The Pyramid of Lies

More about the book

In "The Pyramid of Lies," international financial journalist Duncan Mavin recounts the true story of Lex Greensill, an Australian farmer turned billionaire banker whose rise and fall reveals a complex web of flawed financiers, politicians, and industrialists. Greensill's billion-dollar idea aimed to democratize supply chain finance, allowing suppliers to receive payments quickly while companies delayed them. Despite the mundane nature of this concept, he seized the opportunity for profit. However, his risk-taking led to lucrative loans made with other people's money, including to a Russian cargo plane linked to Vladimir Putin and companies with no revenue or fraudulent activities. The collapse of Greensill's company exposed the troubling connections between Westminster and big business, highlighting how David Cameron was permitted to lobby for funds to rescue Greensill's failing enterprise. Consequently, Credit Suisse and Japan's SoftBank faced billions in losses, a German bank became embroiled in a criminal investigation, and thousands of jobs were jeopardized. This narrative, akin to "Bad Blood" for Silicon Valley and "The Smartest Guys in the Room" for Wall Street, illuminates the shadow banking and supply chain finance sectors, showcasing a world filled with outrageous characters and excess, while exploring the intersection of politics and business where fortunes are made and lost.