{"id":10359,"date":"2023-11-14T17:22:18","date_gmt":"2023-11-14T17:22:18","guid":{"rendered":"https:\/\/lendingsensibly.com\/economy\/david-camerons-return-brings-his-role-for-fallen-greensill-back-to-the-fore\/"},"modified":"2023-11-14T17:22:19","modified_gmt":"2023-11-14T17:22:19","slug":"david-camerons-return-brings-his-role-for-fallen-greensill-back-to-the-fore","status":"publish","type":"post","link":"https:\/\/lendingsensibly.com\/?p=10359","title":{"rendered":"David Cameron\u2019s return brings his role for fallen Greensill back to the fore"},"content":{"rendered":"
\n

The surprise return of former Prime Minister David Cameron as the U.K.\u2019s new foreign secretary brings his work for the fallen Greensill Capital back to the limelight.<\/p>\n

Greensill Capital was a company run by financier Lex Greensill that provided supply-chain financing. Supply-chain financing is meant to be a low-risk form of financing \u2014 paying out a seller\u2019s claim, at a discount, and then collecting on that claim from the initial contractor.<\/p>\n

\n

In Greensill\u2019s case, the firm had blue-chip clients including Ford Motor Co. and AstraZeneca, but also far riskier ones, such as the Gupta Family Group Alliance, which was connected to steel magnate Sanjeev Gupta. The firm collapsed in 2021, and the U.K. Serious Fraud Office has an ongoing criminal investigation into the Gupta Family Group Alliance and its financing arrangements with Greensill.<\/p>\n

There were big names behind Greensill, notably Credit Suisse, which distributed funds from the securitized claims. The Swiss regulator found Credit Suisse \u201cseriously breached\u201d its supervisory obligations, and the trouble from Greensill played a role in its near-collapse that led UBS
\n UBS,
\n +2.47%<\/bg-quote>
\n to buy it. <\/p>\n

Cameron was an adviser for Greensill. A U.K. parliament report found Cameron \u201cshowed a significant lack of judgment\u201d in using informal means \u2014 on one day making 19 calls, texts and emails \u2014 to lobby the government on Greensill\u2019s behalf. The former prime minister was not successful in getting his client access to the COVID Corporate Financing Facility.<\/p>\n

Cameron had a stake in Greensill, used corporate jets and earned what he called \u201ca generous annual amount,\u201d though a spokesman has denied a BBC program\u2019s account that the total compensation was $10 million.<\/p>\n

The committee also found Cameron relied on Greensill\u2019s board \u201cas a guarantee of its propriety and financial health, when arguably he should have taken a broader and more enquiring assessment of the business. There were signals available to Cameron at the time when he was lobbying the Treasury and others which might have led him to a more restrained approach.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The surprise return of former Prime Minister David Cameron as the U.K.\u2019s new foreign secretary brings his work for the fallen Greensill Capital back to the limelight. Greensill Capital was a company run by financier Lex Greensill that provided supply-chain financing. Supply-chain financing is meant to be a low-risk form of financing \u2014 paying out a seller\u2019s claim, at a discount, and then collecting on that claim from the initial contractor. In Greensill\u2019s case, the firm had blue-chip clients including Ford Motor Co. and AstraZeneca, but also far riskier ones, such as the Gupta Family Group Alliance, which was connected<\/p>\n","protected":false},"author":1,"featured_media":10360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-10359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nDavid Cameron\u2019s return brings his role for fallen Greensill back to the fore | LendingSensibly<\/title>\n<meta name=\"description\" content=\"The surprise return of former Prime Minister David Cameron as the U.K.\u2019s new foreign secretary brings his work for the fallen Greensill Capital back to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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