened militarily in the First Libyan Civil War and authorised the bombing of the Islamic State. Domestically, his government oversaw the referendum on voting reform and Scottish independence referendum, both of which confirmed Cameron's favoured outcome. When the Conservatives secured an unexpected majority in the 2015 general election, he remained as prime minister, this time leading a Conservative-only government. To fulfil a manifesto pledge, Cameron introduced a referendum on the UK's continuing membership of the EU in 2016. He supported the Britain Stronger in Europe campaign for the UK to remain in the European Union. Following the success of the Leave vote, Cameron resigned as prime minister and was succeeded in the 2016 Conservative Party leadership election by Theresa May, his Home Secretary. He served as president of Alzheimer's Research UK from 2017 to 2023. During the November 2023 Cabinet reshuffle, Rishi Sunak recommended a peerage be conferred upon Cameron, and appointed him Foreign Secretary. Cameron is the first former prime minister to serve in a ministerial post since Alec Douglas-Home in 1970. Cameron has been praised for modernising the Conservative Party and for decreasing the United Kingdom's national deficit. However, he has been criticised for his decision to hold the referendum on the UK's membership of the EU, which led to a period of political instability in the late 2010s. After leaving office, he was implicated in the Greensill scandal after lobbying government ministers and civil servants on behalf of Greensill Capital. In historical rankings of prime ministers of the United Kingdom, academics and journalists have ranked Cameron in the fourth and third quintiles, respectively.This recording reflects the Wikipedia text as of 13:33 UTC on Tuesday, 14 November 2023.For the full current version of the article, see David Cameron on Wikipedia.This podcast uses content from Wikipedia under the Creative Commons Attribution-ShareAlike License.Visit our archives at wikioftheday.com and subscribe to stay updated on new episodes.Follow us on Mastodon at @wikioftheday@masto.ai.Also check out Curmudgeon's Corner, a current events podcast.Until next time, I'm Nicole Standard.

In this episode we dive into the collapse of Greensill Capital with Duncan Mavin - Author of The Pyramid of Lies. In the world of finance, many people invest without thoroughly reading complex documents. They trust established players, assuming due diligence has been done. This trust can lead to issues when promises don't align with reality. Greensill Capital's rise and fall is a story of complex finance, layered with personalities. Lex Greensill's journey from a farming background to financial prominence is fascinating. His charisma and visionary image drew people in, blinding them to potential red flags. Lex's actions and the recurring financial scams in the industry raise questions about the underlying motivations and mindset of individuals like him. The pursuit of high society and credibility in the financial world drove Lex to build an image of success, utilising relationships with prominent figures like David Cameron. He played a pivotal role in opening doors for Lex and Greensill, leveraging his political connections to secure funding and access to influential leaders, such as Muhammad bin Salman. The problem with supply chain finance, as exemplified by Greensill, is that it has been applied in ways that harm small businesses. Big buyers can coerce small suppliers into unfavourable deals, essentially holding their finances hostage. Although there's a move to make accounting more transparent, predatory practices still persist. The story of Greensill is part of a larger pattern where financial schemes are portrayed as benevolent efforts to democratise finance. However, in reality, they often serve personal interests or attract investments based on inflated promises. Lex Greensill's focus on branding and credibility-building using other people's money underscores the disconnection between the public image and the actual economic impact of such ventures.

As banking reels from Credit Suisse's crisis, we look at its old rivalry with rescuer UBS and how it wasted billions on an Australian farmer. Find out more about The Front podcast here and read about this story and more on The Australian's website or search for The Australian in your app store. This episode of The Front is presented by Claire Harvey and edited by Jasper Leak. The multimedia editor is Lia Tsamoglou, and original music composed by Jasper Leak.See omnystudio.com/listener for privacy information.

Toen Credit Suisse deze week met het bericht naar buiten kwam dat er onregelmatigheden in de boeken waren gevonden, had ik een enorme koersafstraffing verwacht. Immers: banken en boeken die niet kloppen, dat is een giftige combinatie. Maar wonder boven wonder reageerde de koers er niet op. Juf Ank uit de tv-serie Luizenmoeder zei het al: 'Dat vinden wij niet raar, dat vinden wij alleen maar heel bijzonder!' Maar een dag later zei de grootste aandeelhouder dat hij geen geld meer zou bijstorten en stortte de koers alsnog in. Bijzonder. Een bank is niets meer dan een gebouw met mensen, wat computers met eentjes en nulletjes en heel veel vertrouwen. Als het vertrouwen weg is, is de bank weg. De huidige crisis geeft wel aan dat alleen geld niet genoeg is. In Europa zijn de geëiste balansratio's sinds 2008 enorm verhoogd. En de meeste banken zitten ruim boven die verhoogde eisen, ook Credit Suisse. De vergelijking met de omgevallen Silicon Valley Bank is snel getrokken. Maar bij die Amerikaanse bank was de oorzaak vooral de versoepelde regelgeving die toenmalig president Donald Trump in 2018 doorvoerde, gecombineerd met slecht balansmanagement en veel blootstelling aan techstart-ups. Zo smelt het kapitaal snel weg. Silicon Valley Bank was dan ook bezig met een aandelenemissie. Toen diverse venturekapitalisten hun deelnemingen opriepen hun geld weg te halen, ontstond er een bankrun. En in het huidige digitale tijdperk is dat in vierentwintig uur gebeurd. Bij Credit Suisse daarentegen was het een lange serie van slechte kredieten, omkoopschandalen, belastingontduiking en witwaspraktijken. In de afgelopen twintig jaar haalde de bank bijna ieder jaar wel de krantenkoppen met een nieuw schandaal. In 2021 was het helemaal raak met de ondergang van Archegos en Greensill Capital. Dat was een flinke kostenpost die niet alleen het vermogen, maar ook het vertrouwen verder uitholde. En met ieder schandaal groef Credit Suisse het eigen graf een beetje dieper. De huidige crisis is dus niet raar. Hoe nu verder? Op banken wordt een hoop gemopperd. Maar ze zijn een essentieel onderdeel van de economie. Zonder banken geen krediet, zonder krediet geen investeringen en dus geen economische groei. In de VS hebben de instanties de juiste beslissing genomen door de tegoeden bij de omgevallen banken te garanderen. Bij Credit Suisse kan dat niet zomaar, daar is het een maatje te groot voor. Even ter vergelijking, Credit Suisse heeft een balans van ZFr 530 mrd, bij de Zwitserse Nationale Bank is dat nog geen ZFr 400 mrd. De lening van ZFr 50 mrd die Credit Suisse nu krijgt is substantieel, maar de vraag is of het genoeg is. Dat kun je niet uitrekenen, het blijft een kwestie van vertrouwen. Over de column van Corné van Zeijl Corné van Zeijl is analist en strateeg bij vermogensbeheerder Actiam en belegt ook privé. Reageer via corne.vanzeijl@actiam.nl. Deze column kun je ook iedere donderdag lezen in het FD.See omnystudio.com/listener for privacy information.

Greensill Capital was a UK based finance firm and a darling of investors which made its money by lending to businesses. It went into administration in March 2021, leaving investors facing billions in losses. What went wrong with Greensill? Why did leading politicians like former British Prime Minister David Cameron get involved? And what does it teach us about the way modern entrepreneurs, like Australian-born Lex Greensill, try and promote themselves? Ed Butler speaks to Duncan Mavin, a financial journalist who followed the downfall of Greensill – he's written a book about what happened. Presenter: Ed Butler Producer: James Graham (Image: Lex Greensill. Credit: Shutterstock)

