Duncan Mavin > Quotes

“Performance was steady because the funds didn’t have to recognize when loans went bad – instead, they could just roll the loan over. It was a kind of ‘extend and pretend’ approach.”
― Duncan Mavin, Pyramid of Lies: The Prime Minister, the Banker and the Billion Pound Scandal

“goodwill’, effectively the excess purchase price over and above its fair market value.”
― Duncan Mavin, Pyramid of Lies: The Prime Minister, the Banker and the Billion Pound Scandal

“GA stumped up $250 million for an approximate 14 per cent stake in Greensill in July 2018. Whatever the internal doubts at GA, externally their investment was a ringing endorsement for Lex. He had the backing of one of the world’s premier investors. And his company was valued at about $1.7 billion.”
― Duncan Mavin, Pyramid of Lies: The Prime Minister, the Banker and the Billion Pound Scandal

“By 2017, GFG accounted for more than two-thirds of all Greensill revenue. Greensill needed GFG for revenue – the interest and fees on the loans Greensill made to GFG. GFG needed Greensill for cash in the form of the loans Greensill extended. Still, some GFG executives and advisers were concerned. They pushed Gupta to diversify the group’s source of funding beyond Greensill.”
― Duncan Mavin, Pyramid of Lies: The Prime Minister, the Banker and the Billion Pound Scandal