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Time of India
5 days ago
- Business
- Time of India
Rishi Sunak to Barack Obama: World leaders who returned to work after leaving office
In a rare but refreshing move, former UK Prime Minister has joined Goldman Sachs as a senior advisor, marking his formal return to the private sector after leaving the highest office. Tired of too many ads? go ad free now His decision has sparked conversation worldwide about political leaders who re-enter professional life rather than resting on influence or legacy. In politics, the saying often goes, "once in, always in." In India especially, public office tends to become a family affair, where most leaders' children often inherit the mantle rather than seek independent careers. But some figures, like Sunak, choose a different path—stepping back into regular work, setting an example of continued contribution, personal growth, and honest earning after public service. While such transitions can set powerful examples, they are not without controversy. Some former leaders have drawn criticism for their post-office roles, especially when those positions appear to blur the line between public service and personal gain. David Cameron, for instance, faced a major backlash for lobbying on behalf of Greensill Capital, where he held a financial stake. These cases highlight both the promise and pitfalls of life after high office—where intentions, transparency, and ethics matter as much as ambition. World leaders who returned to work after holding high public office Barack Obama — from President to producer and foundation leader After completing his second term as US President in 2017, Barack Obama chose not to re-enter political office, instead pivoting to media and philanthropy. In 2018, he and Michelle Obama launched Higher Ground Productions, a media company focused on telling inclusive, thoughtful stories. That same year, they signed a landmark multiyear deal with Netflix, reportedly worth $50 million, according to The New York Times. Tired of too many ads? go ad free now The Obamas stated that their goal was to "promote greater empathy and understanding between people," using storytelling as a vehicle for change. One of their early projects, the documentary American Factory, won an Academy Award for Best Documentary Feature in 2020. Beyond media, the couple has been deeply involved with the Obama Foundation, a nonprofit established in 2014. The foundation spearheads initiatives such as the Obama Leadership Academy, the My Brother's Keeper Alliance, and the development of the Obama Presidential Center in Chicago. According to the foundation's official site and Politico, the Obamas see this post-presidency phase as a way to "inspire, empower, and connect the next generation of leaders. " By stepping into storytelling and civic mentorship rather than traditional lobbying or consulting, Obama has redefined what a former president's legacy can look like in the 21st century. Angela Merkel — academic return after leading Germany Following her 16-year tenure as Germany's Chancellor (2005 to 2021), Angela Merkel stepped away from public office entirely. In 2023, she began giving lectures on geopolitics at the prestigious College of Europe in Bruges and published her memoirs. Unlike many European politicians who often become consultants or board members, Merkel consciously avoided the corporate world and chose a more intellectual route, re-engaging with the academic and strategic discourse that once shaped her. David Cameron — from 10 Downing Street to global finance After resigning as UK Prime Minister in 2016, David Cameron re-entered the private sector, joining First Data Corporation as an advisor. But it was his role with Greensill Capital, a now-defunct financial firm, that sparked major controversy. Cameron lobbied senior officials, including then-Chancellor Rishi Sunak, to grant Greensill access to a government COVID loan scheme (CCFF). Though the request was denied, his private texts and lobbying efforts drew sharp criticism. A parliamentary inquiry and an official review followed, exposing how deeply involved Cameron was in advocating for a firm in which he held a financial stake. The collapse of Greensill in 2021, which caused widespread job losses, further damaged his standing. While Cameron insisted he broke no rules, the scandal reignited debates over lobbying ethics and the boundaries former leaders should maintain in the business world. Al Gore — green tech entrepreneur and Nobel laureate Former US Vice President Al Gore (1993 to 2001) became one of the world's most prominent environmental advocates after leaving office. He co-founded Generation Investment Management, a firm focusing on sustainable investing, and played a key role in climate change advocacy. His 2006 documentary An Inconvenient Truth won an Academy Award, and he received the Nobel Peace Prize in 2007. Gore proved that a former VP could transition from politics to global leadership in science and business. Dan Quayle — private equity and legal advisory After his tenure