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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

#31

Post by roenxi »

corty wrote: post #4
the_mitsuhiko wrote: post #2

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

The lessons learned will be "hide your crimes better". And a few token gestures. This kind of crime is just too profitable, and the "little man" will not start any larger protests over it. So there is no desire anywhere in substantial changes.

Billions of dollars just turned out not to be there. I'm going to throw out a challenge to the idea that the "little man" was the loser here on the basis that little men do not have billions of dollars to lose. Someone bigger than little lost here.

If every man, woman and child in Germany chipped in $1,000 that still isn't a billion dollars.

Re: Wirecard files for insolvency after financial hole laid bare

#32

Post by s_dev »

baxtr wrote: post #7
the_mitsuhiko wrote: post #2

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

I am really unsure if it's something "Germans" need to learn. It is probably something that could happen everywhere...

It could happen anywhere -- the US has it's share of cowboys too. WeWork, Thanos etc. Ireland too has had a few cowboys.

Merkel might have to step in to clean this up -- it's embarrasing because of the number of German institutions that protected this fraud. The German Financial Regulator went after professionally accredited investigative journalists and seemed to indulge in other face palms.

Re: Wirecard files for insolvency after financial hole laid bare

#33

Post by pixiemaster »

sixhobbits wrote: post #14

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

the Wirecard Bank is a subsidiary, that has not filed for insolvency. (disclaimer: they are checking if they need to file for the subsidiaries as well - though my guess is they are trying to minimize the impact on the operations and bank transactions, to save the future of the product).

Re: Wirecard files for insolvency after financial hole laid bare

#34

Post by adwf »

Doesn't surprise me in the slightest.

Worked for a fintech company a few years back that used Wirecard as the processor for one of their products. Somehow they managed to lose the PK/FK relationship between accounts and transactions (or something like that). A whole lot of our customers suddenly started getting other people's transactions on their accounts. It was the final straw that shutdown the entire product line and we moved on to other providers for new projects.

So, not at all surprised they don't know where their money is.

Re: Wirecard files for insolvency after financial hole laid bare

#35

Post by riffraff »

Fnoord wrote: post #17
ChuckNorris89 wrote: post #9

Earlier quoted context omitted.

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

AFAIU the Democracy Index is based on, essentially, people making up numbers.

The broad classifications are probably alright, but I wouldn't pay much attention to the specific rankings.

Re: Wirecard files for insolvency after financial hole laid bare

#36

Post by arnaudsm »

s_dev wrote: post #32
baxtr wrote: post #7

Earlier quoted context omitted.

I am really unsure if it's something "Germans" need to learn. It is probably something that could happen everywhere...

It could happen anywhere -- the US has it's share of cowboys too. WeWork, Thanos etc. Ireland too has had a few cowboys. Merkel might have to step in to clean this up -- it's embarrasing because of the number of German institutions that protected this fraud. The German Financial Regulator went after professionally accredited investigative journalists and seemed to indulge in other face palms.

Thanos, the famous Elizabeth Holmes' company that tried to kill the Avengers

Re: Wirecard files for insolvency after financial hole laid bare

#37

Post by siegfried-en »

roenxi wrote: post #31
corty wrote: post #4

Earlier quoted context omitted.

The lessons learned will be "hide your crimes better". And a few token gestures. This kind of crime is just too profitable, and the "little man" will not start any larger protests over it. So there is no desire anywhere in substantial changes.

Billions of dollars just turned out not to be there. I'm going to throw out a challenge to the idea that the "little man" was the loser here on the basis that little men do not have billions of dollars to lose. Someone bigger than little lost here. If every man, woman and child in Germany chipped in $1,000 that still isn't a billion dollars.

It'd be around 80 billion dollars, actually

Re: Wirecard files for insolvency after financial hole laid bare

#39

Post by jpoesen »

roenxi wrote: post #31
corty wrote: post #4

Earlier quoted context omitted.

The lessons learned will be "hide your crimes better". And a few token gestures. This kind of crime is just too profitable, and the "little man" will not start any larger protests over it. So there is no desire anywhere in substantial changes.

Billions of dollars just turned out not to be there. I'm going to throw out a challenge to the idea that the "little man" was the loser here on the basis that little men do not have billions of dollars to lose. Someone bigger than little lost here. If every man, woman and child in Germany chipped in $1,000 that still isn't a billion dollars.

How many people do you think live in Germany?

Re: Wirecard files for insolvency after financial hole laid bare

#40

Post by corty »

roenxi wrote: post #31
corty wrote: post #4

Earlier quoted context omitted.

The lessons learned will be "hide your crimes better". And a few token gestures. This kind of crime is just too profitable, and the "little man" will not start any larger protests over it. So there is no desire anywhere in substantial changes.

Billions of dollars just turned out not to be there. I'm going to throw out a challenge to the idea that the "little man" was the loser here on the basis that little men do not have billions of dollars to lose. Someone bigger than little lost here. If every man, woman and child in Germany chipped in $1,000 that still isn't a billion dollars.

Pension funds, general investments, small-time stockholders will loose money, and all that does affect the "little man". It is just indirect and hidden enough that most won't complain.
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