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You might be right but your comment comes across as having more than a sprinkling of hysteria to it. On balance, it’s’ probably not going. to age well.
"Possibly used a database too, so they are a tech company" - as a techie myself, I must say database usage is surely a defining factor of whether a business is tech or not :D Your content is a gold mine! Keep up great work mister Patrick.
Patrick was joking! This is clear from his reference to WeWork, which tried to justify its outrageous valuation on the theory it was a tech company, instead of a mundane low margin office rental company.
@@davidjohansson1416 I think you’re taking the above humour too seriously... The funny thing is I was trying to fall asleep listening to this as well but ended up reading the comments and so it didn’t end up working as a sleep aid at all.
"I don't think this story is very well explained in the press right now" "Lots of embarrasing ties to the British Government" There's your reason right there. And I assure you the British taxpayer will front the cost as per usual
@@jpbrindamour5467 misusing the word fascism is why we have such extreme right wing political parties in America. I would tone that rhetoric down a bit.
@@ausbrum : Lex Greensill is about as unAustralian as you get. He's a 'Woke' elite pile of Bovine Excrement. He's left a broad trail of damage everywhere he's gone. We are ashamed of him and his kind. That said I feel that we should pick up our share of the damage his done here as someone Australian let it happen. Also we still have the Gupta problem ongoing. Grrrrr
The explanation of a terribly complicated subject shows why Patrick is such a revered teacher. Step by step. In order. Perfectly explained, interesting, AND entertaining. Well done.
Great video Patrick. How a supply-chain middleman business that was founded in 2011 can be allowed to amass such enormous insured debts is mind boggling. Regulators really learned nothing in 2008 did they.
Your Tie is amazing Mr. Boyle. Greetings from Northern California. I always learn a lot from your stories on finance. You're awesome sir. God Bless. John
You Sir Patrick are spot on! in the last year or so I have seen a lot of UK based Factoring companies popping up everywhere, also selling themselves as Technology Companies... they typically advance 90% of the funds (invoice face value) at 11%/year + 0.32% of credit insurance so if they are repackaging at 150 basis of Libor they are making a killing.
Thanks for shedding light on this story! It's surprising how many large players were involved in this scandal. Then again, like you said, Credit Suisse always finds a way to get involved 😂
It's interesting that China is aware of the lack of regulation in Fintech companies and is now requiring that they downsize or get formal banking status. They must be aware of many "Creative financing that doesn't look right". Q. Who ends up with all the cash if nothing is left at the end of the day? Well done Mr. Boyle
The failure of a financially large business and the complex banking instruments backing it. Saying it aloud sounds boring, but it's like you're watching a train wreck happen and other people literally can't see it.
"(...) stories of epic failures are more interesting than epic successes." They are also more educational as no conclusion can be drawn from sheer _luck_ in a market. Which is 'deserved', of course only by the _frugal_ ... ('Oh Fortuna') ruclips.net/video/GXFSK0ogeg4/видео.html
I disagree. Tesla, Google, Microsoft, Amazon, Nvidia, Ark Invest, and blockchain etc are far more interesting and impactful than financial scandals. Nevertheless, Patrick makes this scandal into an entertaining learning opportunity. I hope he continues to follow it and share what he finds.
Patrick, as an Australian, I just want to say thank you. There is next to nothing being said in our media about Greensilly. Your explanation is very informative and revealing about the collapse.
I'll adapt what someone else said: Came to learn about finance Heard in depth story about Grensill's financial fraud. Stay for Patrick's humor about naked swimmers
Imagine working for one of these insurance companies and not knowing if you're about to become a multi-billion dollar bag holder. That would be an interesting morning meeting!
Some German towns parked their money in greensill bank accounts, maybe losing it now. Because putting it in an index fund is evil stock market stuff, better put it in some weird bank.
Tbh if all local German governments put their money into index funds, such as the DAX, Germany would end up with a similar ratio of government money in the stock market as Japan. At least in the big companies Now if they invested it in local businesses that would be another story. But why would you invest into businesses that you are responsible for ruining with the lockdown
I honestly never understood how people deposit their money to small banks which offer higher rates than the industry thats like literally begging for trouble.