Just a week ago, 14 years after the bankruptcy of Lehman Brothers triggered a global financial crisis, the liquidation of its brokerage unit ended. More than $115 billion was paid out to Lehman's 1.1 lakh customers, secured and unsecured creditors, and a trustee who oversaw the brokerage's liquidation and his law firm. Lehman Brothers had been US's fourth-largest investment bank before filing the largest bankruptcy in American history by far on September 15, 2008, leaving over $600 billion in debt.   Today, on the other side of the Atlantic, growing concerns over the financial health of Switzerland's second-biggest lender Credit Suisse have sparked fears on whether the world should brace for another Lehman-like financial fallout. Its bigger Swiss peer UBS Group had received a state bailout in the 2008 crisis. Credit Suisse has been assuring staff, counterparties, clients and investors that its liquidity and capital position are strong. But its shares have fallen 55% over the past year, giving it a market cap of about $11 billion. This is lower than several Indian banks like HDFC Bank, Axis Bank, SBI, ICICI Bank, IndusInd Bank. One of the biggest banks in Europe, Credit Suisse had $1.6 trillion in assets under management at the end of 2021. It has wealth management, investment banking and asset management operations, besides a domestic Swiss bank. Swiss central bank has designated it one of the country's global systemically important banks, whose failure would cause “significant harm to the Swiss economy and financial system”. The bank's credit default swaps (CDS), an instrument that measures the cost to insure its bonds, hit their highest levels since 2009. CEO Ulrich Koerner, who took charge in August, is attempting to restore the bank's profitability. Over the past three quarters alone, Credit Suisse's losses have hit nearly $4 billion, while ratings downgrades increased its financing costs. The collapse of US family office Archegos Capital Management cost the bank $5.5 billion last year. It suffered further losses from lending to the now-defunct supply-chain finance company Greensill Capital. Multiple changes in top leadership since 2020 and high-profile risk management failures have also attracted investor scrutiny. The bank is due to present a transformation plan when it releases third-quarter results on October 27. Credit Suisse had total assets of $735 billion at the end of June. The strategic review launched by the new CEO will focus on strengthening the bank's flagship wealth management business and scaling back investment banking into a “capital- light, advisory-led” business. Asset and business sales are also on the cards. It is also evaluating strategic options for its securitised products group, a trading business. Analysts estimate it could face a capital shortfall of as much as $6 billion. Amit Jain, Co-Founder, Ashika Global Family Office Services says, at this stage, only govt can support Credit Suisse. . European economy may face a shock, he believes. Indian markets may see a temporary correction.  Given the negative news flow, Citigroup analysts see significant execution risk in any new strategic plan. In the short term, they said widening credit spreads can exacerbate market fears and damage counterparty confidence as well as drive funding costs higher. And in the long term, the fall in its share price will further dilute its capital raising capability. And it will throw a spanner in plan for any investment banking restructuring that Credit Suisse can undertake. Santosh Joseph, Founder and Managing Partner, Germinate Investor Services LLP says, finance costs have gone up, Eurozone is struggling. Credit Suisse's story isn't a surprise, stakeholders can act. If India gets impacted, it'll be the first to bounce back, he says.  Jose Antonio Alvarez, the CEO of Santander, one of Euro zone's biggest banks, said that liquidity in the banking secto

Interview recorded - 30/09/2022Buy book - https://amzn.to/3SvJO8ROn todays episode of the WTFinance podcast I had the pleasure of speaking with Duncan Mavin, former Journalist for The Wall Street Journal and Dow Jones, and author of the recently released book “The Pyramid of Lies - Lex Greensill and the Billion-Dollar Scandal” During our conversation we talked about what is Supply Chain Financing, Who was Lex Greensill, how the company collapsed and the fallout. I hope you enjoy!0:00 - Introduction0:26 - Influence for writing the book?1:32 - What is Supply Chain Financing (SCF)?3:46 - Lex Greensill's obsession with SCF6:50 - Empire building and always looking for the next sale8:09 - Investing in the idea or the person?11:30 - Why did the company and business idea not work?16:20 - Acquiring a bank17:45 - Was Sanjeev Gupta a perfect example of the average Greensill customer?21:00 - Was Covid the main reason for the collapse?24:40 - What was the fallout from the Greensill collapse?27:48 - Contracts for not “potential” contracts30:22 - Consistent trends with other frauds34:45 - Higher pay at Greensill36:36 - One message from the interview?Duncan Mavin is a seasoned international financial journalist and author of the critically acclaimed The Pyramid of Lies: Lex Greensill and the Multi-Billion Dollar Scandal.Born and raised near Newcastle, he studied history at Durham University and spent a decade as a chartered accountant in the City and in Toronto.He then became a financial reporter and foreign correspondent for Canada's National Post. Since 2009, he has been a reporter and editor for Dow Jones publications including the Wall Street Journal, based in Hong Kong, London and New York. Duncan wrote and edited the Journal's influential Heard on the Street column for several years, and was the Journal's Financial Editor for Europe, the Middle East and Africa. He was also the Managing Editor for Barron's Group. He has also contributed to podcasts and radio and many live events. His writing has also appeared in Barron's, Financial News and on Bloomberg News.He lives with his wife and three sons in the UK, and is a long-suffering fan of Sunderland football club.Duncan Mavin - LinkedIn - https://www.linkedin.com/in/duncan-mavin-6499923/?originalSubdomain=ukTwitter - https://twitter.com/dumav?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5EauthorWTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfnTikTok - https://vm.tiktok.com/ZMeUjj9xV/iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Linkedin - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

Duncan Mavin of Dow Jones joins the Essential Podcast to talk about his new book "The Pyramid of Lies: Lex Greensill and the Billion Dollar Scandal". Duncan discusses Greensill Capital and its collapse, which damaged the reputations of a former U.K. Prime Minister, prominent venture capitalists, and Credit Suisse. He also talks about the bizarre experience of reporting on a company where the red flags were obvious, and yet thoroughly ignored by investors.

When Greensill Capital collapsed it brought down a multi-billion dollar empire and exposed David Cameron's greed. Alex Andreou talks to financial journalist Duncan Mavin about the failed project, which is covered in his new book The Pyramid of Lies.  Complete our listener survey for a chance to win a Bunker t-shirt: https://bit.ly/3zFSySB “Lex Greensill was very good at understanding what motivated politicians.” “Greensill Capital was trying to be disruptive.” “David Cameron brought huge credibility to Greensill Capital.”  https://www.patreon.com/bunkercast Written and presented by Alex Andreou. Producer: Jacob Archbold. Assistant producer: Kasia Tomasiewicz. Music by Kenny Dickinson. Audio production by Robin Leeburn. Lead producer: Jacob Jarvis. Group Editor: Andrew Harrison. The Bunker is a Podmasters production.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Greensill Capital was Europe's proudest fintech company until it declared bankruptcy under suspicious circumstances last year. In this episode, we recount the eerily Enron-esque story of Europe's former tech darling.

Many people with lingering symptoms of Covid-19 struggle to work or have been forced to leave the workforce entirely. Plus, the FT's capital markets correspondent, Robert Smith, talks about the lessons learned from the collapse of Greensill Capital a year later. Mentioned in this podcast:Long Covid: the invisible public health crisis fuelling labour shortagesThe FT News Briefing is produced by Fiona Symon and Marc Filippino. The show's editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva, and Gavin Kallmann. The show's theme song is by Metaphor Music. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley.Read a transcript of this episode on FT.com See acast.com/privacy for privacy and opt-out information.

PricewaterhouseCoopers earned over forty million dollars in fees auditing China Evergrande and signed off on the accounts presented to them by management for all of those years.  PWC is likely to face criticism over the level of push back they gave to management over accounting policies that could have shown warning signs about the company's financial health many years before the collapse.Around the world, auditors have faced criticism when companies have collapsed, and auditor negligence cases have become more common in recent years. In the UK The Financial Reporting Council has begun a probe into the accountancy firms that audited Greensill Capital and Wyelands Bank, a bank controlled by Sangeev Gupta which lent money to his other firms and is central to the Greensill scandal.  NMC Health, Luckin Coffee and Wirecard are three recent financial scandals and one factor that they have in common, is that EY, through its affiliates in various countries, was the auditor for all three.A British high court ordered EY to pay a large settlement to a former partner in Dubai last year, for retaliating against him for blowing the whistle on an alleged money-laundering scheme by a client.These cases have dealt a series of heavy blows to EY's credibility and integrity, even though EY has said it was unaware of longtime financial shenanigans by its clients and was duped along with everyone else. The quality of Evergrande's assets is also likely be one of the main issues picked over if the lid is lifted by its creditors. Patrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvC Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance YouTube Channel Support the show (https://www.patreon.com/PatrickBoyleOnFinance)

Investment banking is a business of building long-term relationships. Your job, as an investment banker, is to become close to the people who possess ... these stories about Saudi Arabiahere’s a New York Times storyseize an Argentine navy shiphanding over some coral reefs to its creditors greenium charge lower interestmadelot Covid-19 vaccines talking about climate changePortfolio Primacy and Climate Change competing on pricePeer Selection and Valuation in Mergers and Acquisitions Bond Payment DeadlinesDebt Clampdown Defends Tech CrackdownSuspicious tradesMissing BarsGreensill CapitalBroker Commissions Fragility of Cryptobarefoot and smokingwanted something to watchsubscribe at this linkhereEverything Is a DCF Model

Greensill Capital đã vay gần 100 triệu USD từ ngân hàng chị em của mình có trụ sở tại Đức trong những tháng dẫn đến sự sụp đổ; điều này đặt ra dấu hỏi về quản trị, giám sát quy định của người cho vay.

