@peter_IFAMAG reads Twitter so you don’t have to.
In a Twitter scoop, Robert Smith, of the Financial Times, reports Credit Suisse suspends controversial supply-chain financing fund. Greensill Capital, where ex-PM David Cameron sits as an adviser, is linked to the $10bn fund range. Critics of the supply-chain financing technique say that it allows accountants to conceal debt. Elsewhere on Twitter, Andrew Bailey comes under scrutiny. Concerns were brought to the FCA about Neil Woodford’s business back in 2015, two years before they took any action.
First, did you know Goldman Sachs turned down a 50% share in Alibaba, that would now be worth more than $200bn?
Goldman was once offered 50% of Alibaba for $5m. It went for a $3m investment instead. Sold out for $22m after 5 years.
That stake would be worth c$200bn now. Roughly 70% compound annual return for over 20 years. Goldman is worth $110bn.
(from previous retweet of @TonyTassell) pic.twitter.com/BsZkn7mVLZ
— Stanley Pignal (@spignal) March 1, 2021
Reports over the weekend suggest concerns were raised to the FCA about Neil Woodford’s business in 2015. The regulatory body, headed by now Bank of England Governor Andrew Bailey, waited two years before they took any action.
FCA first alerted to concerns over Neil Woodford’s business in 2015 – two years before it too action: from my upcoming book, Built on a Lie https://t.co/WeZhgEViuf via @financialtimes
— Owen Walker (@OwenWalker0) February 28, 2021
The FCA also comes under fire this week as it hires internally for executive position for “transformation.”
Exc: FCA interviewed only two internal candidates when hiring for crucial 'transformation' role that involves getting on top of watchdog's failings, with job not advertised externallyhttps://t.co/Xwjty9D7pq
— James Hurley (@jameshurley) March 1, 2021
Robert Smith of the Financial Times reports Credit Suisse suspends its supply chain finance fund. Smith shares key background details in this thread.
Massive news: Credit Suisse Asset Management suspends its supply chain finance funds, the $10bn fund range linked to Greensill Capital. More to follow……
— Robert Smith (@BondHack) March 1, 2021
And finally Coinbase, the cryptocurrency exchange platform prepares to go public, with $90bn worth of assets held through their site.
https://twitter.com/RobertCollings_/status/1366149029277622272
What are your thoughts on these tweets?
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