I’ve learned a ton from you. Mainly that I should save my money, and invest very sensibly without betting it all on one company! It’s been working fantastic so far! Thank you!
We Indians have skipped the growth phase of US from 60s to 90s and directly jumped to its fraud phase of the 2000s, that's why we keep showing up in so many international scandals now.
Good summary. One thing that you could develop is the difference in the risk profile of factoring versus reverse factoring (supply chain factoring), People use the terminology as if the two products are close, but they have very different risk characteristics. Factoring, supported by credit insurance, has survived many financial crisis because the customer of the finance is different from the trade credit exposure. In the reverse factoring model they are the same entity. Traditional factoring typically results in a well diversified basket of risks for both bank and insurance company whereas supply side financing ends up in poorly diversified exposure for both bank and insurance company since the counterparty exposure is the same entity, and typically a company that is scrapping the barrel in terms of finance.
Apparently, some of the German states and cities kept money with Greensill, for the slightly elevated interest rate. No one is going to feel, or will be held responsible for the potential losses^^
and deposit insurance works only for private individuals, not entities like cities, so their money is lost. A city in north rhine westphalia will probably loose investments around 40 mil euro
As always, a great watch. The way you describe the situations in the correct manner, although I don't understand it all; is helping me learn what I need to learn about. To understand what goes on in finance.
Really enjoyable and informative video. Thank you for this! The only constructive piece of criticism I want to offer is that you kept replaying the Supreme Cash clip too much. I would've preferred if you had instead shown more images of the individuals involved such as Credit Suise everytime you mentioned them or the German flag as part of the German government or even Tokio Marine. I can understand how this may take more time for editing and how the Supreme Cash clip is probably easier for casual viewers to gravitate towards.
I learn a lots of stock trading in your videos. You are one of the best teacher I come across in time of what is going on in trading world. You made me understand the real stock market . Thank very much.
I personally suffered from fraudulent activities from Indian tech companies based in Dubai and ended up covering refunds out of pocket to my end suppliers. Learnt my lesson never to do business with any Indian company or individual. They’re professionals in the fraud industry.
Thanks for the explanation, coming from Greensill it has been a mystery to a lot of the staff about how this has happened and why 600 hard working staff are made redundant
This is my favorite Patrick Boyle video, so i figured I would provide an update. TLDR is that, as you would expect, everyone is suing each other and insisting they will not be holding the bag. It'll take many years to sort out. Bag will be held by Credit Suisse (or UBS I guess) and its clients, Insurance Australia Group, or Tokio Marine. The long part: Reading some of the financial statements from IAG and some articles, here's what I understand: BCC is a second party underwriter who was owned by IAG, buy was sold to Tokio Marine in 2019. BCC apparently spent alot of its time writing way too much coverage to Greensill, which as we know has blown up. Right now, Credit Suisse (UBS) owns a large amount of the loans Greensill wrote, the ones that aren't getting paid back. They and Greensill (I think) are suing IAG, claiming that IAG is liable due to the insurance BCC wrote on IAG's behalf. IAG is claiming that: 1. For a number of reasons, including that BCC mightve written too much coverage for Greensill behind IAG's back, IAG should not be responsible for these policies 2. Even if IAG is responsible for these policies, they aren't relevant to these losses (I don't get this argument, but it says this in IAG's financial statements) 3. If IAG is responsible for the losses, they're actually not, because the sold BCC to Tokio Marine Now, since I work in insurance, here are some things I find funny about this: 1. In a move of based arrogance, Tokio Marine didn't even mention the Greensill situation despite the fact that, if they end up holding the entire bag, it will certainly bankrupt the company 2. According to IAG's annual statement, BCC has other massive losses unrelated to Greensill that IAG is on the hook for. Makes me wonder what the hell was going on with the underwriters at this underwritering firm, and why Tokio Marine wanted to buy the company (I guess cuz it hadn't blown up yet and the premiums were probably high) If I had to guess, there's a 60% chance Credit Suisse holds the bag (of course...), a 35% chance IAG holds it, and only a 5% chance Tokio Marine holds it
This is terrifying. Also funny in a way. But as a German also terrifying. Also what a clusterf**** of a mess. Great explanation. Maybe include some infographics in an update. Since this is really really messy a visual aid would be helpful actually
This is crazy. Why is a random youtube recommendation the way I learn from this?!? Just for the people at home, how big is this bag we are talking about? It sounds similar to 2008. I hope it is more like a coin purse compared to the hiking backpack we were holding back then.
