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An epic true story of ambition, greed and hubris – the collapse
of Greensill Capital is a billion pound scandal that shredded the
reputation of a British Prime Minister. 'The British version of Bad
Blood . . . [but] better' – The Sunday Times 'Terrific' – The
Observer, Book of the Week Pyramid of Lies charts the meteoric rise
and spectacular downfall of Lex Greensill and his company. He had a
simple idea that disrupted a trillion dollar industry and drew in
Swiss bankers, global CEOs, and world leaders, including former
British Prime Minister, David Cameron. But a staid business model
concealed dubious practices, as Greensill made increasingly risky
loans to fraudulent companies using other people’s money.
Financial journalist Duncan Mavin, who helped expose Greensill,
tells the incredible story of how a former sugar-cane farmer became
one of the world’s richest men before falling back to earth. With
a globe-circling narrative full of scandal and intrigue, Pyramid of
Lies reveals how the grubby world of shadow banking really
operates. ‘Forensic and riveting’ – The New Statesman
‘Meticulously researched’ – The Daily Telegraph
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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