Swiss Banking - the lucrative stink of banking cheese: CREDIT SUISSE, GREENSILL, SOFTBANK & the other flies it attracts

By desao

  • Gupta buys Mir Steel, meets Lex Greensill

    Sanjeev Gupta buys Mir Steel at Newport, Wales, from Tata - and event where he met Lex Greensill. <thetimes.co.uk>

  • GAM via Haywood starts investing in Greensill deals

    GAM via Tim Haywood started investing in Greensill deals. <FT.com> "The unravelling of Lex Greensill"

  • Greensill launches fund through GAM via Tim Haywood

    Lex Greensill launches a supply chain fund through Tim Haywood at the Swiss firm GAM. <FnLondon at Outline.com>

  • "Haywood's fund lent over $120m to Greensill Capital itself"

    "Haywood’s fund lent over $120m to Greensill Capital itself" <FT.com "The unravelling of Lex Greensill">

  • Greensill finances Gupta purchase in Scotland of two Tata mills

    Greensill involved in financing of Gupta purchase of Tata steel rolling mills at Dalzell and Clydebridge in Scotland. <thetimes.co.uk> - reference has incorrect year of 2015

  • Gupta was briefly a Greensill shareholder in 2016

    "Gupta was a Greensill shareholder between August and December 2016" <FNLondon.com>

  • Greensill a $1.2b investor in its own fund at GAM

    Greensill was known to be a very large investor-owner in its own fund at GAM: "Greensill’s 2017 accounts show that it had a $1.2bn stake in the GGSCF" (GAM Greensill Supply Chain Fund) <FNLondon.com>

  • CREDIT SUISSE launches its first Greensill fund

    "Credit Suisse launched its first Greensill fund in 2017." <WSJ.com>

  • Written COMPLAINT Mar 2018 about GAM's Tim Haywood made to FCA of UK re Greensill Gupta funds

    GAM's Daniel Sheard (a fund co-manager with Tim Haywood) writes complaint and allegations, March 2018, to the UK's Financial Conduct Authority (FCA) about Tim Haywood's conduct for GAM - in particular relating to Greensill Gupta related funds - after complaining internally in 2017. <FT.com "Inside the scandal that rocked GAM">

  • GAM decides to liquidate Greensill funds in late 2018

    In late 2018, GAM began liquidating its Greensill funds. <FT.com "GAM prepares to pay back investors in crisis-hit funds">

  • GENERAL ATLANTIC invests $250m in Greensill

    Announcement of General Atlantic's $250m investment in Greensill. <generalatlantic.com> "We weren't looking to raise at all. General Atlantic approached us..." <AFR.com> N.B. SEE EVENT jst 2 wks later: Tim Haywood SUSPENDED by GAM, 31 Jul 2018.

  • Tim Haywood SUSPENDED by GAM re Greensill Gupta related funds

    GAM suspends Tim Haywood, senior fund manager, in particular relating to Greensill Gupta related funds. <FT.com "Inside the scandal that rocked GAM">

  • Greensill uses fund for big loan to General Atlantic, its own substantial owner

    Greensill fund at Credit Suisse used money to make $350 million loan to General Atlantic in 2019 - one of the biggest original outside backers of Greensill itself. <WSJ.com>

  • SOFTBANK invests $800m in Greensill

    News that Softbank invested $800m into Greensill. <FT.com "SoftBank Vision Fund invests $800m in UK finance group Greensill">

  • Softbank invests a further $655m in Greensill (now totaling almost $1.5bn)

    Softbank invests a further $655m in Greensill - Greensill announcement <Greensill.com at Archive.org> - plus first $800m on 13 May 2019, takes running total to almost $1.5bn.

  • Softbank has also been a fund buyer ($1.5 bn!) of Credit Suisse Greensill funds that securitize debt of Softbank subsidiaries

    Softbank reported to be a fund buyer of Credits Suisse Greensill supply-chain finance funds, to the loud tune of around $1.5bn, in which its own companies form an increasingly substantial proportion of the securitized debt in the fund (while Softbank is furthermore also the biggest outside investor in the Greensill company itself). <WSJ.com>.

  • Softbank invests a further $400m in Greensill (now totaling almost $2bn)

    In late 2020, Softbank invested a further $400m in Greensill. <WSJ.com> - plus first $800m on 13 May 2019, plus $655m on 28 Oct 2019, takes running total to almost $2bn.

  • Greensill sets out to raise $1bn in new capital from Oct 2020

    Greensill sets out in Oct 2020 to raise $1bn in new capital. FT.com "Greensill painted a rosy picture as it sought $1bn before collapse"

  • Greensill's fund INSURER writes that insurance would not be further extended

    Greensill's fund insurer wrote to say their insurance agent "(Greg) Brereton’s ability to write insurance was reduced a month earlier... the company would not be writing any new insurance for Greensill, or extending existing policies". <theguardan.com>

  • Softbank redeems its circuitous investments in Credit Suisse supply-chain funds revealed by FT last month

    "SoftBank has redeemed its investment in Credit Suisse funds... after circular financing review" <FT.com "SoftBank exits Credit Suisse funds after circular financing review">
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    Softbank invests a further $400m in Greensill (now totaling almost $2bn)

    In late 2020, Softbank invested a further $400m in Greensill.<WSJ.com> - plus first $800m on 13 May 2019, plus $655m on 28 Oct 2019, takes running total to almost $2bn.

  • Greensill delays its planned fundraising reports WSJ

    Greensill delays its planned fundraising reports the Wall Street Journal. <WSJ.com>

  • Greensill filed for insolvency after insurance on funds lapsed on March 1

    Greensill filed in the UK for insolvency March 8 after fund insurance lapsed on March 1. (First aware 2 Jul 2020) <Bloomberg.com>. "For at least four months, Greensill... try to find alternative insurers... None has been willing to step in." <FT.com "The insurance call that toppled Greensill">