The Pyramid of Lies: Lex Greensill and the Billion-Dollar Scandal

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Cameron, who had shown up whenever Lex needed his support, immediately distanced himself from the firm once it collapsed – a spokesperson said that as he ‘was neither a director of the company, nor involved in any lending decisions, he has no special insight into what ultimately happened.’ But the revelations about Cameron’s lobbying of his former government colleagues will not go away. He has been hauled in front of Parliament, his reputation sullied. a b "Egypt says has found pyramid built for ancient queen". Reuters. 11 November 2008. Archived from the original on 2 November 2017 . Retrieved 2 November 2017. Kratovac, Katarina (5 June 2008). "Egypt uncovers 'missing' pyramid of a pharaoh". Yahoo News. Associated Press. Archived from the original on 9 June 2008 . Retrieved 6 June 2008. Old Kingdom of Egypt". World History Encyclopedia. Archived from the original on 23 April 2021 . Retrieved 27 May 2020.

The Pyramid of Lies by Duncan Mavin review – the disgraced

DUNCAN MAVIN: That is also a very, very good question. So Lex comes across the government. He makes his government connections from around about 2011. He had met a very senior former Civil Servant named Jeremy Heywood, when he was at Morgan Stanley. They both worked together there. At that point, Lex was a pretty junior guy and Jeremy Heywood was a very senior guy, very high-level Civil Servant who'd moved into the bank temporarily. Pressed on the issue during a Q&A session with journalists, Mr Johnson said: “I didn’t say anything about Turkey in the referendum … Since I made no remarks, I can’t disown them.” Wallpapergate Carrie Symonds was reportedly horrified at the ‘John Lewis furniture nightmare’ left behind by the Prime Minister’s predecessor, Theresa May, though she has denied the claims (Photo: Reuters)

Pyramid of Lies: The Prime Minister, the Banker and the Billion Pound Scandal

Despite everything, it was possible to dig out a decent living. From Roy Greensill’s original sixty-six acres of sugar cane, the farm tripled in size within twenty years. By the time Roy’s grandson, Alexander ‘Lex’ David Greensill, was born on 29 December 1976, the family owned hundreds of acres of farmland. Bundaberg itself had grown too. The population was still just about thirty thousand, but they were increasingly wired into the Queensland and Australian economy. Here are all the excuses Mr Johnson has used to explain away the scandals that have dogged his career: Making up quotes

The Pyramid of Lies by Duncan Mavin review: the inside story

NATHAN HUNT: I have to wonder what on earth was the former Prime Minister of the U.K. David Cameron doing wrapped up in Greensill Capital. Why was he involved in this? In the centuries since, factoring became part of the supply chains that grew around the world, oiled by liquidity. As these operations became faster and more complex they needed not just factoring but reverse factoring, in which people sell their debt, rather than their credit, and each agent in the chain is paid straight away. The process became computerised, and modern global trade now runs on a silent river of digitised debt.The wood-panelled, chandeliered dining rooms of the Savoy hotel across the road became the office canteen NATHAN HUNT: Sadly, the losers from Greensill's collapse extend beyond just a few venture capitalists and private equity investors. What was Credit Suisse's role in spreading the exposure to Greensill? Lex, he had a small bank in Germany, but he wasn't a bank. He needed to find funding from somewhere to pay for these supply chain finance transactions. And so he was looking for investors for that. And Credit Suisse came along and became the biggest investor in those funds. So Lex had sort of latched on to them around 2017, found a couple of portfolio managers, persuaded them that supply chain finance was a great asset class. It paid a little bit more yield than money market funds, but done properly, it could be just as safe or just a little bit riskier. However, he dismissed claims that it constituted a party, insisting that the gathering was a “work event” and that he only stayed for 25 minutes. In Lex’s later retelling, his parents couldn’t afford to send him to college, so he studied for a law degree by correspondence. I could never substantiate this claim that attending university in person was out of his financial reach. There are plenty of people who are not very well off and still attend university, and the Greensills weren’t so poor. Certainly, however, the story embellished his credentials as extremely hard-working and driven and supported his ‘helping-out-the-little-guy’ mission statements.