Wie das mit der Einlagensicherung in der Praxis abläuft, haben viele Anlegerinnen und Anleger nach der Insolvenz der Greensill Bank erlebt. Rund 500 Millionen Euro stehen auf dem Spiel. Wir sprechen mit einem Betroffenen – und rollen auf, wie die Greensill Capital AG erst einen rasanten Aufstieg feierte und dann tief fiel. Besondere Aufmerksamkeit erregte der Fall auch, weil viele öffentliche Gelder betroffen sind: Rund 40 Gemeinden in Deutschland haben Geld bei Greensill geparkt. Ob sie es zurückbekommen, wird vor Gericht entschieden.

You could have a dumb oversimplified model that goes like this:In the olden days, rich people invested their money in stocks and bonds. They wanted ca... buy borrow diehere you gothisFICO Score’s Hold on the Credit Market Is Slipping “variable interest entity” structure are different nowTALNew Oriental EducationGaoturisk factorssmashing its tech industry my website rallies 20% it should have Elon Musk talked last month another explanationthis is also intriguinggood to tradeabout Greensill Capital was alarmed to discover Bluestone suedAnyway working hardan article talk enough Criminal Probe Roadshow Open to All MBS BuyingBidding Warsbet on Didiback away from Binance Default Threat Trading Ahead Settles Spying Case Social Media Is Wrongtwo-thirdsnever bought anything from AmazonCount Draculasubscribe at this linkhere

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market: The Emerging Africa Infrastructure Fund is lending €25 million over 18 years to Ivoire Hydro Energy (IHE), which will build a 44MW hydro electricity generation plant on the Bandama River near the village of Singrobo, in Côte d'Ivoire The US Justice Department is investigating Connecticut-based trading house Freepoint Commodities over whether payments to employees of Brazil's state-run oil company Petrobras broke US laws, two sources said On 14 July, a UK Parliamentary Select Committee published its report on the lessons from the collapse of Greensill Capital after taking extensive evidence from the parties involved, including founder and chief executive Lex Greensill and former Prime Minister David Cameron, who had later become an advisor to the company Like what you hear? Hit subscribe to stay up to date and for all the latest news online visit www.txfnews.com today.

In this episode of Going Underground, we speak to WikiLeaks Editor-in-Chief Kristinn Hrafnsson. He discusses the leaks that showed some 50,000 people are potential targets of the Pegasus spyware that has been sold to governments around the world by NSO, an Israeli company, and the inescapable global surveillance apparatus that has now become privatized. He also discusses Julian Assange's US extradition case, slamming the ongoing detention of the WikiLeaks founder despite a key witness in the case admitting to lying. Next, we speak to Professor Richard Murphy, co-founder of the Tax Justice Network. He claims UK Prime Minister Boris Johnson's government is “rotten to the core,” having faced numerous accusations of corruption throughout the pandemic, and why Johnson's decision to lift nearly all coronavirus restrictions will prove to be a catastrophic mistake. He goes on to discuss why the Treasury Committee exonerated David Cameron for lobbying on behalf of Greensill Capital, and explains why he believes it was a strategic decision to protect the former prime minister. Finally, he talks about the controversial appointment of a member of the notorious Bullingdon Club to a key oversight position on the government's sleaze watchdog, and why the UK has become one of the world's most lucrative tax havens.

David Cameron was paid a salary of more than $1m by Greensill Capital, the finance company whose dramatic collapse exposed the former UK prime minister's extensive lobbying efforts, and US banks will face tough questions about the prospects for their lending operations this week when they report second-quarter earnings, flattered by smaller-than-expected credit losses during the pandemic. Plus, Martin Arnold, the FT's Frankfurt bureau chief, interviewed Christine Lagarde, European Central Bank president, about the bank's plans to prioritise climate change in its policy decisions. Greensill Capital paid Cameron salary of more than $1m a yearhttps://www.ft.com/content/536867f4-2dd3-42a1-9b29-54ed92693635?US banks enter earnings season with eyes on loan growth, with Imani Moise, US Banking Correspondenthttps://www.ft.com/content/8738c327-ceab-4d00-8c24-fbc44c81a0c4ECB faces row over how to implement new strategy, Lagarde warns, with Martin Arnold, Frankfurt Bureau Chief https://www.ft.com/content/11e953df-536b-43aa-9c21-65b8dd79c797Jump in coffee bean prices set to filter through to your morning brewhttps://www.ft.com/content/d4146bb5-896b-4f1f-b5f8-930cb2bfb729The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show's editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show's theme song is by Metaphor Music. The FT's global head of audio is Cheryl Brumley. See acast.com/privacy for privacy and opt-out information.

The National Audit Office tells Ian King about their investigation into Greensill Capital and the collapsed lender, we speak to Heathrow's Chief Executive John Holland Kaye about a trial of new fast track lanes for fully vaccinated arrivals, and the rapper Tinie Tempah explains why he's investing in a web browser

SoftBank launched its first, $100 billion Vision Fund in 2017. Just last month, the Japanese conglomerate led by Masayoshi Son said the fund had delivered record profits for the quarter. But there have been some big failures too. The modular-construction startup Katerra filed for bankruptcy last week. SoftBank had invested more than $2 billion in the company. Katerra had borrowed money from Greensill Capital, which also received about $2 billion of SoftBank money. Greensill also collapsed earlier this year. That, of course, follows the WeWork debacle a couple of years ago. Marketplace’s Amy Scott speaks with Sarah Kunst, managing director of the venture firm Cleo Capital. She said SoftBank’s strategy has been to make huge bets on relatively unproven companies.

SoftBank launched its first, $100 billion Vision Fund in 2017. Just last month, the Japanese conglomerate led by Masayoshi Son said the fund had delivered record profits for the quarter. But there have been some big failures too. The modular-construction startup Katerra filed for bankruptcy last week. SoftBank had invested more than $2 billion in the company. Katerra had borrowed money from Greensill Capital, which also received about $2 billion of SoftBank money. Greensill also collapsed earlier this year. That, of course, follows the WeWork debacle a couple of years ago. Marketplace’s Amy Scott speaks with Sarah Kunst, managing director of the venture firm Cleo Capital. She said SoftBank’s strategy has been to make huge bets on relatively unproven companies.

SoftBank launched its first, $100 billion Vision Fund in 2017. Just last month, the Japanese conglomerate led by Masayoshi Son said the fund had delivered record profits for the quarter. But there have been some big failures too. The modular-construction startup Katerra filed for bankruptcy last week. SoftBank had invested more than $2 billion in the company. Katerra had borrowed money from Greensill Capital, which also received about $2 billion of SoftBank money. Greensill also collapsed earlier this year. That, of course, follows the WeWork debacle a couple of years ago. Marketplace’s Amy Scott speaks with Sarah Kunst, managing director of the venture firm Cleo Capital. She said SoftBank’s strategy has been to make huge bets on relatively unproven companies.

SoftBank launched its first, $100 billion Vision Fund in 2017. Just last month, the Japanese conglomerate led by Masayoshi Son said the fund had delivered record profits for the quarter. But there have been some big failures too. The modular-construction startup Katerra filed for bankruptcy last week. SoftBank had invested more than $2 billion in the company. Katerra had borrowed money from Greensill Capital, which also received about $2 billion of SoftBank money. Greensill also collapsed earlier this year. That, of course, follows the WeWork debacle a couple of years ago. Marketplace’s Amy Scott speaks with Sarah Kunst, managing director of the venture firm Cleo Capital. She said SoftBank’s strategy has been to make huge bets on relatively unproven companies.

Today on The Leaders' Brief - Britain's health secretary Matt Hancock said last week that the country's vaccine rollout was clearly working after the country reported zero COVID related deaths for the first time in almost a year. The UK is among the first European countries to gradually open up its economy and since last month has gradually allowed the easing of COVID restrictive measures which had followed a strong coronavirus wave.  US President Joe Biden's administration is freezing all oil and gas leases in Alaska's Arctic National Wildlife Refuge pending an environmental review on the impact of drilling in the region. The leases were given by the erstwhile Donald Trump administration during the final months of his presidency. The suspension follows a January executive order that identified “alleged legal deficiencies” in the original leasing program and put in place a temporary moratorium on any oil and gas-related activities in the refuge. The Swiss bank and investment firm Credit Suisse is preparing litigation against Japan's SoftBank after the collapse of Greensill Capital that could see clients lose as much as $3 Billion. The Japanese conglomerate was an important investor in Lex Greensill's collapsed supply-chain finance empire. The Swiss bank had earlier announced that it would sever relations with Softbank as it was reviewing its risk and client relationships after being hit by the twin collapses of Greensill and Archegos Capital Management.  About egomonk: Website | Facebook | Twitter | LinkedInegomonk is a global intelligence platform delivering asymmetric outcomes by bringing organizations closer to the communities they want to serve and the leaders they wish to influence. If you wish to collaborate with us then email us at contact@egomonk.com.