as US Vice President under George H. W. Bush, Dan Quayle chose not to return to politics. He entered the private sector and eventually became chairman of Cerberus Global Investments, a major private equity firm. Quayle's move into high finance marked a successful shift from public service to boardroom leadership, maintaining influence without a political office. Julia Gillard — education advocate and global health leader Australia's first female Prime Minister, Julia Gillard, stepped down in 2013 and has since become a major voice in global education and women's leadership. She became Chair of the Global Partnership for Education, and later Chair of Wellcome Trust, one of the world's largest research foundations. Gillard also teaches, writes, and engages in policy advisory roles, reinforcing her belief that public service continues outside parliament. Nick Clegg — from deputy PM to Meta executive After serving as the UK's Deputy Prime Minister in the coalition government (2010 to 2015), Nick Clegg shifted dramatically from politics to tech. In 2018, he joined Facebook (now Meta) as Vice President of Global Affairs and Communications, and by 2022, he was promoted to President of Global Affairs. At Meta, he's responsible for shaping policy, regulation, and global messaging, a powerful position in one of the world's most influential companies. Sebastian Pinera — business mogul turned president (and back again) Chilean leader Sebastián Piñera, who served two non-consecutive terms as President (2010 to 2014 and 2018 to 2022), was already a billionaire businessman before entering politics. After leaving office, he returned to overseeing his investments in airlines, real estate, and television networks. While controversial for mixing politics and business, Piñera represents a clear example of a leader returning to work rather than extending a political career indefinitely. Matteo Renzi — from Italian PM to think tank leader and columnist After stepping down as Italy's Prime Minister in 2016, Matteo Renzi remained politically active for a while but later pivoted toward public speaking and think tank work. He launched the Florence-based think tank Fondazione Open, wrote political commentary, and gave lectures internationally. Renzi also became a regular columnist and political analyst on Italian television, demonstrating a shift from governance to public discourse and thought leadership.
Daily Mail
19-06-2025
- Business
- Daily Mail
Unions mull over Liberty Steel as two electric arc furnaces in Rotherham stand 'idle' for nearly a year
Liberty Steel's two electric arc furnaces in Rotherham have now been 'idle' for nearly a year – as unions hold talks about its perilous position with billionaire owner Sanjeev Gupta. Liberty's subsidiary Specialty Steel UK faces a winding-up petition, and trade unionists want Gupta to step aside. Community Union leader Roy Rickhuss met Gupta yesterday. Specialty Steel UK (SSUK) employs 1,450 people in the North, Midlands and Scotland. Chris Williamson, union secretary at Rotherham, said: 'We feel like we're being wound down.' Liberty said it had covered wages, maintaining the sites and sustaining the business, costing £200million, adding: 'We're working on all viable solutions to ensure a long-term future for Specialty Steel.' Liberty's owner is being pursued by creditors, led by administrators for Greensill Capital, which collapsed in 2021 having lent Gupta's firms £3.6billion. If wound up on July 16, the Official Receiver would take control of SSUK and seek a buyer.
Yahoo
14-06-2025
- Business
- Yahoo
Credit Suisse was ‘warned' about Greensill three years before firm collapsed
Bosses at Credit Suisse were warned against dealing with the Australian financier Lex Greensill's eponymous company three years before the collapse of his Greensill Capital, which once employed the former UK prime minister David Cameron as an adviser. The 'character judgment' of senior Credit Suisse managers was challenged in anonymous messages they received as early as 2018, which raised concerns over the Swiss bank's dealings with Greensill, according to a report by the Swiss regulator Finma, released under a London court order after a request by the Guardian and other media. The document showed senior managers were warned several times about the risks involved in its business dealings with Greensill and his firm, the 2021 collapse of which contributed to Credit Suisse's shocking demise in March 2023. A message from an anonymous tipster raised 'strong doubts' over the bank's strategy of packaging up Greensill's loans into $10bn (£7.4bn) worth of investable funds for wealthy clients. Greensill appeared at the high court in London this week as a witness in a month-long trial, in which a former Credit Suisse fund is suing the Japanese tech investor SoftBank for $440m over a complex deal it allegedly coordinated with Greensill Capital before its collapse. The Finma report, released as part of the trial, detailed the messages sent to Credit Suisse managers. 