This one snared David Cameron, ex-PM of the UK. He was lobbying for loans for this outfit from the UK government. The company claimed to have "AI" systems that saved money in supply chain management but really it was just a spreadsheet.
It seems like if you can secure loans from the government for a company, they you can simply "belly-up" the company and steal all the money, being a government sting nobody in government wants to pursue it, so it all gets forgotten, you do some kickbacks, everyone's a winner. Corruption.
Greensil seems to essentially purchase materials for your business, lending you the money for a period. They then buy the stuff but don't pay for it for 90 days while you pay them interest on the same money during that period. It is a way to make money from the large sums government spends but delaying settlement with the vendor. (Typically a government buyer pays promptly, here Greensil gets the benefit of holding the money while the vendor has to wait for the cash).
When Cameron shat himself I had a right proper wowsers in my trousers. That man deserves everything he gets. Named by Brian Harvey in his video too. I'm also certain 'left his kid at the pub' was a code for something else.
Republican West Virginia Gov. Jim Justice, who is now in the bag for $700MM thanks to Greensill's collapse.
According to WSJ's sources, Justice (who handily run reelection in the fall after switching from a Democrat to a Republican) is personally on the hook for nearly $700MM in loans to his coal companies - loans that were taken out from Greensill.
He is also dealing with several "unrelated lawsuits" that are also putting financial pressure on his coal company. Some of the loans to Justice's companies were sliced up and incorporated into securities that wound up, among other places, in the $10 billion Credit Suisse fund that was gated at the beginning of the Greensill crisis.
This is just the tip of a very, very large iceberg.
Financial destruction of the cabal is habbening.
This one snared David Cameron, ex-PM of the UK. He was lobbying for loans for this outfit from the UK government. The company claimed to have "AI" systems that saved money in supply chain management but really it was just a spreadsheet.
It seems like if you can secure loans from the government for a company, they you can simply "belly-up" the company and steal all the money, being a government sting nobody in government wants to pursue it, so it all gets forgotten, you do some kickbacks, everyone's a winner. Corruption.
Greensil seems to essentially purchase materials for your business, lending you the money for a period. They then buy the stuff but don't pay for it for 90 days while you pay them interest on the same money during that period. It is a way to make money from the large sums government spends but delaying settlement with the vendor. (Typically a government buyer pays promptly, here Greensil gets the benefit of holding the money while the vendor has to wait for the cash).
When Cameron shat himself I had a right proper wowsers in my trousers. That man deserves everything he gets. Named by Brian Harvey in his video too. I'm also certain 'left his kid at the pub' was a code for something else.
Republican West Virginia Gov. Jim Justice, who is now in the bag for $700MM thanks to Greensill's collapse.
According to WSJ's sources, Justice (who handily run reelection in the fall after switching from a Democrat to a Republican) is personally on the hook for nearly $700MM in loans to his coal companies - loans that were taken out from Greensill.
He is also dealing with several "unrelated lawsuits" that are also putting financial pressure on his coal company. Some of the loans to Justice's companies were sliced up and incorporated into securities that wound up, among other places, in the $10 billion Credit Suisse fund that was gated at the beginning of the Greensill crisis.
standard finance-industry speak for Million