Half of the global financial system is made up of shadow banks. You have probably already used one. What are shadow banks and what to be wary of when using them.Topics covered include:What are the roles of shadow banksWhat are examples of shadow banksHow two shadow banks, Greensill Capital and Archegos Capital Management, contributed to billions of dollars in lossesHow China's massive use of shadow banks differs from the rest of the worldHow individuals investors can benefit from the careful use of shadow banks.Thanks to Mint Mobile and Clear for sponsoring the episode. Use code David to get two months of Clear for free.Show NotesQ+A-What is shadow banking and why does it matter? by Michelle Martin—ReutersWhat You Need to Know About the Shadow Banking System Now by Craig Kirsner—KiplingerGlobal Monitoring Report on Non-Bank Financial Intermediation 2020—Financial Stability BoardHow fintech will eat into banks’ business—The EconomistWhy is supply-chain finance, as practised by Greensill Capital, risky?—The EconomistTokio Marine defends governance over Greensill exposure by Leo Lewis, Kana Inagaki, and Ian Smith—Financial Times

A Sunday Times investigation lays bare David Cameron's lobbying on behalf of Greensill Capital and how it was able to use supply chain finance to pay NHS staff.This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today and get one month free at: thetimes.co.uk/storiesofourtimes.Host: David Aaronovitch. See acast.com/privacy for privacy and opt-out information.

In episode four of the series, we learn about metal magnate Sanjeev Gupta and how he was financed by Greensill Capital, a relationship that grew too deep for either of them.This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today and get one month free at: thetimes.co.uk/storiesofourtimes.Host: David Aaronovitch. See acast.com/privacy for privacy and opt-out information.

We've been following the story of how a now disgraced financier, Lex Greensill, wormed his way into the upper echelons of David Cameron's government. On Monday we found out a lot more about metal magnate Sanjeev Gupta, but what happened to his empire that led to the collapse of its biggest financier Greensill Capital?This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today and get one month free at: thetimes.co.uk/storiesofourtimes.Guest: John Collingridge, Deputy business editor at The Sunday Times.Host: David Aaronovitch.Clips from: GFG Alliance, Parliament TV, Sky News, BBC News. See acast.com/privacy for privacy and opt-out information.

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market: Administrators to collapsed firm Greensill Capital’s UK business said it had $17.7 billion in assets under management at 8 March, of which $3.7 billion has been collected as of 16 April The Asian Development Bank will no longer finance coal mining or oil and natural gas production and exploration, it announced in a draft policy statement.  KDB, Kexim are to invest in a new South Korean fund Like what you hear? Hit subscribe to stay up to date and for all the latest news online visit www.txfnews.com today.

In this edition Sanjeev gives an update on the activities across the GFG Alliance in the wake of the collapse of Greensill Capital. He talks about how the four new subject expert directors that recently joined the LIBERTY business will be focusing on re-financing and restructuring activity and gives an update on progress made so far. 19 mins

David Cameron is giving evidence to MPs today over his lobbying for Greensill Capital, in the latest round of embarrassment for the former prime minister. On the podcast, Cindy Yu talks to Katy Balls and James Forsyth about the graceful way to leave Downing Street.

David Cameron is under scrutiny by MPs as he is asked about his work lobbying for the collapsed finance firm Greensill Capital. Crispin Blunt, Conservative MP for Reigate tells Bloomberg Westminster's Caroline Hepker and Roger Hearing the system worked because Greensill did not, in the end, get any government loans. But he would like to ask Cameron whether it wasn't deeply embarrassing that, after himself identifying influence peddling as the next big parliamentary scandal, he then took a lobbying job. Plus Chris White, former special advisor to several Conservative Cabinet Ministers, and now co-head of advocacy at SEC Newgate, joins to discuss what reform is needed in lobbying and how far any of it matters to voters.

As the collapse of Greensill Capital is investigated, Sean looks at the latest revelations of the lobbying texts messages from David Cameron to the government

HertzWell, there it is:In a deal that hands a huge victory to shareholders of bankrupt Hertz Global Holdings Inc., the car renter picked Knighthead Ca... there it isWilliam Cohan wrote on June 9 caused a margin callused-car prices decided to sell them stock its prospectus said shut down the offering there was this fraud in plain sight paid about $2.08 per share Bitcoin futures people lose BitcoinsFidelityCoinbaseGoldman Sachs this Bloomberg headline turned down warning mutual fundsthe statement made noises some really technical problems with SPAC warrantsdelay offerings and mergers needs the deals to go through to get paidcharge a bit more this does sound like everything else nowDogecoin I wrote in 2017 really did not like the ICO boom the dream is alivesupposedreduce costsoverview deckhere’s a token called SHIBworth $26 billionwoof paperSure the market for carbon credits Roiling Asset Markets This Generation’s Rock & Roll Doge Giveaway Schemes Big Bet on DogecoinElectric Vehicle Start-UpsHighest-Ever Annual Profit Hacked Pipeline Restartshare buyback bonanzaPension Fund Aimed HighGreensill Capital Options Market Seized 1MDB FundsFangs and tentaclessubscribe at this linkhere

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market: Administrators to collapsed firm Greensill Capital’s UK business said it had $17.7 billion in assets under management at 8 March, of which $3.7 billion has been collected as of 16 April The Asian Development Bank will no longer finance coal mining or oil and natural gas production and exploration, it announced in a draft policy statement.  KDB, Kexim are to invest in a new South Korean fund Like what you hear? Hit subscribe to stay up to date and for all the latest news online visit www.txfnews.com today.

The Australian parent of failed specialist finance firm Greensill Capital, recent collapse sparked worldwide corporate fallout and a political scandal in Britain, it has entered liquidation. While the Greensill crisis may put some off from SCF, Asia cannot turn away from it. Vivek Luthra, Managing Director - Supply Chain & Operations for Asia Pacific, Middle East, Latin America and Africa, Accenture shares more about the growing misconception about supply chain finance and what sort of a role does this financing play here in Asia. See omnystudio.com/listener for privacy information.

British Prime Minister Boris Johnson faced questions Saturday over the costly refurbishment of his apartment on London's Downing Street following a series of incendiary allegations made by his former top adviser.In a wide-ranging blog post late Friday, Dominic Cummings accused his former boss of attempting an "unethical, foolish, possibly illegal" plan to get Conservative Party donors to fund a lavish refurbishment of the apartment, which he lives in with fiancée Carrie Symonds and their baby son, Wilfred.The charge is the latest in a string of allegations that Johnson and other Conservatives, including former Prime Minister David Cameron, blurred or broke rules relating to contacts with donors and business. Opposition parties have picked up on the allegations ahead of local elections next month.The government said Friday that Johnson himself met the cost of the apartment refurbishment, reported to be anywhere from around 60,000 pounds to 200,000 pounds ($80,000 to $280,000). But the opposition Labour Party said the prime minister needed to explain how he obtained the money to pay for the work overseen by Symonds.Labour leader Keir Starmer latched onto the allegation to reiterate his call for an inquiry into the allegations that have dogged Johnson and his government for the past couple of weeks."It is about integrity. It is about taxpayers' money. Every day there is more evidence of this sleaze. Frankly, it stinks." Starmer told the BBC on Saturday. "Sunlight is the best disinfectant."The Electoral Commission, which oversees elections and regulates political finance in the U.K., has said it is still seeking answers from the Conservative Party over whether any sums should have been declared under the law on political donations.Cummings made a series of other allegations against Johnson in the blog post, including that the prime minister sought to halt an investigation into the leak of plans for a second coronavirus lockdown after he was warned a close friend of Symonds could be implicated."It is sad to see the PM and his office fall so far below the standards of competence and integrity the country deserves," Cummings said.Asked Friday by Britain's LBC radio if he had tried to block the leak inquiry, the prime minister replied, "No, of course not."In a statement, Johnson's Downing Street office said the prime minister had "never interfered" in the inquiry and that the government had "acted in accordance with the appropriate codes of conduct and electoral law" on issues involving the funding of the flat refurbishment.Cummings, who along with Johnson played a key role in the successful 2016 campaign for Britain to leave the European Union, resigned his job at Downing Street in November. He had become an increasingly controversial figure within the corridors of power, especially after he drove 250 miles (400 kilometers) to his parents' house in Durham, northeast England, at the end of March 2020 while the country was under a "stay-at-home" lockdown order.The relationship between Cummings and Johnson has clearly soured; Cummings' blog post followed reports that Johnson believes his former adviser was behind a series of leaks, including of text-message exchanges between the prime minister and businessman James Dyson.Cummings said he will answer questions about any of the issues he has raised when he appears before lawmakers on May 26.The U.K. government is facing growing sleaze allegations largely linked to Cameron, who was prime minister between 2010 and 2016. A series of inquiries have been launched over Cameron's lobbying role for Greensill Capital, a financial firm which collapsed last month.By PAN PYLAS Associated Press

