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Lex Greensill: Is this the last big deal for the boy from Bundy? – Sydney Morning Herald
This high-flying financier came back to earth with a thud this week as his shadow banking company, once valued at $9 billion, went into administration.
The entire Greensill financing world came tumbling down this week when the group experienced a cascade of bad news that rendered it insolvent very quickly.
First, its financial backer Credit Suisse froze $10 billion worth of funds, holding Greensills notes over concerns Greensill was overexposed to a single client, entities associated with steel tycoon Sanjeev Gupta.
Next, German regulators took control of Greensills German bank and slapped the group with criminal charges over alleged accounting…
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