Pyramid of Lies

Lex Greensill had a simple, billion-dollar idea: democratize supply chain finance. Suppliers want to be paid as quickly as possible, while companies want to defer payment for as long as possible. Greensill successfully reconciled the two, albeit tediously, but he saw it as a lucrative opportunity. However, profit margins are slim, and Lex, ever the risk-taker, made lucrative loans using other people's money: to a Russian cargo plane linked to Vladimir Putin, to a former special forces member who ran a private army, and, most importantly, to fraudulent or non-revenue-generating companies. When the firm eventually collapsed, it exposed the close relationship between Westminster and big business, and how David Cameron was allowed to pressure ministers to secure funds that would save Greensill's struggling businesses. Instead, Credit Suisse and Japan's SoftBank are suffering billions of dollars in losses, a German bank is under criminal investigation, and thousands of jobs are at risk.