Financier Lex Greensill was hauled before the Commons Treasury Committee for a grilling over why his firm went into administration earlier this year. In a fiery hearing of the Treasury Committee, Labour MP Siobhain McDonagh asked him: "Are you a fraudster?" Mr Greensill admitted that his business had made mistakes but defended the business model of supply chain finance. But the business model "absolutely is the future, but the way that I did it definitely has flaws," he said. Mr Greensill issued a grovelling apology for the collapse of his firm, saying he bore “complete responsibility” for the failure.

Source: Daily Mirror May 11, 2021 18:01 UTC