It mustn’t be easy being the person responsible for slicing Britain off from Europe, but that is David Cameron’s lot. History will remember Cameron as the prime minister who—in a doomed bid to appease a small core of M.P.’s—held a Brexit referendum, staged a half-hearted pro-Europe campaign, lost the vote, and then resigned on the spot. Until very recently, this catastrophic lapse in judgment looked certain to be the man’s legacy. But that was before he started texting the current chancellor of the Exchequer begging for money.

Now Cameron finds himself at the center of an extraordinary multi-billion-dollar Enron-style collapse that encompasses SoftBank, Credit Suisse, and a large part of the British steel industry. It has been one of the swiftest financial obliterations in living memory, swirling with potential abuses of power and an accusation of fraud.