Prime Minister Boris Johnson is facing mounting pressure over the funding of the refurbishment to his Downing Street flat, just weeks after former Prime Minister David Cameron was questioned over a lobbying row to do with his work with Greensill Capital. There is an avalanche of headlines and questions surrounding politician's honesty in public life - is this just an inevitable messiness of money colliding with power? Or is it corruption in the UK's highest office? Dr Hannah White OBE is currently the Deputy Director at the Institute for Government with extensive knowledge of Westminster and Whitehall based on over a decade of experience in parliament and the civil service. Previously she ran the Committee on Standards in Public Life in the Cabinet Office - the Committee responsible for overseeing these matters. Hannah's OBE was awarded to her for 'Services to the Constitution' in 2020. How did we get here? Explaining the news is a podcast from 5 News. Join Andy Bell as he explains the world's biggest news stories through interviews with politicians, experts, and analysts.

British Prime Minister Boris Johnson dismissed as "total rubbish" a press report which quoted him as allegedly saying he would rather see "bodies pile high in their thousands" than impose a third national lockdown on the country.The Daily Mail claimed that Johnson made the comment during a heated discussion in late October, when his government imposed a second lockdown to combat a surge in coronavirus cases. A third lockdown was ordered in January as infections shot up again, driven by a new, more contagious variant of the virus.The Daily Mail didn't cite a source for the claim, but there has been a spate of leaks from Johnson's 10 Downing St. office, which are being investigated by government officials. Broadcasters BBC and ITV said they had also been told of the "bodies" remark.Johnson said Monday that the allegation was "total, total rubbish."Britain has spent much of the last year under restrictions on business and daily life as it tried to contain a COVID-19 outbreak that has left more than 127,000 people dead, the highest toll in Europe. Restrictions are gradually being eased alongside a mass-vaccination campaign that has given at least one dose of vaccine to half the U.K. population.Cabinet Minister Michael Gove said Johnson had treated decisions about lockdowns extremely seriously."This is a prime minister who was in hospital himself in intensive care" with the virus last year, Gove said. "The idea that he would say any such thing I find incredible."The claim is the latest in a swirl of allegations of cronyism and ethical breaches against Johnson and his Conservative government that have been piling up ahead of local and regional elections next week.The prime minister's former top aide, Dominic Cummings, claimed last week that Johnson planned to get Conservative Party donors to fund the refurbishment of the prime minister's Downing Street apartment. Cummings, who left his job late last year, said he had told Johnson the plan was "unethical, foolish, possibly illegal."Johnson's office said the prime minister paid to renovate the apartment, where he lives with fiancée Carrie Symonds and their baby son Wilfred, though it did not say whether he had been lent the money for the work.The Electoral Commission, which regulates political finances in the U.K., has said it is seeking answers from the Conservative Party over whether any sums should have been declared under the law on political donations.Johnson has also denied doing anything wrong when he exchanged text messages with a wealthy industrialist and promised he would "fix" the tax rules for him.The exchange occurred in March 2020 when Johnson was trying to encourage vacuum cleaner tycoon James Dyson to make ventilators for the hard-pressed National Health Service. Singapore-based Dyson sought assurances that his staff members would not have to pay extra taxes if they came to Britain to work on the project.Johnson said he would not apologise "for shifting heaven and earth" to secure vital medical equipment in an emergency.One of Johnson's Conservative predecessors, former Prime Minister David Cameron, is also facing cronyism allegations over his lobbying for a now-bankrupt financial services firm, Greensill Capital, whose founder he had employed as an adviser. Cameron denies wrongdoing.Keir Starmer, leader of the opposition Labour Party, said the "drip, drip, drip of allegations" was damaging people's trust in politics."We need to get to the bottom of it, we need strong recommendations for change," he said. "Because I think, for a lot of people, this is beginning to feel like very strongly like one rule for them and another rule for everybody else."

Apple has released its latest software update with a new tool that has forced a confrontation with Facebook over privacy; the BBC's Technology Correspondent Rory Cellan Jones explains the controversy. As an international effort is underway to help India as it faces an overwhelming surge in coronavirus cases, we hear how the US, the UK, China, Russia, the European Union Saudi Arabia are among those offering help. Also in the programme, the collapse of Greensill Capital in the UK has drawn attention to the practice of supply chain financing, which Greensill was known for; the BBC's Joshua Thorpe brings us an extended report. Plus, a company called Mirriad has developed a technique that enables product placement in archive films and TV shows; the company's CEO, Stephan Beringer, tells us how it works. And we're joined by two guests on opposite sides of the Pacific; Andy Uhler, reporter on the Marketplace programme who's in Austin, Texas and Mehmal Sarfraz, co-founder of The Current PK, who's in Lahore, Pakistan. (Photo of Facebook logo with Apple in the background by Pavlo Gonchar via Getty Images).

Shops and cinemas in Italy are reopening, whilst hospitality venues can now serve outside. Italian celebrity chef Alessandro Borghese runs a restaurant in Milan and gives us his reaction to the news. And we find out how Italy plans to spend more than $200bn from a European Union-wide recovery fund with Pietro Reichlin, who is an economist at Luiss University in Rome. Also in the programme, the collapse of Greensill Capital in the UK has drawn attention to the practice of supply chain financing, which Greensill was known for. Charlotte Bancilhon is from the consultancy BSR, and explains how it works. Nirav Choski is chief executive of India's CredAble, which offers such a service. And Alex Yang of the London Business School discusses how to mitigate the risk of problems with supply chain finance. Plus, a company called Mirriad has developed a technique that enables product placement in archive films and TV shows. Stephan Beringer is chief executive of the firm and tells us how it works.

From Cameron to cabinet, the Greensill Capital scandal has spiralled into corruption chaos. But now numerous instances of shady practice are joining hands. Special guests Cynthia O'Murchú and Andy Bounds who cover Greensill and more for the Financial Times join us to connect the dots between Greensill, Sanjeev Gupta's GFG/Liberty Steel empire and the surprise approval of a new deep coal mine in Cumbria. What's really going on and how do we fix it? “The transparency rules don't work. Where are you supposed to log a private drink with Matt Hancock?” – Cynthia O'Murchú“We call it the Private Eye test. Would you want to see this in the paper?” – Andy Bounds“I've lost count of how many inquiries there have been into Greensill's connections with government.” – Cynthia O'Murchú“Cameron wasn't shy about Greensill. He touted them as the future of Government finance. But his involvement has become tawdry.” – Andy Bounds“Transparency rules didn't reveal these meetings, it was the ABSENCE of transparency.” – Cynthia O'Murchú “If a Civil Servant is already working for a private company when they leave government, they don't have to declare the new job. That is gobsmacking.” – Alex AndreouPresented by Alex Andreou. Produced by Andrew Harrison. Assistant producers Jelena Sofronijevic and Jacob Archbold. Music by Kenny Dickinson. Audio production by Alex Rees. THE BUNKER is a Podmasters Production See acast.com/privacy for privacy and opt-out information.

Turkey opens probe into cryptocurrency platform Thodex Turkish prosecutors have launched an investigation into Turkish cryptocurrency exchange platform, Thodex. That's after the exchange abruptly shut down while holding at least 2-billion dollars, leaving thousands of users unable to access their digital assets. A preliminary assessment by police suggests Thodex's founder Faruk Fatih Ozer had flown out of the country on Tuesday. US weekly jobless claims fall to lowest level of COVID-19 US jobless claims fell more than expected last week as economic activity rebounded following the further easing of the coronavirus restrictions. Another 576-thousand people filed for unemployment benefits, down from 769-tthousand in the week prior. Claims are now at the lowest level since mid-March last year, when the COVID-19 pandemic began. Credit Suisse reports $275M Q1 loss after Archegos scandal Credit Suisse swung to a loss in the first quarter as it reels from back-to-back crises involving Archegos Capital and Greensill Capital. Net loss at the Swiss lender came in at 275-million dollars, driven by a 4-point-7 billion dollar loss linked to the collapse of Archegos. The bank says it'll raise nearly 2-billion dollars in capital to rebuild its balance sheet

The collapse of a financial company, Greensill Capital, has brought to light how former prime minister, David Cameron, had privately lobbied senior figures in government. Emails provide details of how Cameron used his contacts to partner the firm he was working for with the NHS.This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today and get one month free at: thetimes.co.uk/storiesofourtimes.Guest: Gabriel Pogrund, Whitehall correspondent for The Sunday Times.Host: David Aaronovitch.Clips used: Sky News, Channel 4 News. See acast.com/privacy for privacy and opt-out information.

