Mark Carney’s Scandals: The Silentus Scandal (2022-2023)… “Elite Privilege & Revolving Door Hypocrisy cashing in regulatory connections raised ethical concerns”

Mark Carney’s fake ads luring people into fraudulent investment schemes

Mark Carney was condemned as a Hypocrite who abused his Bank of England tenure by cashing in regulatory connections, a typical “Revolving Door” behavior which raised ethical concerns and public condemnation over the scandal:-

The Silentus Scandal (2022-2023) – Mark Carney’s Greensill Capital Links

Mark Carney faced scrutiny in 2022-2023 over his association with Silentus Partners, a UK-based advisory firm linked to the collapsed Greensill Capital. The controversy raised questions about potential conflicts of interest, given Carney’s past roles as a central banker and his involvement in financial regulation.

Background: The Greensill Capital Collapse

Greensill Capital was a UK-based supply chain finance firm founded by Lex Greensill. It grew rapidly, offering short-term corporate loans before collapsing in March 2021 due to:

• Overexposure to risky loans (particularly to GFG Alliance, a steel conglomerate).
• Regulatory concerns about its business model.
• Loss of insurance coverage, which was critical to its operations.

The scandal drew in high-profile figures, including former UK Prime Minister David Cameron, who lobbied for Greensill before its collapse.

Mark Carney’s Connection to Silentus Partners

After leaving the Bank of England in 2020, Carney took on several private-sector roles, including:

• Board member of Silentus Partners (a firm co-founded by Bill Michael, former UK chairman of KPMG, who resigned in 2021 over misconduct allegations).
• Links to Greensill: Silentus was reportedly advising Greensill before its collapse, though the exact nature of Carney’s involvement remained unclear.

Key Controversies

1. Timing & Potential Conflicts of Interest

   • Carney was Governor of the Bank of England (2013-2020) and later UN Special Envoy for Climate Action.
   • His role at Silentus—a firm connected to Greensill—raised concerns about whether he had prior knowledge of Greensill’s risks while still in public office.

2. Silentus’ Advisory Role for Greensill

   • Reports suggested Silentus may have provided consulting services to Greensill before its collapse.
   • If true, this could imply Carney was indirectly tied to a failing financial firm while advocating for financial stability in his public roles.

3. Lack of Transparency

   • Carney did not publicly clarify the extent of his involvement with Silentus or Greensill.
   • Critics argued that his private-sector engagements clashed with his reputation as a regulator.

4. Bill Michael’s Controversial Exit from KPMG

   • Silentus co-founder Bill Michael had resigned from KPMG after telling staff to “stop moaning” about pandemic working conditions.
   • His association with Carney added to the scrutiny over Silentus’ credibility.

Public and Media Reaction

• Financial Times and Bloomberg reported on Carney’s Silentus ties, questioning whether he had adequately distanced himself from risky financial ventures.
• Some critics accused him of “revolving door” behavior—moving from regulation to private-sector roles with potential conflicts.
• Defenders argued that Carney’s role at Silentus was minor and unrelated to Greensill’s collapse.

Aftermath & Current Status

• Carney stepped down from Silentus in 2023 amid the scrutiny.
• The scandal did not lead to formal investigations but damaged his reputation as a “prudent” ex-central banker.
• It fueled broader debates about post-public sector ethics for financial regulators.

Public Reaction to Mark Carney’s Silentus-Greensill Scandal (2022-2023)

The revelation of Mark Carney’s ties to Silentus Partners—a firm linked to the collapsed Greensill Capital—sparked critical response from the public, media, and political figures.

Here’s a breakdown of the reactions:

1. Media Coverage: Negative

• Financial Times, Bloomberg, and The Telegraph reported on Carney’s Silentus role, framing it as a potential conflict of interest given his past as a top financial regulator.
• Some outlets questioned why a former central banker would associate with a firm connected to a disgraced financial institution like Greensill.

Key Headlines:

• “Mark Carney’s Silentus role raises Greensill questions” (Financial Times, 2022)
• “Ex-Bank of England chief’s link to Greensill-linked firm under scrutiny” (The Guardian)
• “Carney faces ethics questions over Silentus role” (Bloomberg)

2. Political & Regulatory Reaction: Mild Criticism

• UK Parliamentarians: Some MPs, particularly from the Conservative Party, raised concerns about the “revolving door” between regulators and private finance.
• Bank of England: Insiders reportedly expressed private discomfort over Carney’s post-BoE affiliations.
• UN Climate Role: Environmental groups questioned whether his financial sector ties undermined his credibility as a climate envoy.

3. Public Sentiment: Skepticism & Disappointment

Critics: “Hypocrisy and Elite Privilege”

• Many on social media and financial forums accused Carney of cashing in on his regulatory connections.
• Comparisons were drawn to David Cameron’s Greensill lobbying scandal, with some calling it another example of “the old boys’ club” in finance.
• Critics argued that ex-regulators should face stricter cooling-off periods before joining private firms.
• Folks call it a “financial elite scandal”.

4. Impact on Carney’s Reputation

• The scandal tarnished his “Mr. Integrity” image, especially among transparency advocates.

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Conclusion

Carney’s Silentus connection raised ethical concerns about his private-sector engagements after leaving the Bank of England. The episode highlighted the challenges ex-regulators face when moving into advisory roles in finance.

Scandalously yours, Mark Carney

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