David Cameron Paid More Than $1 Million To Lobby For Greensill Before Collapse
After months of reporting on Greensill Capital’s close ties to high-ranking Conservative politicians in the UK (who tried to hook the failing company up with government-backed COVID-relief loans that were supposed to go to small businesses) the FT revealed on Tuesday that former British PM David Cameron – who has seen his reputation sullied by the business paper’s reporting – was paid a salary of more than $1MM a year by the firm during his stint as a senior advisor.
Cameron received generous compensation for what was supposed to be a ‘part-time’ advisory role. He was hired to work 25 days a year as an advisor to the company’s board and earned the equivalent of $40K per day. The FT described the lobbying scandal that has befallen Cameron as “one of the biggest” to afflict Westminster in a generation.
And remember, this isn’t the first time that Cameron and his family’s wealth have been dragged into the spotlight. He endured plenty of embarrassing headlines following the Panama Papers leaks.
As the virus spread last spring, Cameron lobbied top officials in Boris Johnson’s government on at least 56 documented occasions in an attempt to secure government money for Greensill.
The collapse of the firm’s trade-financing business, which was being used as a slush fund to obscure the true debt exposure of certain SoftBank-backed companies, forced Credit Suisse to freeze $10 billion in trade-finance funds that had been marketed as low-risk investments to some of the bank’s most elite customers (sound familiar?).
What’s more, when Greensill eventually won access to a coronavirus lending scheme for large businesses, it passed on its full £400MM allowance of taxpayer-backed loans to companies linked to Sanjeev Gupta, a top Greensill client whose metals business is now facing an investigation into fraud.
Cameron’s salary made him one of the most well-compensated figures at Greensill. Yet, he insists that his lobbying for the firm wasn’t motivated by financial gain.
Tue, 07/13/2021 – 08:20