In South Africa, we call it cadre deployment and state capture. In Britain, it’s called chumocracy - which is the practice of politicians farming out jobs and contracts for pals. Listen to this fascinating conversation with corruption expert Professor Liz Dávid-Barrett of the University of Sussex. She shares her insights, with BizNews editor at large Jackie Cameron, on why former British prime minister David Cameron has been at the centre of a chumocracy scandal for lobbying on behalf of controversial Greensill Capital and how corruption in Europe compares with Africa. She flags up the importance of the media in uncovering corruption and holding powerful political actors to account.

In South Africa, we call it cadre deployment and state capture. In Britain, it’s called chumocracy - which is the practice of politicians farming out jobs and contracts for pals. Listen to this fascinating conversation with corruption expert Professor Liz Dávid-Barrett of the University of Sussex. She shares her insights, with BizNews editor at large Jackie Cameron, on why former British prime minister David Cameron has been at the centre of a chumocracy scandal for lobbying on behalf of controversial Greensill Capital and how corruption in Europe compares with Africa. She flags up the importance of the media in uncovering corruption and holding powerful political actors to account.

This is an update for all colleagues about the current developments affecting GFG. Sanjeev discusses performance across the group, the continuing challenges since the failure of Greensill Capital, media allegations and the latest news on finding new finance for the business. 11 mins 

With further revelations about the involvement of civil servants and politicians in collapsed finance firm Greensill Capital, there are growing calls for a tightening on the rules on lobbying. Dr Phil Parvin, director of research at Loughborough University and author of "Friend or Foe? Lobbying in British Democracy" tells Bloomberg Westminster's Caroline Hepker and Roger Hearing the current regulation doesn't work. Jon Gerlis, of the Chartered Institute of Public Relations, says lobbying is a legitimate part of the political process but needs clearer rules. And Steve Goodrich, from Transparency International adds there needs to be openness about who is talking to who and why.

No podcast de hoxe falamos de tráfico de influencias e portas xiratorias. En concreto, das portas que cruzou o exprimeiro ministro David Cameron para chegar do número 10 de Downing Street ao seu posto como lobbysta da empresa financeira Greensill Capital, no foco da prensa económica nas últimas semanas por entrar en quebra. Unha investigación xornalística revelou como Cameron presionou a membros do actual Goberno para que a firma que representa se beneficiase dalgúns dos programas de axudas á empresa postos en marcha por Boris Johnson durante a pandemia. O escándalo levou ao Goberno a abrir unha investigación sobre o papel e as presións de Cameron. Pero aínda hai máis. A caída de Greensill ten unha conexión directa con Galiza, en concreto coa Mariña lucense. Escoita o podcast enteiro para saber o por que.

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market: UK support for Mozambique gas plant fuelling conflict, says Friends of the Earth Brazilian development bank BNDES has sold 214 million bond in mining giant Vale for BRL11.5 billion ($2 billion). The bonds carry rights to some properties in the north. A former top civil servant who went on to serve as a director of scandal-hit Greensill Capital is facing questions over a string of meetings he held with the head of the Cabinet Office after leaving Whitehall, as a Guardian investigation shows he had a shareholding in Greensill potentially worth $8 million before the lender collapsed Like what you hear? Hit subscribe to stay up to date and for all the latest news online visit www.txfnews.com today.

As the fallout from the lobbying scandal over Greensill Capital continues to cast a shadow over the government, the opposition are saying it's evidence of cronyism and a return of the kind of sleaze that dominated the last years of the John Major administration in the '90s. Drew Hendry, SNP MP for Inverness, Nairn, Badenoch and Strathspey tells Bloomberg Westminster's Caroline Hepker and Roger Hearing it is time to clean things up and a change in the rules is needed. Plus Adam Drummond, head of political polling at Opinium tells us the Tories still have a clear lead over Labour, but Labour's Sadiq Khan seems likely to retain his job as mayor of London in the May elections.

The questions around David Cameron, Greensill Capital and lobbying are all very complex and opaque. So does it matter? It depends on who you think MPs should be working for.In this latest episode, why supply chain finance is a bit like a posh version of Wonga, how can a government find itself so short of cash it needs a middle-man to pay its bills, and has anyone even broken any rules?Could this be the start of another 1990s revival? The return of our old favourite, Tory Sleaze?More at twitter.com/paulosbourne, facebook.com/partygamespod and instagram.com/partygamespod — and there’s a full archive of all past episodes at partygamespodcast.com

LBC Newshour | Greensill: Boris Johnson must launch a "full" inquiry into David Cameron's attempts to lobby ministers on behalf of a finance firm, Labour has said. The ex-prime minister's work for Greensill Capital has been heavily criticised, with a government-backed investigation set up. A sign of our broken politics, or business as usual? | Afghanistan: Joe Biden will withdraw all the remaining US troops from Afghanistan by September 11, the 20th anniversary of the al-Qaida terrorist attacks on New York and Washington, a senior administration official has confirmed. How do you reflect on the last 20 years of war in Afghanistan?

It's the story everyone should be talking about. David Cameron lobbied Chancellor Rishi Sunak about funds for Greensill Capital as it teetered on the edge of collapse. What was the nature of the lobbying, how serious is the scandal - and what does it tell us about politics and money in the UK?Joining me are the Sunday Times' Gabriel Pogrund, the Financial Times' Robert Smith, and Riley Quinn from Trashfuture podcast.Help us take on the Tory media here: https://patreon.com/owenjones84Support this show http://supporter.acast.com/the-owen-jones-podcast. See acast.com/privacy for privacy and opt-out information.

Without letters of credit, bills of lading, shipping documents and trillions of dollars in global goods trade would grind to a halt. (And you thought our dependency on the Suez Canal was a problem!)This episode is sponsored by Interpop.ioBut the world's system of trade finance, a highly complex setup involving banks, insurers, shipping companies, data providers and all manner of intermediaries, is far from ideal. There is massive fraud – check the New York Times' account of the recent Greensill Capital collapse for – and severe inequity in terms of who gets favorable borrowing terms and who doesn't. Without access to the trusted data needed to prove their creditworthiness, millions of small-and-medium enterprises are unable to obtain credit to cover the risks associated with exporting their goods. So they either run the risk of non-payment or simply cannot participate in the global economy. As a measure of that inequity, Sheila noted in her monologue to this week's Money Reimagined episode – in which we talk to two blockchain pioneers trying to fix the trade finance industries many problems – that there's currently a $1.5 trillion global trade financing gap. But then in his first comments, Tallyx CEO Aditya Menon offered an alternative analysis of how much of the goods trade goes unfinanced and came up with a $5 trillion number. That's about half of the global trade in goods. Can blockchains and tokenization address these inequities? As you'll hear from Menon, as well as from Skuchain co-founder Rebecca Liao, the answers lie in figuring out how to incentivize all participants – the exporters, importers, shippers and financiers – to share data in a way that unlocks funding faster. Skuchain is focused on making the information richer and more reliable along the supply chain. Tallyx is figuring out how to turn the contractual information such as invoices into tokens of value that can be traded in ways that allow smaller suppliers to monetize their legitimate receivables.The problems they are trying to solve aren't easy. But that's what makes their work so compelling. Blockchain projects like Skuchain and Tallyx offer a healthy reminder that beyond the razzamatazz of crypto markets and celebrity non-fungible tokens, meaningful impact is also possible if you work hard at the core problems faced by real-world entities. --InterPop is building the architecture of an entirely new landscape of fandom using technology built on the Tezos blockchain to drive their vision. Visit hellointerpop.io to learn more.--Image Credit: Mahmoud Khaled/Getty Images NewsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Cryptocurrency market capitalisation tops $2T for first time The total value of the entire cryptocurrency market has topped $2 trillion for the first time, following a recent rally in prices of bitcoin and some other tokens. Bitcoin has surged by more than 100 percent this year with a growing number of financial institutions adding it to their portfolios. The world's most popular digital coin now represents over half of the market's total value. Credit Suisse removes two execs after $4.7B Archegos losses Credit Suisse is overhauling its executive ranks after revealing a $4.7 billion dollar loss linked to the collapse of Archegos Capital. The Swiss lender says its top investment banker, Brian Chin and chief risk officer, Lara Warner are stepping down. The Archegos fallout is the second scandal to hit the bank in just over a month, after the blow-up of Greensill Capital. EU regulatory official links AstraZeneca vaccine, thrombosis A top official in the European Medicines Agency has said that there is a link between the AstraZeneca coronavirus vaccine and blood clots. The UK, Norway and some other European countries have reported multiple deaths from blood clots among recipients of the vaccine.The EMA has previously declared that the benefits outweigh the risks and it should remain in use.

