The swift unravelling of Greensill Capital, whose flawed business model has been dramatically exposed over the past week, shows that few lessons have been learnt from the global financial crisis of 2008 and 2009.
Lex Greensill had a simple pitch: he arranged for people to get paid promptly. “What would your business do with unlimited access to working capital?” one of his marketing slogans said. “Imagine the possibilities with Greensill.”
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