The best explanation I have come across so far of this story. You could've added a further comment or two on the British government/David Cameron angle here. Thanks anyway for decluttering the story.
OMG, I need a 5×5 meter board to write down all these names and companies and amounts of money mentioned, then ceate relationships between them ... to understand this video i need a whole week of work and investigation. Patrick how could you understand this and summarise it in an 18 min video !! your barin is a special one for sure :)
Such a great video, thanks. As an inhibitant of one of the unfortunate German municipalities I just hope public attention will eventually become at least a little higher. Then again, there's only so much space in people's heads for all the stuff that's raining down on them rn
Patrick your content is absolutely astonishing, hope you never stop posting! I have a question, are you or were you ever involved with FX markets? Would love to see some content on this if you consider part of your expertise!
This is such a beautiful display of international corruption and incompetence that I am surprised there is no spanish company or "enterpreneur" involved in any step
"Credit Suisse CEO Thomas Gottstein signaled he’d consider further separating the asset-management unit from the rest of the bank after the Greensill Capital collapse, as he steps up efforts to limit the reputational damage from the supply-chain finance scandal" from bloomberg/hempton blog sounds like they didnt do their own due diligence.
Hi Patrick I would love to see you cover the Archegos blow up story, you always have a great way of summarizing events and explaining them clearly. Thanks for all the work you do.
Brilliant explanation and story telling - Thanks Patrick - excellent as usual. I’m living in Aus (but from Ireland originally) and this story is sadly reflective of many Aussie business success stories being based on Trumpish buffoonery. Sad but true. Alan Bond, Chris Skase, HIH, OneTel...and so on.
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Please do a follow up
How about an update? It's a day before 2023 and the entertainment value keeps on giving.
You might be right but your comment comes across as having more than a sprinkling of hysteria to it.
On balance, it’s’ probably not going. to age well.
"Softbank is of course involved and a financial scandal wouldn't be a financial scandal without Credit Suisse" *lol*
Made my evening
Only Ernst and Young is a missing puzzle))
This statement will become a classic 😀😀
All that's missing is HSBC.
@@robertathari Deutsche, definitely Deutsche. 😆
"Possibly used a database too, so they are a tech company" - as a techie myself, I must say database usage is surely a defining factor of whether a business is tech or not :D Your content is a gold mine! Keep up great work mister Patrick.
The SQL conspiracy.
As a software developer i try and avoid databases like the devil, so i wouldn't qualify as tech anything.
Database.xlsx
I use xml. It's webscale because it doesn't use joins.
Patrick was joking! This is clear from his reference to WeWork, which tried to justify its outrageous valuation on the theory it was a tech company, instead of a mundane low margin office rental company.
“It’s not sure what the tech in this thing is”
I’m sure there’s an excel sheet in the mix somewhere
„A financial scandal wouldn‘t be a financial scandal without credit suisse“ aged like fine wine
This is a perfect bedtime story. Please do more like this!
Do you really fall asleep to stories about financial ruin? 😂
@@austinmahony168 😂
@@austinmahony168 It's just an exchange of money in the end. I don't really have any emotional attachment to it. So yes, since it's narrated well.
@@davidjohansson1416 I think you’re taking the above humour too seriously... The funny thing is I was trying to fall asleep listening to this as well but ended up reading the comments and so it didn’t end up working as a sleep aid at all.
@@ilikenicethings RUclips comments is a minefield of stupidity. I'm just saying If I can learn while sleeping, it's a good story.
