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Credit Suisse Warns Greensill May Spoil Best Start in Decade
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Credit Suisse s Greensill Funds Strayed From Tame Invoice Loans
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Greensill Says He Warned Credit Suisse Weeks Before Collapse
This content was published on March 13, 2021 - 12:00
March 13, 2021 - 12:00
(Bloomberg) Lex Greensill said he told top Credit Suisse Group AG officials of his difficulties in securing fresh insurance to cover corporate loans underpinning his business for weeks before his supply-chain finance empire’s abrupt collapse.
The ex-billionaire “regularly updated” executives including Chief Risk Officer Lara Warner on his problems in finding new cover after Australian insurer Bond and Credit Company had decided against renewing policies on $4.6 billion of corporate loans. The Swiss bank “was aware of the difficulties that Greensill Capital was having in renewing the TBCC policies and the likely consequences of a failure to renew,” the financier said in newly disclosed court documents.
Greensill Says He Warned Credit Suisse Weeks Before Collapse
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Greensill Says He Warned Credit Suisse Weeks Before Collapse
Bloomberg 3/13/2021 Jonathan Browning and Patrick Winters © Bloomberg A sign hangs above the entrance to a Credit Suisse Group AG office building in Zurich, Switzerland, on Thursday, July 6, 2017. Switzerland is tightening capital requirements for PostFinance AG, Raiffeisen Schweiz and Zuercher Kantonalbank, three systemically important domestic banks, forcing them to set aside more funds to absorb losses and avoid government bailouts.
(Bloomberg) Lex Greensill said he told top Credit Suisse Group AG officials of his difficulties in securing fresh insurance to cover corporate loans underpinning his business for weeks before his supply-chain finance empire’s abrupt collapse.