Cameron and the toxic banker (Pt 5): The Crash
The Story
The Times
3.9 • 1.6K Ratings
🗓️ 21 May 2021
⏱️ 36 minutes
🧾️ Download transcript
Summary
We've been following the story of how a now disgraced financier, Lex Greensill, wormed his way into the upper echelons of David Cameron's government. On Monday we found out a lot more about metal magnate Sanjeev Gupta, but what happened to his empire that led to the collapse of its biggest financier Greensill Capital?
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Guest: John Collingridge, Deputy business editor at The Sunday Times.
Host: David Aaronovitch.
Clips used: GFG Alliance, Parliament TV, Sky News, BBC News.
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Transcript
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| 0:00.0 | On Monday, we found out a whole lot about Sanjeev Gupta, the metal magnet to acquire dozens |
| 0:09.2 | of factories, plants and mills around the world. |
| 0:12.8 | Gupta's modus operandi is to buy up distressed industrial assets, typically steel, which are |
| 0:20.7 | unloved, and then putting them all together under one big umbrella group known as the GFG |
| 0:27.1 | Alliance. |
| 0:28.1 | How the financier, Lex Greensill, helped to supply the funds that allowed Gupta's global |
| 0:34.0 | expansion. |
| 0:35.0 | And this is where Lex Greensill comes in. |
| 0:37.3 | He inserts himself into that relationship between the customer and Sanjeev Gupta, and |
| 0:42.4 | he would finance the payment for that steel giving Sanjeev Gupta the money up front. |
| 0:49.0 | So now, the next link in the chain. |
| 0:52.8 | What happened to Gupta that led to the collapse of Greensill? |
| 0:57.3 | One of my contacts described Sanjeev Gupta and Greensill's relationship in a very interesting |
| 1:02.7 | way. |
| 1:03.7 | He said that Gupta had one said that his relationship with Greensill was mutually assured |
| 1:08.6 | destruction. |
| 1:09.6 | You're listening to stories of our times, and the times and the Sunday times, I'm David |
| 1:14.8 | Aronovich. |
| 1:15.8 | Today, Cameron and the toxic banker, part five, the crash. |
| 1:25.8 | On Monday, the Sunday times his John Collingridge told us about Sanjeev Gupta, the man who came |
| 1:31.9 | to save the British metal industries, and about how his expansion was financed by Lex |
| 1:37.1 | Greensill, a failed financier, facing questions about how he ran his company and what led |
... |
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