Greensill: What went wrong?
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 14 October 2022
⏱️ 18 minutes
🧾️ Download transcript
Summary
Greensill Capital was a UK based finance firm and a darling of investors which made its money by lending to businesses. It went into administration in March 2021, leaving investors facing billions in losses.
What went wrong with Greensill? Why did leading politicians like former British Prime Minister David Cameron get involved?
And what does it teach us about the way modern entrepreneurs, like Australian-born Lex Greensill, try and promote themselves?
Ed Butler speaks to Duncan Mavin, a financial journalist who followed the downfall of Greensill – he’s written a book about what happened.
Presenter: Ed Butler Producer: James Graham
(Image: Lex Greensill. Credit: Shutterstock)
Transcript
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| 0:00.0 | Hi there, welcome to Business Daily on the BBC. |
| 0:04.4 | My name's Ed Butler and today we're revisiting the story of Greensill Capital. |
| 0:09.4 | Please understand that I bear complete responsibility for the collapse of Greensill Capital. |
| 0:16.6 | That's Tycoon Lex Greensill. |
| 0:19.1 | The failure of his business last year led to the loss of billions of dollars |
| 0:22.7 | and investigations around the world. |
| 0:25.2 | 18 months on, what does it tell us about the global financial system? |
| 0:29.2 | Have we learned anything as a result? |
| 0:31.4 | There's still around $5 billion missing. |
| 0:35.0 | Has not been recovered. |
| 0:37.4 | There's a temptation in these sort of white-coll collar scandals to think that there aren't victims, |
| 0:41.8 | but there are, $5 billion is somebody else's money and it's not, it hasn't been recovered yet. |
| 0:46.6 | We don't know where it is or we do know where it is, but we just can't get it. |
| 0:50.9 | The Green Sills scandal on Business Daily from the BBC. |
| 1:01.8 | Just three years ago, this man was the toast of London's money circuit. |
| 1:07.3 | Congratulations on securing this financing. How did this soft bank investment then come about? |
| 1:12.6 | Give us the inside story. Softbank's mission is to invest in the number one player in each sector. |
| 1:19.2 | Next Greensill, the Swar, hugely ambitious gentleman of finance, was leading the way with some of the top names in venture capital, stepping up to back his dreams. |
| 1:28.6 | Following the footsteps of General Atlantic by backing our continued growth on a global basis. |
| 1:34.7 | Green seal was the next unicorn, we were told, |
| 1:37.7 | an upstart business with a valuation in the billions. |
| 1:40.9 | Less than two years later, the firm had collapsed. |
... |
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