Four Corners: July 12

On Four Corners next Monday, “Scandal” reported by Stephen Long, investigates the rise and fall of the billionaire from Bundaberg, Lex Greensill.

People like to believe in magic beans. They like to believe that there’s somebody out there that has solved finance. It’s just obvious bullshit.” Hedge fund manager

In the world’s financial capital, Australian Lex Greensill was every inch the corporate titan. With a company valued in the billions of dollars and a jet setting lifestyle, Greensill mixed with the rich and powerful on a grand scale.

“He associated himself with politicians, with famous people, he looked the part.” Hedge fund manager

With royal honours bestowed upon him by the palace, he even had the ear of a British prime minister and a desk in Downing Street.

“It’s not normal for a financier to kind of have free reign of the corridors of power in the U.K.” Finance writer

Yet many Australians had never heard of Lex Greensill until the company he founded came crashing down sparking one of the biggest international financial scandals since the global financial crisis.

“He’s been a brilliant salesman, and he’s had an incredible ambition. And, I think we’ll find that he sailed too close to the sun.” Forensic accountant

On Monday Four Corners investigates the rise and fall of the billionaire from Bundaberg and how his business imploded. From his beginnings in country Queensland, to the boardrooms of the international corporate elite, the program examines how his company made and lost a fortune.

“I am completely flummoxed that somebody can make money out of guessing what business will be done between companies in the future, and lending on the basis of it. That, to me, sounds like a bit more like clairvoyancy than high finance.” British MP

The scandal has embroiled some of the biggest names in Britain, with former prime minister David Cameron being questioned over his role in the company.

“It’s about lobbying…it’s about cronyism.” British MP

The downfall of the company is also threatening the empire of another billionaire with deep business ties to Australia.

“You had this sort of daisy chain of deals where the financing of one was dependent on the other.” Finance writer

The financial strife has left a trail of creditors and investors in the lurch around the world, including in Australia.

“When we’re working on the margins that we work on, it’s very difficult… They just didn’t pay us.” Contractor, South Australia

With Greensill Capital now facing multiple investigations many of those in the finance world are questioning how, given the lessons of the global financial crisis, was this allowed to happen?

“There were so many elements of this where it looked like a house of cards.” Finance writer

8:30pm Monday on ABC.