'We also have serious doubts about your character judgment in choosing Greensill Capital as a partner in this field, and even more so in giving them the degree of discretion over your clients' money which they appear to have,' the message said. The tipster was also concerned that a 'large proportion' of those loans were to companies in the metals magnate Sanjeev Gupta's troubled steel empire. The message added that the recent collapse of another set of Greensill-backed funds offered by rival asset manager GAM 'should be taken as a strong warning … you need to take care'. One senior manager forwarded the 2018 tipoff to Lex Greensill, adding: 'People in CS are receiving anonymous mails … seriously, you have to rethink your communication strategy!' Greensill Capital, founded in 2011, offered corporate loans, giving companies advances on their invoices in exchange for a fee. But its founder, the Australian melon farmer turned City banker, entered into a series of complex financial agreements and marketed his lender as a tech firm stacked with high-profile advisers including Cameron. Greensill went on to attract a series of large investors including General Atlantic and SoftBank, whose investments were purportedly meant to expand Greensill's activities. 'However, as it later turned out, these funds were primarily used to pay out private investors and to provide Greensill Bank, which was increasingly coming under regulatory scrutiny, with additional capital,' the Finma report stated. 'Under the management of Lex Greensill, the company provide[d] customised suits for its employees, elegant business premises and its own fleet of business jets.' Finma's report, which was compiled in December 2022 after nearly two years of investigations, showed Credit Suisse bosses continued to receive warnings over their dealings with Greensill as late as June 2019. Greensill was, at the time, still on the rise and had hoped to launch a £22bn stock market flotation before the Covid pandemic put its clients and investors under severe financial strain. Greensill eventually collapsed in March 2021, after insurers refused to renew contracts that underpinned its loans. It came amid growing concern over the firm's management and its outsized exposure to Gupta's metals empire, which ultimately sparked a string of financial and political scandals. It forced Credit Suisse to close its $10bn Greensill-backed funds, leaving wealthy customers nursing hundreds of millions of dollars worth of losses and further eroding confidence in Credit Suisse. That led the Swiss regulator, Finma, to launch what became a near two-year investigation into its dealings with Greensill. The full resulting Finma report was never previously released. But key findings, released in February 2023, declared that Credit Suisse 'seriously breached its supervisory obligations' and would face additional oversight for senior managers and important business relationships. The 167-year-old bank collapsed a month later, leading to its emergency rescue by rival UBS. UBS is still trying to recoup money for former investors of the Greensill-backed Credit Suisse funds. Commenting on the Finma report, UBS said: 'This is a legacy Credit Suisse matter. The conduct described in the report pre-dates UBS's acquisition of Credit Suisse.' A representative for Lex Greensill declined to comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
13-06-2025
- Business
- The Guardian
Credit Suisse was ‘warned' about Greensill three years before firm collapsed
Bosses at Credit Suisse were warned against dealing with the Australian financier Lex Greensill's eponymous company three years before the collapse of his Greensill Capital, which once employed the former UK prime minister David Cameron as an adviser. The 'character judgment' of senior Credit Suisse managers was challenged in anonymous messages they received as early as 2018, which raised concerns over the Swiss bank's dealings with Greensill, according to a report by the Swiss regulator Finma, released under a London court order after a request by the Guardian and other media. The document showed senior managers were warned several times about the risks involved in its business dealings with Greensill and his firm, the 2021 collapse of which contributed to Credit Suisse's shocking demise in March 2023. A message from an anonymous tipster raised 'strong doubts' over the bank's strategy of packaging up Greensill's loans into $10bn (£7.4bn) worth of investable funds for wealthy clients. Greensill appeared at the high court in London this week as a witness in a month-long trial, in which a former Credit Suisse fund is suing the Japanese tech investor SoftBank for $440m over a complex deal it allegedly coordinated with Greensill Capital before its collapse. The Finma report, released as part of the trial, detailed the messages sent to Credit Suisse managers. 