"I don't think this story is very well explained in the press right now"
"Lots of embarrasing ties to the British Government"
There's your reason right there. And I assure you the British taxpayer will front the cost as per usual
As they are oppressed under covid fascism
An Australian paying back the motherland is what it is lol.
@@Yourmumsrectum An Australian seeing how easy it is to pay back the motherland----where the first words a baby learns are "mustn't grumble"
@@jpbrindamour5467 misusing the word fascism is why we have such extreme right wing political parties in America. I would tone that rhetoric down a bit.
@@ausbrum : Lex Greensill is about as unAustralian as you get. He's a 'Woke' elite pile of Bovine Excrement. He's left a broad trail of damage everywhere he's gone. We are ashamed of him and his kind. That said I feel that we should pick up our share of the damage his done here as someone Australian let it happen. Also we still have the Gupta problem ongoing. Grrrrr
The explanation of a terribly complicated subject shows why Patrick is such a revered teacher. Step by step. In order. Perfectly explained, interesting, AND entertaining. Well done.
Great video Patrick. How a supply-chain middleman business that was founded in 2011 can be allowed to amass such enormous insured debts is mind boggling. Regulators really learned nothing in 2008 did they.
Easy. Start out rich, get VC funding, get a mortgage, use friends in high places.
Patrick, I can’t make heads or tails of this, but listening to you talk helps me fall asleep. Thank you!
Just catching up on some old episodes... Love your dry sense of humor. Thank you
The Iggle Piggle / David Cameron joke made me snort my morning coffee. Excellent video as always.
Thanks, I like your simple no-non-sense explanations for dummies like me.
Your Tie is amazing Mr. Boyle. Greetings from Northern California. I always learn a lot from your stories on finance. You're awesome sir. God Bless.
John
This is such a weird amalgamation of sass, in depth economics and current affairs. I love it.
Thank you Mr. Boyle for putting the complex Greensill saga in an understandable 18min video! This has not been done before.
You missed the 2008 Financial Crisis it seems....
You Sir Patrick are spot on! in the last year or so I have seen a lot of UK based Factoring companies popping up everywhere, also selling themselves as Technology Companies... they typically advance 90% of the funds (invoice face value) at 11%/year + 0.32% of credit insurance so if they are repackaging at 150 basis of Libor they are making a killing.
This is some Free real estate kind of shit
Is that 1.5%
Thanks for shedding light on this story! It's surprising how many large players were involved in this scandal. Then again, like you said, Credit Suisse always finds a way to get involved 😂
It's interesting that China is aware of the lack of regulation in Fintech companies and is now requiring that they downsize or get formal banking status. They must be aware of many "Creative financing that doesn't look right". Q. Who ends up with all the cash if nothing is left at the end of the day? Well done Mr. Boyle
Very fair point, and when China does take quite logical steps it's being framed in most western media as communist meddling into the free market.
@@funkyjazz123 : That is because it is. Do they allow foreign interference in their markets? Absolutely not.
Seems they're drunk at the wheel with their real estate sector
Evergrand?😇
I love the humor Patrick. Such well-researched and insightful content.
Pat, this will never be in the press - too complicated. Fantastic explanation.
For some reason stories of epic failures are more interesting than epic successes.
The failure of a financially large business and the complex banking instruments backing it. Saying it aloud sounds boring, but it's like you're watching a train wreck happen and other people literally can't see it.
Very often they are the two sides of the same coin ...
"(...) stories of epic failures are more interesting than epic successes."
They are also more educational as no conclusion can be drawn from sheer _luck_ in a market.
Which is 'deserved', of course only by the _frugal_ ...
('Oh Fortuna')
ruclips.net/video/GXFSK0ogeg4/видео.html
And you learn more
I disagree. Tesla, Google, Microsoft, Amazon, Nvidia, Ark Invest, and blockchain etc are far more interesting and impactful than financial scandals.
Nevertheless, Patrick makes this scandal into an entertaining learning opportunity. I hope he continues to follow it and share what he finds.
Patrick, as an Australian, I just want to say thank you.
There is next to nothing being said in our media about Greensilly. Your explanation is very informative and revealing about the collapse.
