Greensill Capital founder, ex-directors face potential disqualification proceedings

London-headquartered supply chain finance firm Greensill Capital may have gone bust over a year ago after failing to sell certain assets to Athene Holding Ltd, but the woes of its founder and former directors seem far from over as they face possible disqualification proceedings. A Sunday report by Sky News said Lex Greensill – who previously blamed the non-renewal of his company’s trade credit…

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Sarah Royce-Greensill

Above, I quoted yesterday’s joint SNB/Finma statement about Credit Suisse being fine. I should say that the statement does not lead with Credit Suisse being fine. It leads with making fun of America...Credit Suisse has spent the last decade finding astonishing new ways to lose money and embarrass itself, so this is a little rich, but it is accurate. “Credit Suisse’s failings have included a criminal conviction for allowing drug dealers to launder money in Bulgaria, entanglement in a Mozambique corruption case, a spying scandal involving a former employee and an executive and a massive leak of client data to the media,” notes Bloomberg QuickTake, not to mention its losses on the Archegos and Greensill scandals. Credit Suisse’s current troubles are obviously related to those errors. But they were immediately precipitated by a run on Silicon Valley Bank, which had nervous concentrated tech-industry depositors and was mark-to-market insolvent due to losses on its portfolio of long-dated US Treasury bonds. For all its problems, Credit Suisse does not have those problems.

-Mat Levine

Smart people instinctively understand the dangers of entrusting our future to self-serving leaders who use our institutions, whether in the corporate or social sectors, to advance their own interests.   James C Colins

I discussed yesterday the catastrophic consequences of David Cameron’s policy of austerity, one academic study claiming 333,000 excess deaths can be attributed to the cuts to public services and benefits  inflicted by Cameron as part of his austerity package.

Needless to say, it was the poor that suffered while the rich became richer still. The hardships of austerity were for ordinary working people to endure, not the rich friends of the Tory Party.

“We often hear David Cameron say: "We're all in this together." The truth is that Mr Cameron and his cabinet of millionaires sit there in a pool of cash whilst there are over three million children in Britain living in poverty. Under the Tories, the rich get richer and the poor get poorer. Whether it's dinners for donors in Downing Street or giving millionaires a tax-cut, it's the same old Tories who leave all the ordinary hard-working people of this country to suffer.” (HUFFPOST: 25/01/14)

After a further five years of austerity nothing had changed:

“Rich getting richer while poor get poorer, official figures show – with ‘Brexit and benefits freeze to blame'."  (Independent: 26/02/19)

Not only was Cameron (together with George Osborne) responsible for the devastating cuts to public service funding and benefit payments, but he also led us into the quagmire that was Brexit.

Whatever your views on Brexit, it has been an economic disaster for this country and the blame for this can be squarely laid at the door of David Cameron.

"Many will never forgive him for the almost offhand way he steered Britain into an unnecessary Brexit cul-de-sac, and the ramifications of his mistake continue to cast a pall over the country."  (Evening Standard: 14/11/23)

The Evening Standard, is usually a Tory supporting newspaper but even they recognise that Cameron was being totally self-serving in calling for a referendum on our membership of the EU, a decision that had more to do with saving the Tory Party (and his premiership) from the consequences of a right-wing split and the rise of UKIP to Tory MP seats.

“Cameron chose to commit to a vote, not because the country’s population was clamouring for one but because a significant minority of his own MPs, many of them frustrated by the constraints of coalition, were demanding that he do so – some because they feared that UKIP would cost them their seat (or the seats of too many of their colleagues) at the next election, some because they wanted out of the European Union and were more than happy to leverage that fear to their advantage.” (ukandeu.ac.uk: Why David Cameron called the 2016 referendum – and why he lost’ : 04/10/22)

As if this were not enough, Cameron was not averse to using his political connections to potentially line his own pockets after he had resigned as PM. In 2022, MP’s condemned Cameron for lobbying on behalf of his banking employer, Greensill.

“The Treasury select committee said in July 2021 that it was inappropriate of the ex-prime minister to send 62 messages to former colleagues pleading for them to help the controversial bank, for which he worked and in which he owned stock options that could have been worth tens of millions of pounds.” (Guardian: 13/11/23)

Cameron also risked the security of this country by cosying up to China. Declaring that he was determined to make Britain Beijing’s partner of choice, he signed  £40bn worth of deals with China claiming:

“What this really means is jobs, it means livelihoods, it means security.”

Whatever else it meant it did not mean security.

“China represents the "largest state-based threat" to Britain's economic security, Deputy Prime Minister Oliver Dowden has told the BBC. It comes as figures show the government intervened in eight attempted takeovers of UK firms by Chinese buyers last year over national security fears.”  (BBC News: 11/07/23)

It did however mean a job for David Cameron:

“Former British PM Cameron gets new job as vice-chairman of China-UK fund.” (The Straits Times: 19/12/17)

Cameron, like many Tories, is a man who, despite his patriotic rhetoric, is prepared to put the Conservative Party and his own career above the best interests of the country as a whole. He is a man of poor economic judgement, a man who acts for the benefit of his rich friends and is quite prepared to endanger our security of our nation  for the short term benefit of making a few extra pounds.  He is not fit to be Foreign Secretary and Rishi Sunak should never have appointed him.

