Insurer must pay key man claim after band s manager died
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Greensill Downfall Began with Firing of Insurance Manager at Sydney Unit of Tokio Marine
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(Bloomberg) The rapid unraveling of Lex Greensill’s trade finance empire is leaving one of his biggest backers with some unpalatable choices. Credit Suisse Group AG, which set off a cascade of events Monday by freezing about $10 billion of funds that it ran with Greensill, is having to pick between saddling fund investors with potential losses, or taking the assets on its own books and irking shareholders and regulators. The bank was pulled even deeper into the scandal when it emerged that it had also extended $140 million in loans to Greensill, according to a person familiar with the matter. The spiraling events are undercutting efforts by Thomas Gottstein to break a losing streak that has marred his first year in office, and raise fresh questions about the bank’s risk taking. Not even two weeks ago, the Credit Suisse Chief Executive Officer signaled he was ready to turn the page after posting the bank’s first quarterly loss in three years on costs to settle legacy matters. Th
Greensill Nears Sale to Apollo-Backed Athene as Funds Freeze
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