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Wirecard files for insolvency after financial hole laid bare

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Re: Wirecard files for insolvency after financial hole laid bare

#11

Post by Flockster »

ChuckNorris89 wrote: post #9
benjaminva wrote: post #8

Earlier quoted context omitted.

Sources?

Wirecard, Dieselgate, BER Airport, German gov wireing the whole country with copper instead of fiber because the ministry of infrastructure had connections to the copper business leaving the country's internet behind Ukraine, all Gov IT projects going to SAP or T-Systems with no accountability, etc. Nobody went to jail for any of those and in some cases it was never investigated. If you're on the DAX, you're untoucha…

Do you have a source for the copper claim? That is entirely new to me.

Re: Wirecard files for insolvency after financial hole laid bare

#12

Post by H8crilA »

ChuckNorris89 wrote: post #9
benjaminva wrote: post #8

Earlier quoted context omitted.

Sources?

Wirecard, Dieselgate, BER Airport, German gov wireing the whole country with copper instead of fiber because the ministry of infrastructure had connections to the copper business leaving the country's internet behind Ukraine, all Gov IT projects going to SAP or T-Systems with no accountability, etc. Nobody went to jail for any of those and in some cases it was never investigated. If you're on the DAX, you're untoucha…

You forgot about Deutsche Bank. David Enrich has written a lot about criminal activities going on in there. It is a bank for the "unbanked elites", that is for people that will no longer be accepted by any other financial institution.

That being said - we will certainly see a lot of fraud in other countries too. The fraud cycle follows the business cycle.

Re: Wirecard files for insolvency after financial hole laid bare

#13

Post by the_mitsuhiko »

einrealist wrote: post #3
the_mitsuhiko wrote: post #2

The entire story is shameful. I can just hope the Germans learn lessons from this.

What should I learn from this? That there are fraudulent companies? You make it sound like all Germans are responsible for this.

I hope at the very least this Beissreflex that every shortseller is evil and should be investigated gets curbed. Wirecard since 2008 was having the support of Bafin of going against journalists and shortsellers who were calling out the company for market manipulation.

In Germany shortselling has an incredibly bad reputation. I think this is a problem.

Re: Wirecard files for insolvency after financial hole laid bare

#16

Post by TheOtherHobbes »

ChuckNorris89 wrote: post #5
the_mitsuhiko wrote: post #2

The entire story is shameful. I can just hope the Germans learn lessons from this.

>I can just hope the Germans learn lessons from this. N'ah! When it comes to big banks, big industry, big infra projects, German state institutions are super corrupt, it makes Wall Street and the City of London look like saints.

Comparatively, that's unlikely to be true.

€1.9bn is pocket money compared to Wall St's and the City's more creative frauds.

The UK is currently dealing with a government minister who was involved in questionable planning oversight for a single development scheme worth £1bn - and that's barely even a footnote in the news here.

Re: Wirecard files for insolvency after financial hole laid bare

#17

Post by Fnoord »

ChuckNorris89 wrote: post #9
benjaminva wrote: post #8

Earlier quoted context omitted.

Sources?

Wirecard, Dieselgate, BER Airport, German gov wireing the whole country with copper instead of fiber because the ministry of infrastructure had connections to the copper business leaving the country's internet behind Ukraine, all Gov IT projects going to SAP or T-Systems with no accountability, etc. Nobody went to jail for any of those and in some cases it was never investigated. If you're on the DAX, you're untoucha…

Scandals are everywhere, as is corruption. In comparison, Germany is #13 on the Democracy Index [1]. It is right below The Netherlands and Switzerland, the top countries being the Scandinavian ones, plus Anglo-Saxon countries (New Zealand, Canada, Australia).

[1] https://en.wikipedia.org/wiki/Democracy_Index

Re: Wirecard files for insolvency after financial hole laid bare

#18

Post by quassy »

ChuckNorris89 wrote: post #9
benjaminva wrote: post #8

Earlier quoted context omitted.

Sources?

Wirecard, Dieselgate, BER Airport, German gov wireing the whole country with copper instead of fiber because the ministry of infrastructure had connections to the copper business leaving the country's internet behind Ukraine, all Gov IT projects going to SAP or T-Systems with no accountability, etc. Nobody went to jail for any of those and in some cases it was never investigated. If you're on the DAX, you're untoucha…

@Fnoord (can't respond to your comment directly weirdly) How can anyone seriously rank Australia and the UK so far high up?

Re: Wirecard files for insolvency after financial hole laid bare

#19

Post by H8crilA »

the_mitsuhiko wrote: post #15
sixhobbits wrote: post #14

Anyone know if Transferwise Global debit cards are impacted by this?

I doubt it will. Wirecard powers too many transactions. It’s going to go into administration and someone is going to pick it up.

Too big to fail

You realize that they probably have literally zero money?

Re: Wirecard files for insolvency after financial hole laid bare

#20

Post by philrhc »

sixhobbits wrote: post #14

Anyone know if Transferwise Global debit cards are impacted by this?

TransferWise worked with Wirecard for a short time between February 2017 and September 2018 as its debit card issuer in the UK and Europe. The partnership was terminated in September 2018 and has since obtained its own issuance license for cards through Mastercard. TransferWise has no business ties to Wirecard today
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