It has been tough to work out what was going on with Greensill so I am very grateful for this update. Thanks Patrick, I appreciate all of your videos.
"And of course a financial scandal wouldn't be a financial scandal without Credit Suisse" I laughed out loud - Hilarious.
🤣🤣🤣
Yeah, lotsa gems in this one. He could have slipped in SQL.
I'll adapt what someone else said:
Came to learn about finance
Heard in depth story about Grensill's financial fraud.
Stay for Patrick's humor about naked swimmers
Imagine working for one of these insurance companies and not knowing if you're about to become a multi-billion dollar bag holder. That would be an interesting morning meeting!
You could ask someone at AIG. They're experienced unwitting bag holders.
Not enough love been given to this epic collapse , please feature it again soon
Some German towns parked their money in greensill bank accounts, maybe losing it now.
Because putting it in an index fund is evil stock market stuff, better put it in some weird bank.
Tbh if all local German governments put their money into index funds, such as the DAX, Germany would end up with a similar ratio of government money in the stock market as Japan. At least in the big companies
Now if they invested it in local businesses that would be another story. But why would you invest into businesses that you are responsible for ruining with the lockdown
I honestly never understood how people deposit their money to small banks which offer higher rates than the industry thats like literally begging for trouble.
@@wv9529 greed
@@wv9529 to me that always smells of ponzi
@@wv9529 In the US, at least, the deposits are insured, so unless your deposits are greater than the insurance limits, why bother?
Love the dry humour and clarity.
I’ve learned a ton from you. Mainly that I should save my money, and invest very sensibly without betting it all on one company! It’s been working fantastic so far! Thank you!
Thank you for a straightforward analysis of a complex financial puzzle, we didn't receive that from the BBC.
Best financial markets channel on RUclips. Great work!
“So of course, softbank are involved” you had me howling!
"A financial scandal wouldn't be a scandal without Credit Suisse". A direct blow, very painful. Amusing indeed.
This is wild
But it’s a Fintech!
Because they... use computers.
@@maxfuchs3387 And databases.
@@maxfuchs3387 can I use my commenting on this channel as critical contributions in a fintech business then?
@@chrish.942 you're officially a fintech company
@@dabd8175 Okay. I'll go looking for a SPAC.
Explained so well and articulately you can play at 1.75x and still understand everything
Besides the stomach acid my head hurts to realize that these criminals won't see the inside of a jail.
We Indians have skipped the growth phase of US from 60s to 90s and directly jumped to its fraud phase of the 2000s, that's why we keep showing up in so many international scandals now.
also, there is a lot of Indians.
So happy for being advised to follow you! You are awesome!
Good summary. One thing that you could develop is the difference in the risk profile of factoring versus reverse factoring (supply chain factoring), People use the terminology as if the two products are close, but they have very different risk characteristics. Factoring, supported by credit insurance, has survived many financial crisis because the customer of the finance is different from the trade credit exposure. In the reverse factoring model they are the same entity. Traditional factoring typically results in a well diversified basket of risks for both bank and insurance company whereas supply side financing ends up in poorly diversified exposure for both bank and insurance company since the counterparty exposure is the same entity, and typically a company that is scrapping the barrel in terms of finance.
Great financial journalism, a rare unsarcastic and genuine use of the term
Apparently, some of the German states and cities kept money with Greensill, for the slightly elevated interest rate. No one is going to feel, or will be held responsible for the potential losses^^
and deposit insurance works only for private individuals, not entities like cities, so their money is lost. A city in north rhine westphalia will probably loose investments around 40 mil euro
@Rodo Sandoval monheim unter anderem
As always, a great watch. The way you describe the situations in the correct manner, although I don't understand it all; is helping me learn what I need to learn about. To understand what goes on in finance.
This channel is a finance knowledge goldmine!
Yup, tough to get your head around this, but your discussion was not only informative but entertaining. 18 minutes well spent!
Really enjoyable and informative video. Thank you for this!
