Greensill burns U.S. coal boss

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From Breakingviews: Greensill has burned a U.S. coal boss. The collapse of the supply-chain finance group may have left West Virginia Gov. Jim Justice on the hook for $700 million, richardbeales1 writes

West Virginia Governor Jim Justice II puts on a coal miner's hat that he said belonged to his father in Charleston, West Virginia, August 21, 2018. REUTERS/Leah Millis

It isn’t only politicians in Britain who are suffering from the collapse in March of supply-chain lender Greensill Capital. The governor of West Virginia, Jim Justice, could be personallyfor $700 million of loans taken out by his coal companies, according to the Wall Street Journal. The business of helping companies manage trade- and inventory-related cash flow is as old as the Blue Ridge Mountains. Greensill, however, pushed the limits in terms of risk and complexity

 

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