The Pyramid of Lies: Lex Greensill and the Billion-Dollar Scandal

The Pyramid of Lies: Lex Greensill and the Billion-Dollar Scandal

  • Downloads:1662
  • Type:Epub+TxT+PDF+Mobi
  • Create Date:2022-09-03 04:52:40
  • Update Date:2025-09-06
  • Status:finish
  • Author:Duncan Mavin
  • ISBN:1529088895
  • Environment:PC/Android/iPhone/iPad/Kindle

Summary

The Pyramid of Lies by international financial journalist Duncan Mavin, is the true story of Lex Greensill, the Australian farmer who became a hi-flying billionaire banker before crashing back down to earth, exposing a tangled network of flawed financiers, politicians and industrialists。

Lex Greensill had a simple, billion-dollar idea - democratising supply chain finance。 Suppliers want to get their invoices paid as soon as possible。 Companies want to hold off as long as they can。 Greensill bridged the two, it's mundane, boring even, but he saw an opportunity to profit。 However, margins are thin and Lex, ever the risk taker, made lucrative loans with other people's money: to a Russian cargo plane linked to Vladmir Putin, to former Special Forces who ran a private army, and crucially to companies that were fraudulent or had no revenue。

When the company finally collapsed it exposed the revolving door between Westminster and big business and how David Cameron was allowed to lobby ministers for cash that would save Greensill's doomed business。 Instead, Credit Suisse and Japan's SoftBank are nursing billions of dollars in losses, a German bank is under criminal investigation, and thousands of jobs are at risk。

What Bad Blood did for Silicon Valley and The Smartest Guys in the Room did for Wall Street, The Pyramid of Lies will do for the world of shadow banking and supply chain finance。 It is a world populated with some of the most outlandish characters in business and some of the most outrageous examples of excess。 It is a story of greed and ambition that shines a light on the murky intersection between politics and business, where lavish fortunes can be made and lost。

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Reviews

Simon Harrison

A few years ago, I made it into an intimate meeting at the "top table"。 Just me and the top brass。 I had prepared copious notes to discuss the large deal that was imminent。 But I hadn't prepared to discuss horse racing, the ownership of horses, or the best dogs to keep at stables。 Like that meeting, this book made me incredibly angry。 It's a detailed study of Lex Greensill's business activities, which (it makes clear in the title, but not quite directly in the text) required a pyramid scheme to A few years ago, I made it into an intimate meeting at the "top table"。 Just me and the top brass。 I had prepared copious notes to discuss the large deal that was imminent。 But I hadn't prepared to discuss horse racing, the ownership of horses, or the best dogs to keep at stables。 Like that meeting, this book made me incredibly angry。 It's a detailed study of Lex Greensill's business activities, which (it makes clear in the title, but not quite directly in the text) required a pyramid scheme to make them look better than they were (or, likely, ever would be)。 But really (like Simon Clark's Key Man) this is a book about a man who has worked out what to say and how to present himself in order to become incredibly wealthy。 Read with horror and disdain as a bunch of parasites divert investor's money into their own pockets, while businesses flounder or bizarrely continue to produce nothing。 Why do we put up with it? Why do we allow ourselves to be fooled by well-dressed, articulate monsters? Was Greensill a con-man or self-deluded? What about Cameron (cleared of "unregistered lobbying" despite the evidence here)? Is Sanjeev Gupta just a crook? Mavin just gives us the facts and lets the readers make their own minds up。 This is important in our "tell-me-how-feel-about-it" world but, my goodness, people need to know。 。。。more

Ann Carrier

Well。 This explains a lot。 Also, my gast is genuinely flabbered that he got away with it for so fucking long。

Andy

This book was well written and very readable。 I would definitely recommend the audio book as well。 It is essentially a character study of Lex Greensill and why his business had to fail。 Some of his "investments" were just mindboggling。 I couldn't believe that a Swiss bank continued lending him money and advertise his investments and that many investors also didn't do any research。 It was interesting to read about the investigation of the author and how he went through the relevant reports to try This book was well written and very readable。 I would definitely recommend the audio book as well。 It is essentially a character study of Lex Greensill and why his business had to fail。 Some of his "investments" were just mindboggling。 I couldn't believe that a Swiss bank continued lending him money and advertise his investments and that many investors also didn't do any research。 It was interesting to read about the investigation of the author and how he went through the relevant reports to try to get answers, since Lex Greensill and his company continued to try to block his investigation。 It really read like a true crime podcast in parts。 In summary, I would definitely recommend this book。 It's shocking how recent this case was。 。。。more

David Govan

Good readingA good fast flowing read for anyone interested in the corruption of the Tory government。 But for those who have been following from the start there is little new。 The picture of Greensill and Cameron enjoying a beer in the backyard of murderer Mohammed Bin Salman's house will remain in my memory for ever。 Good readingA good fast flowing read for anyone interested in the corruption of the Tory government。 But for those who have been following from the start there is little new。 The picture of Greensill and Cameron enjoying a beer in the backyard of murderer Mohammed Bin Salman's house will remain in my memory for ever。 。。。more

Aletha Walters

Wow! The Great Australian con led onto an international stage。 Hard to believe that in todays economy this could even be allowed to happen。 A sad day for his family, their reputation and name。 May he be held accountable for his actions through pure contempt and arrogance for those around him。 This is not a sliding doors moment。 This book was based on such extreme detail and factual evidence that it astounds me he ever thought this was going to end any other way。

James Anderson

Back to reading。Slightly repetitive at points but v much enjoyed。 Informative, interesting, well written - classic non fiction that reads almost like a fiction NB: review of my own purposes so I don’t forget what I’ve read

Toons

Brilliantly researched, expertly paced and beautifully written。 Mavin manages to explain the industry, the financial pyramid, the political back channelling and the ultimate collapse of Greensill。