Business
Greensill implosion exposes risks of shadow banking – The Australian Financial Review
Revolutions in finance have a nasty way of ending badly, especially when they happen at breakneck speed. The capacity of shadow banking to spring more dangerous…

In banking that rate of expansion tends to point to excessive risk-taking and a poor-quality loan book. And certainly the Australian parent felt balance sheet strain. In 2016 and 2017, its liabilities exceeded its assets, according to a report by Scope rating agency. Yet Lex Greensill pulled off an astonishing coup by persuading first private equity group General Atlantic to put in $US250 million of fresh capital, and then the SoftBank Vision Fund of Japanese entrepreneur Masayoshi Son to stump…
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