Of course, Lord Cameron denies these obscene allegations. I wonder, now - the government stated in the Commons that it acted in self defence after an unnamed British ship was attacked by the Houthis. Did the government also act on self defence when it flew 17 flights of military supplies into Tel Aviv, prior to any activity by the Houthis. I wonder also why this "attack" on one of our vessels was never mentioned, prior to deploying HMS Diamond to destroy 7 vessels at a huge cost to British taxpayers. We want a general election Dave. We may not get anybody more honest but at least we'll be hearing a load of shite excuses from a new source.

A Nation of Cheaters

I sense an increased occurrence of a “What can I get?” attitude breaking out across the whole of society. Borne, no doubt, from allegedly high level corruption, jingoistic and self-serving policies, and a “fuck ‘em all” attitude that has been propagated from a government that cares less about society than lining it’s own pockets and doing it’s own thing.

Whether that is purchase fast-laning political mates during COVID, revolving door hires, Cameron/Greensill lobbying, Russian oligarch peerages, the uber-rich PM’s wife as a non-dom, Charlie paying zero inheritance tax … the list goes on. The problem is the optics, if those in power can get away with bending the rules to suit themselves, why can’t I? Why can’t everyone else? Why should I bother even trying to play with a straight bat?

Like so many, I have studiously and diligently paid my taxes for decades and (mostly) adhered to the law of the land. That was the societal norm and worked well if everyone else did the same. Those who earned a bit more or who were a bit luckier in life subsidised those who weren’t quite as fortunate or who were going through a tough time. It was a good working model of how a capitalist society should work. And then it stopped working.

But, if those in power are only out for themselves, then why should I or others continue to tread the moral treadmill of yesterday’s society. If the “elite” are creaming off as much as they can by dodging taxes, doing hooky deals with their mates, and lying left right and centre then why shouldn’t I.

We are, it seems, becoming de-sensitised to corruption at all levels, and as it becomes normalised it’s no longer the great moral wrong it once was. This is, sadly, how systemic corruption creeps into society and it generally ends badly for all concerned. Society needs the goodwill and compliance of those who have to support those that don’t. Otherwise taxation and moral standards are seen as just another hurdle to avoid in life.

I probably won’t move to the dark side, but I bet a fair few are considering it. Does that make them cheaters? Well, the answer is NO if you buy into the comment made by a recently disgraced peer of the realm that “made” a quick £61m profit from her mates in government and then proceeded to lie about it to the press, the public and, possibly, to the government … “that’s not a crime”. If that’s not a crime, if she can pay enough to lawyers to find a loophole that keeps her out of prison then what hope is there for the rest of us.

The foreign secretary says he was a "private citizen" while working for the collapsed finance firm.

Antonio Velardo shares: Celebrating Motherhood by Design by Sarah Royce-Greensill

By Sarah Royce-Greensill Jewelers are helping women mark life changes in the form of future heirlooms. Published: November 20, 2023 at 05:02AM from NYT Fashion https://ift.tt/OfycAxz via IFTTT

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David Cameron's appointment as United Kingdom's Foreign Secretary

While political appointments often aim to bring experience to the table, the recent announcement of David Cameron as the new Foreign Secretary raises serious concerns. Cameron, a former Prime Minister, undoubtedly possesses political acumen, but his tenure was marred by divisive decisions and controversies that should warrant scrutiny in such a crucial role.

His track record during his time as PM saw policies and decisions that left a lasting impact, not all of it positive. The fallout from the Brexit referendum, called under his leadership, still shapes the country's political landscape. Cameron's misjudgments on the referendum's aftermath and its potential repercussions highlight a concerning lack of foresight.

Moreover, his involvement with Greensill Capital and subsequent lobbying scandals raises questions about conflicts of interest and ethical considerations. Appointing an individual with such controversies to a key diplomatic position risks damaging the credibility and integrity of the UK on the global stage.

The Foreign Secretary's role demands an individual with a steady hand, a clear vision, and unblemished integrity. While Cameron may bring experience, the concerns surrounding his past actions and their implications for international relations warrant a closer examination of this choice.

In a time where global relationships and diplomacy are pivotal, the decision to appoint someone with such a contentious history may compromise the UK's standing and effectiveness in international affairs. The choice of Foreign Secretary is too critical to overlook the potential ramifications of a controversial appointment.

Cameron's return revives memories of Greensill finance scandal

Documents suggest Mr Cameron made $10m promoting the controversial finance business Greensill Capital, which later collapsed.

(c) #BBC #News #Business

David "Brexit referendum" Cameron.