The only constructive piece of criticism I want to offer is that you kept replaying the Supreme Cash clip too much. I would've preferred if you had instead shown more images of the individuals involved such as Credit Suise everytime you mentioned them or the German flag as part of the German government or even Tokio Marine. I can understand how this may take more time for editing and how the Supreme Cash clip is probably easier for casual viewers to gravitate towards.
I learn a lots of stock trading in your videos. You are one of the best teacher I come across in time of what is going on in trading world. You made me understand the real stock market . Thank very much.
Financial scandal wouldn't be financial scandal without Credit Suisse - Patrick Boyle
Thanks very much. Truly well explained. These guys make Alan Bond look solvent
"Couldn't find evidence of invoices", everyone knows you look down the back of the sofa!
Great content as always!
Behind the desk in my case
Or down in the seat cushions of the Lamborghini.
@@Syncopator Absolutely right 😂😂😂
The sofa is also a magical blackhole that has swallowed all the things that weren't relevant at the time but now you need it 😅
Thank you for your videos, it's always delightful to listen to your explanations.
I personally suffered from fraudulent activities from Indian tech companies based in Dubai and ended up covering refunds out of pocket to my end suppliers. Learnt my lesson never to do business with any Indian company or individual. They’re professionals in the fraud industry.
Wait till you get to China
Wonderful concise explanations and easy going mannerism, a pleasure to listen to.
Thanks for the explanation, coming from Greensill it has been a mystery to a lot of the staff about how this has happened and why 600 hard working staff are made redundant
You're videos are incredible. Love this type of stuff.
Thank you, been watching you for quite a while now.
You have an amazing ability to explain complex topics :awe:
This video will age very well. Thank you for the explanation.
You were right, this is a complicated story!
This is my favorite Patrick Boyle video, so i figured I would provide an update.
TLDR is that, as you would expect, everyone is suing each other and insisting they will not be holding the bag. It'll take many years to sort out. Bag will be held by Credit Suisse (or UBS I guess) and its clients, Insurance Australia Group, or Tokio Marine.
The long part: Reading some of the financial statements from IAG and some articles, here's what I understand: BCC is a second party underwriter who was owned by IAG, buy was sold to Tokio Marine in 2019. BCC apparently spent alot of its time writing way too much coverage to Greensill, which as we know has blown up.
Right now, Credit Suisse (UBS) owns a large amount of the loans Greensill wrote, the ones that aren't getting paid back. They and Greensill (I think) are suing IAG, claiming that IAG is liable due to the insurance BCC wrote on IAG's behalf.
IAG is claiming that:
1. For a number of reasons, including that BCC mightve written too much coverage for Greensill behind IAG's back, IAG should not be responsible for these policies
2. Even if IAG is responsible for these policies, they aren't relevant to these losses (I don't get this argument, but it says this in IAG's financial statements)
3. If IAG is responsible for the losses, they're actually not, because the sold BCC to Tokio Marine
Now, since I work in insurance, here are some things I find funny about this:
1. In a move of based arrogance, Tokio Marine didn't even mention the Greensill situation despite the fact that, if they end up holding the entire bag, it will certainly bankrupt the company
2. According to IAG's annual statement, BCC has other massive losses unrelated to Greensill that IAG is on the hook for. Makes me wonder what the hell was going on with the underwriters at this underwritering firm, and why Tokio Marine wanted to buy the company (I guess cuz it hadn't blown up yet and the premiums were probably high)
If I had to guess, there's a 60% chance Credit Suisse holds the bag (of course...), a 35% chance IAG holds it, and only a 5% chance Tokio Marine holds it
This is terrifying. Also funny in a way. But as a German also terrifying. Also what a clusterf**** of a mess. Great explanation. Maybe include some infographics in an update. Since this is really really messy a visual aid would be helpful actually
Thanks Patrick, you're always on point!🔥
'We know that there is a bag, but we haven't yet identified the bag holder'
Great video, so much clearer than in the press!
Youre such a very demeanor character Mr. Boyle...Thank You...
This guy is fabulous... great story with back up details...
Best explanation of the topic I found, thanks for the great content spiced with a sense of humour.
The Supreme money gun looks magnificent. Thank you, kind sir.