Without letters of credit, bills of lading, shipping documents and trillions of dollars in global goods trade would grind to a halt. (And you thought our dependency on the Suez Canal was a problem!)This episode is sponsored by Interpop.ioBut the world’s system of trade finance, a highly complex setup involving banks, insurers, shipping companies, data providers and all manner of intermediaries, is far from ideal. There is massive fraud – check the New York Times’ account of the recent Greensill Capital collapse for – and severe inequity in terms of who gets favorable borrowing terms and who doesn’t. Without access to the trusted data needed to prove their creditworthiness, millions of small-and-medium enterprises are unable to obtain credit to cover the risks associated with exporting their goods. So they either run the risk of non-payment or simply cannot participate in the global economy. As a measure of that inequity, Sheila noted in her monologue to this week’s Money Reimagined episode – in which we talk to two blockchain pioneers trying to fix the trade finance industries many problems – that there’s currently a $1.5 trillion global trade financing gap. But then in his first comments, Tallyx CEO Aditya Menon offered an alternative analysis of how much of the goods trade goes unfinanced and came up with a $5 trillion number. That’s about half of the global trade in goods. Can blockchains and tokenization address these inequities? As you’ll hear from Menon, as well as from Skuchain co-founder Rebecca Liao, the answers lie in figuring out how to incentivize all participants – the exporters, importers, shippers and financiers – to share data in a way that unlocks funding faster. Skuchain is focused on making the information richer and more reliable along the supply chain. Tallyx is figuring out how to turn the contractual information such as invoices into tokens of value that can be traded in ways that allow smaller suppliers to monetize their legitimate receivables.The problems they are trying to solve aren’t easy. But that’s what makes their work so compelling. Blockchain projects like Skuchain and Tallyx offer a healthy reminder that beyond the razzamatazz of crypto markets and celebrity non-fungible tokens, meaningful impact is also possible if you work hard at the core problems faced by real-world entities. --InterPop is building the architecture of an entirely new landscape of fandom using technology built on the Tezos blockchain to drive their vision. Visit hellointerpop.io to learn more.--Image Credit: Mahmoud Khaled/Getty Images News

In today's episode, we talk about Supply Chain Financing and the unravelling of Greensill Capital.

This newsletter is really a public policy thought-letter. While excellent newsletters on specific themes within public policy already exist, this thought-letter is about frameworks, mental models, and key ideas that will hopefully help you think about any public policy problem in imaginative ways. It seeks to answer just one question: how do I think about a particular public policy problem/solution?PS: If you enjoy listening instead of reading, we have this edition available as an audio narration on all podcasting platforms courtesy the good folks at Ad-Auris. If you have any feedback, please send it to us.- RSJWe have been trying to make sense of the three key trends dominating the global financial markets over the past 12 months - the excess liquidity in the system driven by loose monetary policies and stimulus announced by central banks the world over, the persistence of the central banks to keep interest rates at historic lows without worrying about potential inflation, and the booming equity markets that seem to be completely divorced from the ground economic realities during the pandemic. You can read some of our previous posts on these here and here.How long can these trends sustain? Who knows? The perpetual optimism on which the wheels of finance move shows no signs of abating. Now, history has shown these are trends that are neither sustainable nor safe for ordinary investors. But optimism is the opium of the masses. “This time it is different” is what you usually hear as a record new stimulus is passed or markets touch new highs. But like Scott Sagan wrote in his book, The Limits of Safety: “Things that have never happened before happen all the time.” Three Strikes And…The world is full of surprises and three events in the past quarter should give regulators and investors a pause. First, Melvin Capital lost half of its $13bn fund during the GameStop saga in January this year. Melvin had taken massive leveraged short positions against the GameStop stock convinced its business model has no future. Well, the Redditors on WallStreetBets organised themselves to do the world’s first RNS (radically networked society) driven short squeeze. Melvin couldn’t reverse out of the trade soon enough. Only an emergency line of $2.75bn from other hedge funds kept it afloat. We have covered the GameStop shenanigans here.Second, the collapse of Greensill Capital, a ‘supply chain finance’ company doing Enron-like things in a decidedly dull corner of finance. The full impact of its fallout is yet to be ascertained. The collateral damage so far has been impressive: London-based steelmaker GFG alliance (run by India-born Sanjeev Gupta) is facing an existential crisis; a German retail bank that Greensill had bought has gone down; Credit Suisse that funded Greensill through securitisation of its invoice finance arrangement had to write down huge losses; Bluestone Resources, a US-based coal mining company that’s left high and dry without Greensill’s funding pipeline; and Tokio Marine Insurance that underwrote the risks Greensill’s clients and investors in Credit Suisse funds were taking is still counting its losses. The Greensill story is a good example of how it is not different this time. Supply chain financing has been around for a long time. Company A buys goods from a smaller Supplier B and promises to pay it (say) in 90 days. Ideally, B would like to be paid immediately but it usually lacks the bargaining power. Company A would prefer to pay as late as possible since it improves its cash flow and use it to further its business. Enter C, the Supply Chain Financier. C promises to pay B faster but at a small discount as the cost of getting its money quickly. It then collects the full amount from A. In a way, C pays on behalf of A and then collects the money from A over a period of time. It is like a traditional short-term loan that’s backed by the security of the invoice. And how does C get the money to pay to the suppliers faster? Usually, C would issue commercial papers (unsecured promissory notes) to obtain funds from market participants looking to park their excess funds for a short-term to back their invoice arrangements. The spread it makes between the two is C’s business.But in a world where the liquidity is high, interest rates low and stock markets at their peaks, there’s always money looking for avenues to make some ‘extra’ return. Greensill had a perfect plan for them. Instead of issuing commercial papers, it securitised the supplier invoices into short-term assets and offered them to the likes of Credit Suisse and other asset management firms. In other words, these invoices were turned into a different financial instrument which could now be positioned differently to investors. With this, the stage was set to get into riskier bets and shuffle the risk around in a way that made investors believe they were still investing in a safe supply chain financing instrument than something more complex. These investment firms launched Greensill-linked funds and raised money from investors who were drawn to the promise of almost risk-free returns that were higher than money market funds. Greensill also got insurance companies to back the risks underlying these funds to make them appear safer and more attractive. This was mortgage-backed securities (MBS) that brought down Lehman Brothers in 2008 all over again. Not content with this, Greensill went a step further. It started advancing funds to its clients based on anticipated future invoices. That is, there was no supplier and no goods purchased. But it was giving money in anticipation of business being done with a supplier in future. In effect, it started offering long-term loans to its clients in the guise of short-term, low-risk loans with neither the insurer nor the funds like Credit Suisse being wiser to their tricks. It was only a matter of time before the house of cards would collapse. Third, the implosion of hedge fund Archegos Capital late last week caused by extreme leverage. With GameStop and Melvin Capital, the leverage was on the short. With Archegos, it was on the long side. It borrowed money from the usual Wall Street names - Nomura, Credit Suisse (again!), Goldman Sachs and Morgan Stanley. But it used a derivative known as Total Return Swaps (TRS). The mechanics of this were simple. The hedge fund borrows money from the Bank to invest in stocks through a swap agreement. The hedge fund pays a small interest to the Bank, say, 2.5 per cent. The bank pays out any upside of investment made by the fund back to it. If there are losses, the hedge fund makes it up for the bank. This means the hedge fund makes investments without owning the asset. The bank has no real downside. The bank loves TRS because they make large fees from such arrangement without setting aside a lot of capital when compared to actual trading in securities. Being flush with liquidity in a low-interest environment makes such arrangements appear too good to resist for the banks. Things were going well for Archegos as it went about building massive levered long positions in media stocks like ViacomCBS and Discovery and various Chinese internet stocks. Some of these were quite illiquid stocks where Archegos almost owned half of the total stocks available for trade. Till ViacomCBS, whose stock had gone up 3X over the past year, decided to do a $3bn share sale wanting to capitalise on its good fortune. This backfired and the stock nosedived. This triggered a margin call and we were back to 2008 again. Archegos couldn’t cough up funds to cover the losses and the brokers dumped the shares on their behalf. The forced liquidation led to a massive selloff late last week across markets. Nomura and Credit Suisse couldn’t get out fast enough and warned of significant impact to their earnings. The worries of a contagion started going around. No one is sure if the collateral damage has been contained.Safety Valves Or Canaries?One way to look at these three events is to consider them as the safety valves of capitalism. There are excesses that happen in each cycle and the market mechanism is subverted by a few players. But there is a reckoning soon enough and the markets are better off for it.The other way is to view them as early signs of a looming crisis - the canaries in a coal mine. It is often said bubbles aren’t merely about skyrocketing valuations. The underlying truth to any bubble is the shortening of time horizons in the market. Everyone is out there to get rich and get out as quickly as possible. This snowballs very quickly attracting more short-term traders to make massive bets with levered money with ever-shrinking time horizons. The markets might well take these events into their stride (as they seem to have done). The three firms collapse and everyone moves on. That’s the end of it.Or maybe not. This might just be a beginning. HomeWork[Article] Apropos of nothing related to this post: Robin Hanson on “how best to explain UFOs if they are in fact aliens!” Get on the email list at publicpolicy.substack.com

