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Ep 8: Lex Greensill and the Pyramid of Lies (with Duncan Mavin)
Library of Mistakes
Greensall's Supply Chain Financing
Greensall was supposed to be doing something called supply chain finance. It's a form of banking that's been around in some ways, for hundreds o years. In reality, it just wasn't very profitable at all. The banks do this business a little bit, but not that much, because it doesn't make much money. So on the side, in order to make some money, make some profit, he was also just making loans to friends and family,. which meant he could charge high interest rates in theory.
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