IN THE RED

West Virginia Gov. Jim Justice on the Hook for $700M in Loans

Gov. Jim Justice personally guaranteed the loans from Greensill, which collapsed—leaving the Swiss bank that bought the debt to try and recoup the cash.

West Virginia Gov. Jim Justice personally guaranteed $700 million in business loans from Greensill Capital, which collapsed and left the Swiss bank that bought the debt trying to recoup the funds, The Wall Street Journal reported. Justice, a Republican, was once a billionaire, but his net worth has reportedly plunged to $450 million because of his coal companies’ dealings with Greensill. The Journal reports that Justice did not put a limit on how much of the loans he would be personally responsible for in the event his Bluestone Resources defaulted. Bluestone and Credit Suisse are reportedly now in talks about repayment. Bluestone, one of the biggest borrowers from Greensill, has also sued the defunct lender for fraud in federal court.