This is crazy. Why is a random youtube recommendation the way I learn from this?!?
Just for the people at home, how big is this bag we are talking about? It sounds similar to 2008. I hope it is more like a coin purse compared to the hiking backpack we were holding back then.
Came to learn personal finance
Stayed to hear in depth exposes on financial fraud
Patrick for head of SEC
No one wants that position
@@chrisE815 Patrick for the head of FCA, then.
@@seneca983 I vote for Patrick as the head my finances. Where do I sign?
A brilliantly concise and lucid explanation. Top-drawer stuff. 👍
Insightful, entertaining, terrifying - thanks for another great video!
The RUclips algorithm does some good things sometimes…. I’m enjoying your clips very much. Love the deadpan delivery, and especially the ‘tech’ digs!
Love the content Pat, keep it up!
Thanks!
The best explanation I have come across so far of this story. You could've added a further comment or two on the British government/David Cameron angle here. Thanks anyway for decluttering the story.
There are so many overlapping scandals in this story.
I personally found the sotry of a state owned virginia construction company runned by the governor's son as the most promising angle
A bit disappointed there were tax havens involved. Yet ?
@@PBoyle Looks like we could get 3 different hedge fund scandal videos in a row.
@@wv9529 Throws wide open the door to African-style and sized corruption - see Congo, see Angola..
This is very informative, I look forward to seeing more content like this. Keep it up please!
love the deadpan Pat
How many of your Analysts do you have preparing your vids? They're absolute gold
OMG, I need a 5×5 meter board to write down all these names and companies and amounts of money mentioned, then ceate relationships between them ... to understand this video i need a whole week of work and investigation.
Patrick how could you understand this and summarise it in an 18 min video !! your barin is a special one for sure :)
best made vid on the topic ive seen so far
Such a great video, thanks. As an inhibitant of one of the unfortunate German municipalities I just hope public attention will eventually become at least a little higher. Then again, there's only so much space in people's heads for all the stuff that's raining down on them rn
Fantastic video. Please keep up the good work !!!
"the Bag" Sounds like a bag you light on fire before leaving on doorstep and running away!
😂🤣😂
One with dog shit in it...
Great explanation. Good work to expose another scam.
just rewatched this after your nickel video today - so excellent & funny - thanks for making the best business videos on yt :)
Patrick your content is absolutely astonishing, hope you never stop posting! I have a question, are you or were you ever involved with FX markets? Would love to see some content on this if you consider part of your expertise!
Always always enjoy these interesting and educational videos.
I LOVE your sense of humour, and cannot wait for your next video
You don't have to. It is uploading right now!
Amazing breakdown! Thank you sir!
Love your content, Patrick.
A thought...perhaps just some simple stock video and stock images w/ voice-over might be really effective....
Thank you for the video.
Great Video. Excellent breakdown.
This is such a beautiful display of international corruption and incompetence that I am surprised there is no spanish company or "enterpreneur" involved in any step
What a good presenter and content!
I use a database... so I'm a tech company! I wonder how much I'll IPO for...
Very much looking forward to part 2 of this story!
I predict you will IPO for $69B in market cap. Just do it right now
"Credit Suisse CEO Thomas Gottstein signaled he’d consider further separating the asset-management unit from the rest of the bank after the Greensill Capital collapse, as he steps up efforts to limit the reputational damage from the supply-chain finance scandal" from bloomberg/hempton blog sounds like they didnt do their own due diligence.
Hi Patrick I would love to see you cover the Archegos blow up story, you always have a great way of summarizing events and explaining them clearly. Thanks for all the work you do.
Thanks for making this video
Brilliant explanation and story telling - Thanks Patrick - excellent as usual. I’m living in Aus (but from Ireland originally) and this story is sadly reflective of many Aussie business success stories being based on Trumpish buffoonery. Sad but true. Alan Bond, Chris Skase, HIH, OneTel...and so on.
Lex is anything but a buffoon though, very intelligent, cunning as a shithouse rat.
In so many cases, money doesn't equal brains.
I am operating a PC so I am technically a tech company. I always learn something new from Patrick.