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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

#51

Post by freddie_mercury »

TekMol wrote: post #44

Trade on shares in the company was suspended What does this mean? Is a certain stock exchange not executing trades anymore? Are all exchanges worldwide in sync not executing trades? If so, how is the sync achieved? 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 pri…

What other exchanges are they listed on? It is pretty uncommon for a company to ever list on more than one exchange.

Re: Wirecard files for insolvency after financial hole laid bare

#52

Post by marton78 »

jpoesen wrote: post #39
roenxi wrote: post #31

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.

How many people do you think live in Germany?

Less than 8,000 apparently.

Re: Wirecard files for insolvency after financial hole laid bare

#53

Post by joyj2nd »

TekMol wrote: post #44

Trade on shares in the company was suspended What does this mean? Is a certain stock exchange not executing trades anymore? Are all exchanges worldwide in sync not executing trades? If so, how is the sync achieved? 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 pri…

> What does this mean?

That you can not trade the stock for now. Trading has been resumed. On many stock exchanges there are rules for this. Something very common.

> And what is the reason behind that? Is it guaranteed that shares of a company that files for insolvency are worth 0?

No. The company could recover, could get bought etc. As a stock holder you are the last in line. Should the company get liquidated, bond holders will have a higher priority for any money recovered.

> And therefore the exchanges want to save uninformed investors from buying them?

No. Please look up Hertz, the car rental company and what is happen recently the stock. They are bankrupt, people are buying the stock and Hertz was even allowed to issue more shares.

Re: Wirecard files for insolvency after financial hole laid bare

#54

Post by yitchelle »

the_mitsuhiko wrote: post #2

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

  The Munich prosecutor's office, which is already investigating Braun on suspicion of manipulating Wirecard"s accounts, said "We will now look at all possible criminal offenses."
The type of behavior that brought Wirecard down is not a German thing, it is a human thing. We have the ability to think outside the box for profit and greed, and that, sometimes, gets us into trouble.

Re: Wirecard files for insolvency after financial hole laid bare

#55

Post by joyj2nd »

freddie_mercury wrote: post #51
TekMol wrote: post #44

Trade on shares in the company was suspended What does this mean? Is a certain stock exchange not executing trades anymore? Are all exchanges worldwide in sync not executing trades? If so, how is the sync achieved? 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 pri…

What other exchanges are they listed on? It is pretty uncommon for a company to ever list on more than one exchange.

Depends. Very common for non-US Shares (Germany, China, UK etc.)

Re: Wirecard files for insolvency after financial hole laid bare

#56

Post by joyj2nd »

the_mitsuhiko wrote: post #2

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

Yeah, like the Americans with Madoff? Who "did not run a hedge fund but provided services to hedge funds"?

The SEC had also data provided from professionals that Madoff is either fraud or a ponzi and always ignored it. The sentence above was enough that they did not further investigate him.

Re: Wirecard files for insolvency after financial hole laid bare

#57

Post by golem14 »

ChuckNorris89 wrote: post #24
Flockster wrote: post #11

Earlier quoted context omitted.

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

https://www.spiegel.de/netzwelt/web/deutschland-warum-unsere... [Translated from German] Christian Schwarz-Schilling had been Post Minister under Helmut Kohl since 1982 and launched the German mobile phone network at the end of the 1980s. His political understanding of infrastructure can be seen in a disturbing fact: Until a few hours (!) before he was sworn in as Post Minister - Schwarz-Schilling was involved in a c…

More recently, Germany's insistence to go all in the hydrogen economy has the same flair.

Re: Wirecard files for insolvency after financial hole laid bare

#58

Post by s_dev »

arnaudsm wrote: post #36
s_dev wrote: post #32

Earlier quoted context omitted.

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

Theranos. Certainly a hell of a typo.

Re: Wirecard files for insolvency after financial hole laid bare

#59

Post by pixiemaster »

pixiemaster wrote: post #33
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).

scratch that.

Bafin (german bank watchdog) just froze the accounts, incl. cards of Boon, which is a wirecard subsidary.

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