Survey on the collapse of Greensill and lobbying by David Cameron

Survey on the collapse of Greensill and lobbying by David Cameron

“Every asset we ever sold was correctly described,” he said, adding that all investors would have had complete information about what they were buying. In Tuesday’s hearing, held virtually, Mr. Greensill strongly defended the business model. But he made a small admission to failures he had made. He told lawmakers that one of his company’s innovations was taking information directly from company accounts to make fast lending decisions. This “absolutely is the future but the way that I did it definitely had flaws,” he said without specifying what they were.

The request “was going to be impossible for us to comply with,” Mr. Greensill said. May 11, 2021, 1:13 p.m. ET

Greensill’s business model has raised concerns and even accusations of fraud. Its main offering was supply chain finance, in which a middleman advances payments to suppliers and then the money is repaid by the buyer. It’s a long-established kind of financing, usually provided by banks, but Greensill added a twist. It packaged the invoices and other receivables by the suppliers into assets that were then sold to investors through funds. The company also provided financing to companies based on “future receivables,” which were based on transactions that hadn’t yet happened. Updated 

Source www.nytimes.com The Financial Conduct Authority, Britain’s chief financial regulator, said in a letter to the committee that it was “formally investigating” Greensill because some of the allegations about its failure are “potentially criminal in nature.” The authority is also working with regulators in Germany, Australia and Switzerland, Nikhil Rathi, the regulator’s chief executive, wrote.

“I bear complete responsibility for the collapse of Greensill Capital,” Mr. Greensill said, adding that he was “desperately saddened” that more than 1,000 of his employees had lost their jobs. But he added: “It’s deeply regrettable we were let down by our leading insurer, whose actions assured Greensill’s collapse.” In March, as the insurance coverage came to an end, Credit Suisse shut down $10 billion worth of supply chain finance funds it sold that were put together by Greensill. The Swiss bank has returned just under half the amount to investors but is still exposed to billions of dollars in potential losses.

The News Highlights

  • Survey on the collapse of Greensill and lobbying by David Cameron
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
United Language Group Launches Healthcare Outcomes Solutions

United Language Group Launches Healthcare Outcomes Solutions

ULG Health Outcomes Solutions – Payer XXX Source ABOUT United Language Group:   United Language Group is one of the world’s largest and most ...
LA County business owners, officials cautiously optimistic as COVID-19 restrictions end today

LA County business owners, officials cautiously optimistic as COVID-19 restrictions end today

Local health departments can maintain stricter regulations than the state, but LA County — along with Pasadena and Long Beach, which both operate their own ...
Increased e-waste affects the health of millions of children, warns WHO

Increased e-waste affects the health of millions of children, warns WHO

For an expectant mother, exposure to toxic e-waste can affect the health and development of her unborn child for the rest of its life. Potential adverse health ...
Cisco and Dell have ‘lots of work to do’: Irv Rothman, CEO of HPE Financial Services

Cisco and Dell have ‘lots of work to do’: Irv Rothman, CEO of HPE Financial Services

The ability to buy IT assets from customers to fund digital transformation is proving to be a big competitive advantage for HPE, said Rothman. Among the new ...
The Grand Reopening of Santa Cruz:  News owners welcome a new reality – even if it’s still being discovered

The Grand Reopening of Santa Cruz: News owners welcome a new reality – even if it’s still being discovered

If you can’t see the map correctly, please click here. But this much was clear on Tuesday: We had to start somewhere with this somewhat awkward launch back ...
Canadian financier to relocate headquarters, 450 jobs to Miami

Canadian financier to relocate headquarters, 450 jobs to Miami

Maple’s application said the new Miami headquarters will “eventually” serve as a hub for 1,500 employees “over the next decade.” As such, Mr. Morales’ memo ...
Improved Child Tax Credit Will Put More Money In Parents’ Pockets In Cincinnati

Improved Child Tax Credit Will Put More Money In Parents’ Pockets In Cincinnati

“It would really help me and my kids out a whole, whole, whole lot,” Graves said. Like millions of Americans, Graves should be able to get half that money in ...
Urgent Mental Health Care Center Opens in Greensboro |  Local

Urgent Mental Health Care Center Opens in Greensboro | Local

Jeff Phillips, chairman of the Guilford County Behavioral Health Oversight Board and former chair of the Guilford County Board of Commissioners, was among more ...
Platinum Equity to buy McGraw Hill for $4.5 billion

Platinum Equity to buy McGraw Hill for $4.5 billion

McGraw Hill Chief Executive Simon Allen and his senior leadership team will continue to lead the business under Platinum’s ownership. Since 2013, when New ...
UPDATE 1 - Financial and industrial stocks lift European stocks to a near-record peak

UPDATE 1 – Financial and industrial stocks lift European stocks to a near-record peak

The pan-European STOXX 600 was up 0.2% by 0745 GMT. If gains hold until the end of the day, the index will mark its longest gaining streak in three-and-a-half ...
Show next
Compsmag - Latest News from tech, business and health
Logo