dChan
Anonymous ID: 375f52 June 1, 2021, 6:56 a.m. No.13805853   🗄️.is 🔗kun

West Virginia Gov. Personally On The Hook For $700MM In Greensill Collapse

 

The collapse of Greensill Capital has been the biggest financial scandal of the year so far, having set off a massive public corruption scandal in the UK that has deeply embarrassed the ruling Conservative Party due to the close involvement of former PM David Cameron, who was on the Greensill payroll and was caught trying to steer relief funds meant for small businesses to Greensill to help avert its collapse.

 

Most recently, Credit Suisse cited Greensill as its reason for cutting off SoftBank from all future investment-banking business after the Japanese mega-conglomerate with a VC arm was caught lying about its real role in CS's trade finance funds that were stocked with Greensill-packaged assets. Softbank was essentially using the fund to quietly bolster some of its portfolio companies, while also serving as an investor in the fund - an obvious conflict that we first pointed out in 2019.

 

But while the Greensill scandal forces a rethink of lobbying laws in Britain, at least one American politician has now been caught up in the madness: Republican West Virginia Gov. Jim Justice, who is now in the bag for $700MM thanks to Greensill's collapse.

 

Gov. Jim Justice

 

According to WSJ's sources, Justice (who handily run reelection in the fall after switching from a Democrat to a Republican) is personally on the hook for nearly $700MM in loans to his coal companies - loans that were taken out from Greensill.

 

He is also dealing with several "unrelated lawsuits" that are also putting financial pressure on his coal company. Some of the loans to Justice's companies were sliced up and incorporated into securities that wound up, among other places, in the $10 billion Credit Suisse fund that was gated at the beginning of the Greensill crisis.

 

Justice's Bluestone Resources is in talks to repay borrowers including Credit Suisse and others.The company has been ID's as "one of three major borrowers" involved with the fund.

 

Bluestone hadn’t expected to begin repaying the Greensill loans until 2023 at the earliest, it said in a lawsuit fled back in March, right around the time that Greensill filed for insolvency in the UK. Greensill's financial troubles are supposedly responsible for Justice being dropped from the Forbes' billionaires' list. It now estimates his net worth at $450 million, down from $1.2 billion in April 2020.

 

Bluestone and Greensill began their financing relationship in May 2018, when Greensill Vice Chairman Roland Hartley-Urquhart reached out to the firm through a mutual acquaintance. Bluestone companies received financing over a three-year period, and when the first set of loans matured, Greensill replaced them with new loans in a process that became known as a "cashless roll," just one of the sketchy practices embraced by Greensill and its borrowers. In one particularly egregious process, Greensill and Bluestone embraced "prospective receivables" which haven't yet been generated. These "prospective" loans were sometimes booked from "prospective buyers", some of whom (likely many of whom) never actually became Bluestone customers.

 

zerohedge.com/political/west-virginia-gov-personally-hook-700mm-greensill-collapse

Anonymous ID: 375f52 June 1, 2021, 7:36 a.m. No.13806038   🗄️.is 🔗kun   >>6043 >>6049 >>6057 >>6068 >>6075 >>6080 >>6102 >>6109 >>6135 >>6142 >>6151 >>6157 >>6173 >>6204 >>6285 >>6304 >>6459 >>6486

Barack Obama: Joe Biden ‘Finishing the Job’ with My Former Staff’

 

President Barack Obama said in an interview published Tuesday his former Vice President Joe Biden was finishing the work he began to redistribute wealth through programs like Obamacare.

 

“I think that what we’re seeing now, is Joe and the administration are essentially finishing the job,” he said in an interview with New York Times columnist Ezra Klein. “And I think it’ll be an interesting test. Ninety percent of the folks who were there in my administration, they are continuing and building on the policies we talked about…”

 

Obama expressed his frustration that former President Donald Trump’s administration interrupted his ability to get credit for the strength of the economy.

 

“That clouds what I think would have been a more impactful shift in political views towards Democrats as a result of my presidency,” he said.

 

But Obama said he hoped Biden’s success would shift the next generation of Americans toward more leftist policies.

 

“If they’re successful over the next four years, as I think they will be, I think that will have an impact,” he said.

 

Obama said the political environment of the coronavirus pandemic was different, as Republicans had teamed up with Democrats to spend $2 trillion in economic stimulus and Americans were more willing to accept help from the government.

 

“I think we’re now in an environment where if we just get some big pieces in place, building on what we did before, people will notice,” Obama said. “And it will have a political impact.”

 

breitbart.com/politics/2021/06/01/barack-obama-joe-biden-finishing-the-job-with-my-former-staff/

Anonymous ID: 375f52 June 1, 2021, 7:47 a.m. No.13806084   🗄️.is 🔗kun   >>6124 >>6125 >>6128 >>6145 >>6259

@mtgreenee

Remember when the IRS was targeting conservatives under the Obama/Biden admin and even admitted it?

 

And no one went to jail.

 

Well in Joe Biden’s $6 TRILLION dollar budget, he’s hiring 87,000 IRS agents.

 

Why?

 

To target Trump voters and donors.

 

9:35 AM · Jun 1, 2021·Twitter for iPhone

Anonymous ID: 375f52 June 1, 2021, 8:16 a.m. No.13806252   🗄️.is 🔗kun   >>6295 >>6304 >>6372 >>6459 >>6486 >>6531

Trump has been telling a number of people he’s in contact with that he expects he will get reinstated by August (no that isn’t how it works but simply sharing the information).

 

Wake up MAGGIE I think I got

somethin' to say to you:

Maggie. You are not safe. Q2648

SHILL Donie looks worried.

Trump will be reinstated.

The only way is Military.

 

8:41 AM · Jun 1, 2021·Twitter for iPhone

 

twitter.com/maggieNYT/status/1399707794375426051