David "austerity" Cameron.

David "Greensill" Cameron.

David "not even an MP" Cameron.

If anyone needs me I'll be drinking until the next election.

Watch the American Climate Leadership Awards 2024 now: https://youtu.be/bWiW4Rp8vF0?feature=shared

The American Climate Leadership Awards 2024 broadcast recording is now available on ecoAmerica's YouTube channel for viewers to be inspired by active climate leaders. Watch to find out which finalist received the $50,000 grand prize! Hosted by Vanessa Hauc and featuring Bill McKibben and Katharine Hayhoe!

Oh joy! Cameron's magnificent return brings back nostalgic memories of Greensill finance scandal

Ah, it's like a breath of fresh air, isn't it? The news of David Cameron's triumphant return to the spotlight has brought back some truly fond memories. Memories of a scandal-ridden era that we thought we had left behind, but apparently, it's the gift that keeps on giving. For those of you who may have forgotten, let me jog your memory. Greensill, the financial firm at the center of the scandal, put the 'scam' in scandal. It was a glorious time when a former Prime Minister used his connections to open doors for a company that ultimately collapsed, leaving a trail of chaos and ethical dilemmas in its wake. Ah, the sweet nostalgia of it all. Remember how we were all told that Greensill was a revolutionary force that would change the financial landscape? Well, they certainly changed something, didn't they? They changed our outlook on what constitutes a conflict of interest and just how far one can push the boundaries of political influence. Oh, Cameron, dear Cameron. How we missed your charming smile and your impeccable ability to dodge tough questions. The man truly is a master of his craft. Who needs accountability when you can simply rely on a few well-crafted soundbites? But let's not forget the side characters in this wonderful play. The politicians who rushed to defend their dear friend, vouching for his integrity without so much as a hint of skepticism. It's truly heartwarming to see such unwavering loyalty, isn't it? So, as we welcome Cameron back into the limelight, let us relish in the memories of a scandal that defined an era. Let us remember the lessons we learned, the questions left unanswered, and the sheer audacity of it all. Because, really, who needs integrity and transparency when you have the power to manipulate the system? Disclaimer: The views expressed in this article are entirely sarcastic, and any resemblance to actual events is purely coincidental. Based on https://bbc.in/40Af2QU

Marsh faces court case over role as Greensill’s insurance broker http://dlvr.it/SqxRL0

Rumors of bankruptcy for big banks

 The US Federal Reserve recently raised its benchmark interest rate. 

This was done in response to the financial crisis caused by the bankruptcy of Silicon Valley Bank (SVB) amid growing financial market instability.

As such, there have been a number of bankruptcies and rumors of bankruptcies of large banks in the US and Europe.

Let's take a look at the implications of the bankruptcies of large US and European banks.

SVB Bankruptcy 

A while ago, we posted about a hot topic on our blog: the bankruptcy of SVB in the US.

The bankruptcy of Silicon Valley Bank happened when a financial company called Greensill Capital, which SVB had invested in, declared bankruptcy. 

SVB specializes in investing in growing companies in the Silicon Valley region. 

These are companies with high potential for future growth that are often hard to get loans for, but SVB actively seeks to fund these companies and help grow the U.S. economy. 

The bankruptcy of SVB has shocked investors, as the company has played a major role in the development of the US economy. 

SVB's bankruptcy is having a major impact on the US financial markets as a whole.

 As a result, the U.S. financial authorities have been forced to take proactive measures to prevent this from happening and make efforts to stabilize public sentiment.

Credit Suisse Bank bankruptcy rumors

Credit Suisse Bank is a global financial company headquartered in Switzerland that provides a wide range of financial services worldwide.

 The bank is one of the largest asset management companies in the world and offers a wide range of financial services, including investment banking, asset management, financing, and trading.

However, in recent years, Credit Suisse has been facing a number of problems and crises. 

In 2020, it lost millions of dollars working with a financial firm called Greensill Capital, and in previous years it faced trading scandals and fines. 

These issues have led to concerns that a bankruptcy of the large bank is likely.

As the possible bankruptcy of Credit Suisse Bank could cause major ripples in the financial markets, 

In such a situation, measures to stabilize financial markets are even more necessary.

What is the impact of a big bank failure?

If large banks in the US and Europe were to fail, there are both positive and negative implications for investors in coins.

On the negative side, in the event of a financial crisis caused by the bankruptcy of a large bank, the coin market could also suffer. 

Since large banks play an important role in the financial markets, their bankruptcy has the potential to have a major impact on the financial markets as a whole. 

This could send ripples through the coin market, and coin prices could plummet.

However, for now, the positives outweigh the negatives.  The instability in financial markets due to bank failures has caused people to see more value in coins, which are considered a safe haven, and are shifting their investments from banks to coins. 

As a result, not only mass-market coins but also new coins are rising one after another.

"From Bad to Worse: Archegos and Greensill Lead to Credit Suisse's Colla...