The London corporate credit virtuoso is on the verge of bankruptcy. GAM and Credit Suisse investment funds are trapped.
Posted today at 9:03 p.m.
La new debacle that shaken the City and the Geneva financial center this week echoes in a disturbing way the “subprime” crisis of 2007.
She is triggered by the fall of the’built paper empire by Lex Greensill, a Australian fromvenu virtuose of the credit market.
Banks leave a void
His speciality? “Re-invoicing”, a boring banking service consisting in releasing advances for a few weeks to companies. By example, in order to allow of supermarkets to immediately pay for stocks delivered by their dozens of suppliers.