Tim Haywood

The Pyramid of Lies: Lex Greensill and the Billion-Dollar Scandal

by Duncan Mavin  · 20 Jul 2022  · 345pp  · 100,989 words

Greensill to work together. Solo had a close and long-standing connection to one of the key investment managers at GAM, a portfolio manager named Tim Haywood. He was one of the highest-profile investors in the City, whip-smart, convivial, well known to finance journalists and well liked by colleagues. Haywood

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Capital and find nothing untoward, then maybe Solo was right after all. Meanwhile, Solo himself had been lobbying for Lex. He had introduced Lex to Tim Haywood, and Haywood fell for him. Hard. They were similar in many ways. They came from farming stock. They enjoyed proximity to power and politics. And

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sight of the senior management team. But they were the cause of deep concern for one of Haywood’s oldest colleagues. NINE The Whistle-Blower Tim Haywood had known Daniel Sheard for decades. The two worked together fresh out of university, at the London office of ANZ, the Australian bank. It was

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. In return, GAM was going to get a paltry sum of a few thousand pounds for taking on this risk. It was an incredible discovery. Tim Haywood had been told not to do any more business with Greensill, yet this was evidence he was planning to do another massive deal. But it

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steel industries. For a while, there was a third member of their troupe. Lex and Sanjeev worked closely with Global Asset Management (GAM) fund manager Tim Haywood, in an interlocking triumvirate that appeared to benefit all three. Sanjeev had projects that needed financing. Lex had a start-up finance firm that needed

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investor, a broad restructuring plan, poor overall performance and integrating new acquisitions. They didn’t appear to have grasped the seriousness of Sheard’s allegations. Tim Haywood, the firm’s star fund manager, seemed convinced he could make money from the Greensill investments. He even showed them that all was fine by

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fund volatility, diminution in value or adverse effects on liquidity of Greensill-issued assets as a result of customers/markets learning of a suspension of [Tim Haywood] and/or related circumstances. You indicated that potential adverse impact on customers from such developments may lead GAM to favour a retirement option for TH

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all handled. ‘GAM is focused on the future of the business, and while it stands by its finding of gross misconduct, it has agreed with Tim Haywood that neither party will pursue the other based on current facts.’ It was a head scratcher for those of us following the story closely. Haywood

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grew, GA spoke to insurers and bankers who worked with Lex. They talked to technology platform owners who provided technology to Greensill. They spoke to Tim Haywood at GAM before his funds blew up; he was gushing, unequivocally positive about the Greensill business and Lex’s smarts. In early 2018, Lex told

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for a few months, see how much work I do on board the plane, and then let’s talk about it again.’ After issues with Tim Haywood began to emerge at GAM, GA also talked to some contacts there. Was there a Greensill problem? No, the issues were focused on Haywood, the

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at a more critical time. THIRTEEN The Bailout It was April 2019, almost nine months since Global Asset Management had gated the funds run by Tim Haywood. Friedman and his team had taken the drastic action to prevent investors withdrawing their money the previous summer to avoid a run on the funds

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dark. For Lex’s supporters, his Houdini act only proved Lex’s special genius. FOURTEEN The Swiss Bank Even before the arrangement with GAM and Tim Haywood had begun blowing up, Lex had already started working on an alternative source of other people’s money, and it would dwarf what he got

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clients – big pension funds and super-wealthy individuals. I also knew that GAM had suspended one of its star employees, the high-flying City executive Tim Haywood, after a whistle-blower had made allegations about his behaviour. The suspension had spooked investors and GAM had been forced to close the fund. Shareholders

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no risk of any blowback to Greensill. Greensill executives were not accused of wrongdoing and appeared to have no knowledge of ex-GAM portfolio manager Tim Haywood’s activities. The lawyer also echoed a line that Lex frequently offered up – that none of GAM’s investors lost money on the Greensill assets

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), although he’d mostly recently run the Financial Conduct Authority, including during the period when the FCA had leaned on GAM over its handling of Tim Haywood and his Greensill investments. Even as Bailey was settling into his Threadneedle Street office, Cameron and Lex began lobbying Sir Jon Cunliffe, the BofE’s

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on Bank of England committee on SCF ref1 skiing ref1 spending ref1, ref2, ref3, ref4, ref5, ref6 takes loan from the Greensill family ref1 and Tim Haywood ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10 at TRM ref1, ref2 wealth ref1 billionaire status ref1, ref2 hits the big time ref1

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, ref23, ref24 SPAC talks ref1 start-up style management ref1, ref2 takes loan from the Greensill Capital family ref1 technology ref1, ref2, ref3, ref4 and Tim Haywood ref1, ref2, ref3, ref4, ref5, ref6, ref7, ref8, ref9, ref10 and Tower Trade ref1, ref2, ref3 and trade credit insurance ref1, ref2, ref3, ref4, ref5

The Price of Time: The Real Story of Interest

by Edward Chancellor  · 15 Aug 2022  · 829pp  · 187,394 words

Manheim Index for used vehicles in the United States was up a record 54 per cent over the previous twelve months. fn5 In July 2018, Tim Haywood, the manager of GAM’s Absolute Return Bond Fund was suspended (and later sacked for ‘gross misconduct’) and the fund was closed down. Haywood had

Vulture Capitalism: Corporate Crimes, Backdoor Bailouts, and the Death of Freedom

by Grace Blakeley  · 11 Mar 2024  · 371pp  · 137,268 words

? The Billionaire Banker Tied to GAM’s Crisis,” Financial News, May 7, 2019, https://www.fnlondon.com/articles/lex-greensill-billionaire-banker-tied-to-gam-tim-haywood-20190507. 69. See Mavin, Pyramid of Lies, on the relationship between Greensill and Credit Suisse. 70. Ibid. 71. Julie Steinberg and Duncan Mavin, “Greensill Used