#Greensill Capital’s Ponzi Scheme’s Collapse is the Story That Keeps On Giving—Except, of course, If You Were a Credit Suisse Investor…

This time the latest victim is West Vir­ginia Gov. Jim Justice who is said to be personally ­on the hook for nearly $700 mil­lion in loans his coal company, Bluestone Resources,  took out from now-defunct Green­sill Capital. 

Green­sill packaged the loans and sold them to the $10 bil­lion in sup­ply-chain finance investment funds managed by Credit Suisse Group AG. 

WSJ reports that Gov. Justice's  Blue­stone com­pa­nies re­ceived fi­nanc­ing over a three-year pe­riod. When the first set of loans ma­tured, Green­sill re­placed them with new loans in a process that be­came known as a "cash­less roll," ac­cord­ing to the Blue­stone law­suit.

See the whole story on the Wall Street Journal here: 

West Virginia Governor Is Liable for $700 Million in Greensill Loans

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