Tens of thousands of jobs are on the line as supply chain financier Greensill Capital teeters on the brink of insolvency
As one of the world’s largest supply chain financiers, Greensill Capital lends money to large companies, which these companies then use to make early payments to smaller suppliers in exchange for a marginal discount.
Greensill then pockets some of the discount and packages the loans into short-term bonds for sale through investor funds, using the higher credit rating of the big customer.
But for months — at least eight — Greensill has struggled to renew critical insurance cover on these loans, and remarkably only sought legal advice about the issue this week. Read more…..
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Amazon CEO Jeff Bezos talks with The Verge’s Walt Mossberg about the “gigantic” potential of artificial intelligence to change everything from shopping to self-driving cars. Bezos also discusses his purchase of the Washington Post in 2013, which he says is transforming from a local to a global institution. He explains why he opposes both Peter Thiel’s campaign against Gawker Media and Donald Trump’s attempts to “freeze or chill” press scrutiny. Plus: Why Bezos’s other company, Blue Origin, is trying to lower the cost of entrepreneurship in space.
