41–50 of 169 posts
Earlier quoted context omitted.
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
Anyone know if Transferwise Global debit cards are impacted by this?
Trade on shares in the
company was suspended
If it only was suspended at the Frankfurt stock exchange which is mentioned in the article, it would be interesting to see how it is doing at other exchanges.
Google is still showing realtime Frankfurt prices. Currently at a market cap of about €350M.
And what is the reason behind that? Is it guaranteed that shares of a company that files for insolvency are worth 0? And therefore the exchanges want to save uninformed investors from buying them?
Earlier quoted context omitted.
I am really unsure if it's something "Germans" need to learn. It is probably something that could happen everywhere...
One weird thing I have noticed is that in the UK the phrase “The Germans” is often used instead of “Germany” (where it’s grammatically valid, of course) for some reason. It’s really noticeable if you watch British TV coverage of the World Cup or European Championships. Don’t know if the OP is British or living there, but it’s possible that this is what’s happening and they don’t mean “all Germans ...” and just mean “…
Earlier quoted context omitted.
>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.
The entire story is shameful. I can just hope the Germans learn lessons from this.
Invisibilia just released a great podcast about trust, based on the experience of a trader who was harassed by Wirecard. The trader, who was shorting Wirecard, was subject to surveillance, and a constant stream of phishing attacks. https://www.npr.org/2020/06/02/868001948/trust-fall
It left me confused and unsatisfied.
Earlier quoted context omitted.
>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.
German here. Big infra projects here rarely fail due to corruption. The way, way bigger issue is that in the last 30 years public service funding was drastically cut which meant that the oversight competence over projects was no longer in house. Overworked officials rubber-stamp utter bullshit because they have neither the knowledge nor the time to properly audit plans. Not just architectural or technical (hello BER…
If some costs aren't being priced in, then procedures should be changed to price them appropriately. I'm not sure the answer is to permit cosy deals between politicians and their patron companies, or depriving citizens of the services of best providers in the market.