'We also have serious doubts about your character judgment in choosing Greensill Capital as a partner in this field, and even more so in giving them the degree of discretion over your clients' money which they appear to have,' the message said. The tipster was also concerned that a 'large proportion' of those loans were to companies in the metals magnate Sanjeev Gupta's troubled steel empire. The message added that the recent collapse of another set of Greensill-backed funds offered by rival asset manager GAM 'should be taken as a strong warning … you need to take care'. One senior manager forwarded the 2018 tipoff to Lex Greensill, adding: 'People in CS are receiving anonymous mails … seriously, you have to rethink your communication strategy!' Greensill Capital, founded in 2011, offered corporate loans, giving companies advances on their invoices in exchange for a fee. But its founder, the Australian melon farmer turned City banker, entered into a series of complex financial agreements and marketed his lender as a tech firm stacked with high-profile advisers including Cameron. Greensill went on to attract a series of large investors including General Atlantic and SoftBank, whose investments were purportedly meant to expand Greensill's activities. 'However, as it later turned out, these funds were primarily used to pay out private investors and to provide Greensill Bank, which was increasingly coming under regulatory scrutiny, with additional capital,' the Finma report stated. 'Under the management of Lex Greensill, the company provide[d] customised suits for its employees, elegant business premises and its own fleet of business jets.' Finma's report, which was compiled in December 2022 after nearly two years of investigations, showed Credit Suisse bosses continued to receive warnings over their dealings with Greensill as late as June 2019. Greensill was, at the time, still on the rise and had hoped to launch a £22bn stock market flotation before the Covid pandemic put its clients and investors under severe financial strain. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Greensill eventually collapsed in March 2021, after insurers refused to renew contracts that underpinned its loans. It came amid growing concern over the firm's management and its outsized exposure to Gupta's metals empire, which ultimately sparked a string of financial and political scandals. It forced Credit Suisse to close its $10bn Greensill-backed funds, leaving wealthy customers nursing hundreds of millions of dollars worth of losses and further eroding confidence in Credit Suisse. That led the Swiss regulator, Finma, to launch what became a near two-year investigation into its dealings with Greensill. The full resulting Finma report was never previously released. But key findings, released in February 2023, declared that Credit Suisse 'seriously breached its supervisory obligations' and would face additional oversight for senior managers and important business relationships. The 167-year-old bank collapsed a month later, leading to its emergency rescue by rival UBS. UBS is still trying to recoup money for former investors of the Greensill-backed Credit Suisse funds. Commenting on the Finma report, UBS said: 'This is a legacy Credit Suisse matter. The conduct described in the report pre-dates UBS's acquisition of Credit Suisse.' A representative for Lex Greensill declined to comment.
ABC News
10-06-2025
- Business
- ABC News
GFG Alliance workers across Australia face an uncertain future as Sanjeev Gupta's financial woes worsen
Months after British industrialist Sanjeev Gupta was effectively stripped of ownership of his South Australian steelworks, hundreds of workers at his New South Wales coal mine remain stood down, and those at his Tasmanian smelter are about to be. The uncertainty is causing anger and frustration. "The future looks grim," said Jimmy Baker, who has worked at the Tahmoor coal mine in NSW for the past 20 years. "I hope we're back and cutting coal in no time at all. But the longer it drags on, that looks grimmer and grimmer." Mr Baker is one of 560 workers affected by the indefinite shutdown. While workers have been stood down with pay since February, he says he's feeling the financial strain after having to forego hundreds of dollars in bonuses. "People think we're sitting at home [and] we're rich … [but] we're on basic pay," he told 7.30. "By the time I pay the mortgage, child support, you're down to $60 some weeks. The prolonged shutdown has also taken a significant toll on Mr Baker's mental health. "My biggest fear going forward is being 52 and jobless ... what company is going to hire a 52-year-old?" he said. "I find myself walking around the house or walking inside to outside. There are days where I really do struggle." Sanjeev Gupta is struggling to keep his global empire afloat amid poor economic conditions and the collapse of his major financier, Greensill Capital, in 2021. His credibility has also taken a massive hit. In February, the South Australian government took the extraordinary step of placing Mr Gupta's Whyalla steelworks into administration because bills weren't being paid. Trade and other creditors were found to be owed more than $1 billion. The South Australian and federal governments have pledged $2.4 billion to help secure the steelworks' future. Bob Timbs from the