This is a special edition focussing on the challenges that GFG Alliance is currently facing. In an in-depth conversation, Sanjeev talks about what the situation means for colleagues across the business, the failure of Greensill Capital, government involvement, media speculation and what next for GFG. 21 mins

The story of the former British Prime Minister, a company called Greensill Capital, and a series of risky texts. See acast.com/privacy for privacy and opt-out information.

The Collapse of Greensill CapitalSoftBank-backed Greensill (a fintech company) lent billions of dollars to companies that included the highly indebted metals conglomerate GFG Alliance, silicon valley Construction Technology company Katerra and West Virginia mining company Bluestone Resources. These loans were packaged into bonds which were sold as a fund by Credit Suisse.Greensill was funded by its own German-based and regulated bank and via Zurich-based Credit Suisse Asset Management. Its main shadow banking operations were in London. German regulators BaFin last month seized control of the bank and filed a criminal complaint alleging balance sheet manipulation. Swiss and Australian officials are asking questions of Credit Suisse. Meanwhile, in the UK, where it has been celebrated as a leading “fintech” and counted former prime minister David Cameron as an adviser, there is little sign of regulatory action. In the lead up to this crisis Lex Greensill and his family took $200 million out of the company.No one knows the precise amount of bad loans involved: Credit Suisse is budgeting for at least $1bn to $2bn; insurance policies covered at least $4.6bn; in July last year insurer Tokio Marine said an underwriter had breached exposure limits by writing coverage for more than $7bn. And no one is sure who will bear the losses. GFG has already defaulted on loans to Greensill. Some of those loans exist within Credit Suisse funds. Those funds have insurance written by the likes of Insurance Australia Group and Tokio Marine. IAG says it has no “net insurance exposure” to Greensill because of “extensive reinsurance” and “agreements with Tokio Marine for it to hold any remaining exposure”. Tokio Marine, in turn, says it also has reinsurance, it may turn to litigation and, anyway, the insurance may not have been valid in the first place. This looming fight between loan originators, securitisers, funds, banks, insurers and investors looks very like the fallout from the 2008 crisis. The lawsuits that followed took up to a decade to resolve and cost tens of billions of dollars. For now, there is little general market turmoil. But it could still get messier. Patreon Page: https://www.patreon.com/PatrickBoyleOnFinancePatrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvC Visit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle On Finance YouTube: https://www.youtube.com/c/PatrickBoyleOnFinanceLinksSupply Chain Financing Patent: https://patents.google.com/patent/US6167385A/enCourt Hearing NSW https://www.caselaw.nsw.gov.au/decision/177f18936157b0e4a1349f9d Support the show (https://www.patreon.com/PatrickBoyleOnFinance)

How To Keep Business "Bombs" From Blowing Up Your Business, has The 2 Business Guys Masterminding on tips, tricks, and secrets to keep your business from blowing up because of mistakes that are easy to make BUT hard to identify. This episode was inspired by the Greensill Capital fiasco, a company that was headed for a 40 billion dollar IPO and now has filed bankruptcy.

So rasant ist in Deutschland noch keine Bank gewachsen: Zwischen Anfang 2018 und Ende 2019 verelffachte die unscheinbare Bremer Greensill Bank AG Bilanzvolumen wie Einlagen - seit vergangener Woche ist die Bank aber unter einem Moratorium. Das vermeintlich risikolose Modell - günstig Einlagen in Deutschland einsammeln, in höher verzinste Forderungen etwa aus dem Reich des Stahlmagnaten Sanjeev Gupta stecken und das ganze gegen Kreditausfälle zu versichern - war doch nicht so risikolos. Jetzt zittern Kommunen und Anleger um ihr Geld, stellen sich Banken drauf ein, die womöglich bald deutlich leereren Töpfe der Einlagensicherungen wieder auffüllen zu müssen. Wie konnte das alles passieren? Wer hat weggesehen? Und welche Warnsignale gab es? Und welche Rolle hat eine fatale Entscheidung im Mai 2019? Darüber sprechen wir heute mit unserem Finanz-Szene-Analysten Thomas Borgwerth, bekannt aus seiner Rolle in der Aufklärung des Wirecard-Skandals und Co-Autor unserer Analyse über das "Irre Rad der Bremer Greensill Bank" im Oktober 2020.

INTERNACIONAL y MERCADOS - China´s ´difficult´ job market. / La fiebre africana avanza en China, cerdos al alza. / Granjeros Australianos buscan nuevos mercados. / Samsung prepara planta de chips en EE. UU. // EMPRESAS - Facebook llega a acuerdo con gobierno de Australia. / Greensill Capital en disolución. / Social Sentiment ETF / Fiverr, gig economy, skyrocketed. / Te acuerdas de Palm // STARTUPS - Volocopter, 200M para aerotaxis eléctricos. / Instacart, 265M a valoración de 39B. // BLOCKCHAIN - Paypal compra Curv, custodia de cryptos. / Coinbase podría emitir también un token. / Kings of Leon sacarán album por NFT. / Un español lo clava con los NFT. Los enlaces de arriba en la newsletter del podcast: https://nofinancieros.substack.com/ Visita: https://nofinancieros.com/ Imagen: Eduardo Garcés - Last Train

INTERNACIONAL y MERCADOS - China´s ´difficult´ job market. / La fiebre africana avanza en China, cerdos al alza. / Granjeros Australianos buscan nuevos mercados. / Samsung prepara planta de chips en EE. UU. // EMPRESAS - Facebook llega a acuerdo con gobierno de Australia. / Greensill Capital en disolución. / Social Sentiment ETF / Fiverr, gig economy, skyrocketed. / Te acuerdas de Palm // STARTUPS - Volocopter, 200M para aerotaxis eléctricos. / Instacart, 265M a valoración de 39B. // BLOCKCHAIN - Paypal compra Curv, custodia de cryptos. / Coinbase podría emitir también un token. / Kings of Leon sacarán album por NFT. / Un español lo clava con los NFT. Los enlaces de arriba en la newsletter del podcast: https://nofinancieros.substack.com/ Visita: https://nofinancieros.com/ Imagen: Eduardo Garcés - Last Train --- Send in a voice message: https://anchor.fm/nofinancieros/message

Escasean quienes en el Tecnolatino que no se hayan cruzado con Javier Villamizar, actualmente un socio operativo dentro de Softbank Investments, el fondo mas grande y influyente en la región.  Antes de sumarse a Softbank Javier ocupo los mas altos cargos en compañías como BrightStar, OpenEnglish & Greensill Capital.  Desde Softbank Javier trabaja diariamente asesorando empresas emblemáticas como Rappi de Colombia,  Ualá de la Argentina, Creditas y QuintoAndar en Brazil.  Dentro del mundo de la tecnología Juan Pablo es conocido como uno de los socios de Patagon.com, compañía que fue comprada por el Banco Santander por más de de US$700 millones.  Juan Pablo publica una reconocida columna sobre el TecnoLatino https://latamlist.com/author/jpcappello/ y sigue asesorando emprendedores de la región desde el estudio jurídico PAGLaw https://www.pag.lawAquí y ahora pregunta: Qué están haciendo y qué hacen y qué piensan los líderes del TecnoLatino “aquí & ahora” sobre los cambios que estamos viviendo?  Aquí y ahora ofrece tips para los emprendedores, los inversionistas y los hinchas del TecnoLatino.  Auspiciado por PAGLaw