Socialist Worker

Greensill cashes in with your cash

Issue No. 2726

David Cameron is an advisor for Greensill Capital

David Cameron is an advisor for Greensill Capital (Pic: Flickr/Number 10)


Greensill Capital employs former Tory prime minister David Cameron as an adviser.

It has recently provided tens of millions of pounds of British government-guaranteed loans to two companies that employ just 11 people.

The firms are associated with British steel magnate Sanjeev Gupta.

Greensill was approved in June to be a lender through the Coronavirus Large Business Interruption Loan Scheme.

This offers borrowers a maximum £200 million in debt, with the government liable for 80 percent of it if it’s not repaid.

Sunak gives bosses another bailout while workers still face job and pay cuts
Sunak gives bosses another bailout while workers still face job and pay cuts
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The lender then provided funding through the scheme to two metals trading businesses linked to Gupta.

They collectively employ just 11 people in Britain according to recent Companies House filings.

The request for loans backed by our money was made even as the Guptas’ conglomerate grabs new firms.

It has recently agreed to buy a steel mill in France, an aluminium plant in Belgium and a manganese alloy smelter in Tasmania.

In 2018 The Times newspaper reported that Gupta lavished £37,000 in gifts and hospitality to politicians over the previous three years.

Tory MP Nigel Adams appeared to have been the biggest recipient.


A multi-millionaire property developer who is a Tory donor has received a knighthood.

Tony Gallagher, who hosted David Cameron’s 50th birthday party, was knighted for “services to land development and the property business”.

Gallagher has given the Tories almost £750,000 since Boris Johnson became pri me minister last July.

Property developers have given the Tories more than £11 million since then.


Pictures featuring the Duke of York have been taken off the shelves in the gift shop at Balmoral.

One tourist allegedly told the Sun, “When I asked if it was possible to buy one of Andrew, a sales assistant said ‘I’m afraid he (Andrew) is very much on the naughty step’.”

Andrew is wanted as a witness in the US over his links to his dead child abusing friend Jeffrey Epstein.


A European anti-torture committee has warned of “excessive force” being used on Scottish prisoners.

The Council of Europe’s Committee for the Prevention of Torture’s report visited Shotts and Cornton Vale prisons in October 2019.

It highlights 27 cases of force being used on women following incidents of self-harm or suicide attempts.


Papal hypocrisy on credit defaults swaps?

The Vatican invested some donations for the poor and needy in derivatives that bet on the creditworthiness of Hertz, the US car rental company that defaulted on its debts earlier this year.

In 2018 Pope Francis said credit default swaps (CDS) “encouraged the growth of a finance of chance and of gambling on the failure of others, which is unacceptable from the ethical point of view”.

The instruments, he said, were “a ticking time bomb”.

But three years earlier, part of a £480 million Vatican portfolio “derived from donations” bought structured notes containing CDS as part of a bet that Hertz would not default on its debts by April 2020, the documents show.

The company filed for bankruptcy the following month, giving the Holy See a narrow escape on the investment, which paid out in full.

The investment was made under the watch of Cardinal Giovanni Angelo Becciu who resigned last month.


Stockbroker wants £10 million for tantrum

A stockbroker axed for calling his bosses “fucking incompetents” is suing for £10 million claiming they “ambushed” him into losing his temper.

At a trial last week Gino Palmeri said he was wrongly dismissed by investment company Charles Stanley and Co, despite “screaming vitriolic abuse” and swearing at his superiors.

London’s High Court heard that the stand-off occurred after managers such as Palmeri were being transferred to new contracts.

The final spark was lit when Palmeri was told it was “crunch time” and that he should either accept the new terms or leave Charles Stanley.

Palmeri’s barrister said his behaviour was not grounds for sacking in the context of him being presented with “vastly inferior” new financial terms which would have left him up to 17 percent worse off.

The trial continues.


‘I’m feeling good. Really good. I think perfect. I think I’m better to the point where I’d love to do a rally tonight. I don’t think I’m contagious at all’

US President Donald Trump

‘Your future under Biden— Rolling lockdowns will become norm in Wales’

A tweet by Fox News presenter Laura Ingraham that was retweeted by Donald Trump

‘The drinks are on me—but Public Health England are in charge of the payment methodology so I will not be paying anything’

Health secretary Matt Hancock jokes in the Commons bar at 10.30pm

‘That’s a matter for the energy companies’

Tory local government secretary Robert Jenrick’s response when asked about people who couldn’t pay their bill because of Covid-19


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