NSW Mining and Energy Union told 7.30 the Tahmoor mine shutdown was only meant to last weeks, not months. "We were of the understanding that it was only going to take a couple of weeks for them to realise the further capital investment from prospective investors and that never occurred," Mr Timbs said. Mr Timbs said government intervention was needed. "The coal produced at Tahmoor is a high-grade coal used for steel production," he said. "It's widely used in Port Kembla and for export and it's completely necessary for us to have the likes of washing machines, clothes dryers, cars; anything that's made out of steel is made with coal. "We need to get it operating again. For that reason, I call on the state government to intervene and arrange a tripartite meeting between Mr Gupta, the department and myself and other stakeholders to clearly explain when he's going to start that operation back up." The NSW government is owed royalty payments and the mine is in arrears with its water bills, a similar situation to what was faced by the SA government. In a statement, NSW Natural Resources Minister Courtney Houssos said she had been monitoring the situation at Tahmoor closely and that it was in "everyone's best interests for GFG to quickly resolve their financing" and end the uncertainty. 7.30 understands Ms Houssos has written to Mr Gupta demanding to know the progress of refinancing and when the mine will reopen, after a previous assurance that operations would restart by May 24 wasn't met. A spokesperson for GFG Alliance said it was working hard to secure the "funding required for a resumption of normal operations at Tahmoor Colliery". It said the "complex process has taken longer than expected" but it would "continue to work towards finalisation of this funding" and was hopeful it would be completed soon. In Tasmania, Mr Gupta's Liberty Bell Bay manganese smelter will stop operations for at least four weeks from the middle of this month. Most of the 250 workers there won't be required and are expected to use their leave entitlements. The company is largely blaming ore supply challenges after a cyclone affected its main supplier, South32 GEMCO, in the Northern Territory last year. Ore shipments have since resumed. Independent MP Andrew Wilkie told 7.30 he was very concerned another of Mr Gupta's operations was facing problems. "So why isn't (GEMCO) shipping ore out to Tasmania, or — and I just floated this as a genuine question — is there doubt in the mine owner's mind about the future capacity of Liberty Bell Bay or GFG Alliance more broadly to pay its bills for that ore?" Mr Wilkie told 7.30. GFG's statement said Liberty Bell Bay had made a "declaration for ore with South 32 GEMCO for the remaining six months of the year" and was "now working through the contractual process". "We are continuing to work closely with the federal and Tasmanian governments through a joint taskforce as we deal with the residual impact of inventory and market challenges over the last several months," the statement said. Andrew Taylor worked at the manganese smelter for 43 years before retiring 18 months ago. He's worried about his former colleagues. "They're salt of the earth people. It's not right," Mr Taylor told 7.30. He said people were nervous given what they'd seen happen at Whyalla and Tahmoor. "It is extremely stressful for people in the community, extremely stressful." University of Sydney corporate law and insolvency professor Jason Harris told 7.30 that since the collapse of Greensill Capital, Mr Gupta's GFG Alliance has faced increasing difficulty securing finance. "He's having to turn to second, third and fourth tier lenders," Professor Harris said. The UK's Serious Fraud Office is investigating the relationship between GFG Alliance and Greensill Capital over suspicions of fraud, fraudulent trading and money laundering. GFG Alliance has denied any wrongdoing. "One of the features of Mr Gupta's global empire is that it is very opaque ... so lots of companies that have dealings with each other and often not a lot of independent, transparent reporting of financial results," Professor Harris said. "We're seeing multiple entities in different group structures in often very different businesses that are all experiencing significant financial distress at the same time. "It certainly seems to be a house of cards. Professor Harris said Australian authorities like ASIC should be asking questions. "At some point, I think we're entitled to ask, where were the gatekeepers here? Why weren't more questions asked?" he said. "Because the media has certainly been asking questions about the sustainability of Mr Gupta's empire for years and yet creditors keep lending him money, governments keep giving him handouts, and I think the public is entitled to ask why." A spokesman for ASIC said it was aware of the situation regarding the Whyalla Steelworks and GFG Alliance and was "continuing to monitor and evaluate the situation". Watch 7.30, Mondays to Thursdays 7:30pm on ABC iview and ABC TV Do you know more about this story? Get in touch with 7.30 here.
