Firm advised by Cameron close to insolvency

[AtW]

“Greensill Capital was under pressure last night after Credit Suisse suspended funds investing in the controversial lender’s products and as it emerged that SoftBank had substantially written down its $1.5 billion investment in it.

The British company, which is advised by David Cameron, the former prime minister, is believed to have appointed administrators and could file for insolvency within days.

Credit Suisse froze funds holding about $10 billion worth of assets linked to Greensill, citing “considerable uncertainty” surrounding the valuations of some of their holdings.”

https://www.thetimes.co.uk/article/g...eeze-lq9srw3fx

[AtW]

“Greensill was founded a decade ago by Lex Greensill, an Australian financier who previously worked at Morgan Stanley and Citigroup. His firm specialises in supply chain finance, enabling companies to extend the periods over which they can pay bills. The lender provides advances to firms, which it then bundles into securities for investors — including four Credit Suisse funds — fuelling its ability to lend more money to more companies.”

Yeah, nothing can go wrong with that...

[vetran]

“Greensill was founded a decade ago by Lex Greensill, an Australian financier who previously worked at Morgan Stanley and Citigroup. His firm specialises in supply chain finance, enabling companies to extend the periods over which they can pay bills. The lender provides advances to firms, which it then bundles into securities for investors — including four Credit Suisse funds — fuelling its ability to lend more money to more companies.”

Yeah, nothing can go wrong with that...

You missed the fact they are "Tripe A rated" bundles.

[AtW]

You missed the fraud in that they were "Tripe A rated" bundles.

FTFY

[quackhandle]

“Greensill was founded a decade ago by Lex Greensill, an Australian financier who previously worked at Morgan Stanley and Citigroup. His firm specialises in supply chain finance, enabling companies to extend the periods over which they can pay bills. The lender provides advances to firms, which it then bundles into securities for investors — including four Credit Suisse funds — fuelling its ability to lend more money to more companies.”

Yeah, nothing can go wrong with that...

Is that not just a pyramid scam? Shirly not something Dave "Ponzi" Cameron would get involved in?

qh

[AtW]

Is that not just a pyramid scam? Shirly not something Dave "Ponzi" Cameron would get involved in? qh

No, that's a legitimate enterprise, don't confuse the two!