Blue vs. Green
I feel like I don’t yet entirely understand what went wrong at Greensill Capital. Greensill, the story goes, was a leader in the business of supply-chain finance, in which it would insert itself between buyers and sellers of products, paying the sellers a bit early (but at a discount) and collecting the full payment later from the buyers. This is safe, short-term financing, which Greensill would package into notes, some of which were insured by credit insurers. Then it would sell them to funds (particularly those run by Credit Suisse Group AG) that wanted slightly higher than money-market ...