Live data from Hacker News

Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

wsj.com

311–320 of 350 posts

Re: Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

#311
post #62

Earlier quoted context omitted.

My impression is that during the formative decades of West German power structures (let's say late Adenauer to early Kohl), the entire surrounding culture of media, regulators and of course politicians and business people themselves, failed to develop an awareness for corruption because everything was so nicely self-regulated by what basically boils down to modesty. In terms of anti-corruption measures it was like th…

> Now decades of neoliberal ideology have swept away that modesty, greed has slowly shifted from vice to virtue, but the trust is still there. Please explain your definition of “neoliberal” to us.

Someone who complains about everything that is good instead of everything that is bad.

Re: Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

#312
post #214
post #105

Earlier quoted context omitted.

Germany is notable for its lack of “retail” or low level corruption (cops don’t take bribes, you can get a building permit by following the rules, etc). One of the best in the world. But at the highest levels the opposite prevails, up there with France or even the US. Not Kleptocracy by any means, but bad by OECD standards. Because it’s so institutionalized it doesn’t really appear in those “corruption index” reports…

I'm from Romania. You don't know how good you have it. The low level corruption is the thing that eats away at your soul and poisons your day to day life. High level corruption? Awful, but we have that too. But having to bribe the nurse so that your grandma gets painkillers (or toilet paper!) in the hospital? Having to bribe the police officer to get your driver's license? Having to bribe the lady at the counter work…

I think something that could be called corruption is everywhere once you know what to look for. The difference is that normal people in Western Europe and the Nordics don't know what to look for.

Bringing a bottle of expensive vodka to smooth over some bureaucratic procedure is nothing compared to what goes on in the big leagues.

Something to keep in mind, corruption indexes like this one https://en.wikipedia.org/wiki/Corruption_Perceptions_Index are actually about the perception of corruption. After all it's the only thing that's easy to measure.

Re: Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

#313

Earlier quoted context omitted.

oh? sounds like trying to figure out why FAANG closed your developer account :-P

Do FAANGs burn down your office and break your legs?

Maybe not that, but pay off the police to seize your servers? That's table stakes for a multinational in a region where they have the necessary influence.

Re: Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

#314

Earlier quoted context omitted.

All western countries are corrupt. The difference from the usual suspects is the way it's done. If in Russia, it may be as simple as cash in hand, in Germany or Britain it will be kids placement into a nice job, maybe a donation to a family run charity org, or a contract to friend's friend's construction company. Or even the good old one,where you do a favour and 5-7 years later, once not in government position anymo…

You're being downvoted because network effects aren't the same as corruption. Although it is certainly unpleasant to consider that government officials might be making decisions more favorable to one company than another in the hope or expectation that that they will get a board seat five years hence, it is worth noting that if they upset one company now, they may get the board seat on the other company. And since an…

Good job rationalizing it. All cash bribes put together might be about as much as one fat government subsidy.

Re: Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

#315
post #158

Earlier quoted context omitted.

Bribery isn't "hard to prove" but instead there are no credible bribery accusations at all. Missmanagement in massive infrastructure projects are a much more reasonable explanation. It also makes a lot of sense because the actors are often state government officials that have never overseen a comparable project. Planning an airport or a new flagship concert hall is difficult. I agree that there were serious mistakes…

And this cluelessness is then abused by contractors. With flanking maneuvers targeting political leadership. No clear cut corruption, but the lines get blurry. Fun fact, for a very long time German companies could declare bribes paid abroad in their taxes. Legally. Seems that a lot of people didn't get the memo that bribery was, indeed, illegal now.

Of course they would, in some places it's just the way business is done. At least if they declare it, you can plan for it when executing projects abroad.

Re: Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

#316
post #276

Earlier quoted context omitted.

Corruption is different from gross incompetence and unethical behavior.

You're still missing the point completely - corruption is a crime . The problem is that pretty much nothing these politicians do is actually illegal and thus doesn't constitute a crime in the first place. This is why legislation and regulations need to change, because that's way easier than trying to change people. If you don't like the rules of the game, demand to change the rules instead of shouting "You're all che…

> The problem is that pretty much nothing these politicians do is actually illegal and thus doesn't constitute a crime in the first place.

That is an assumption on your part. In the absence of thorough investigations that would condemn or exonerate them, it is difficult to say. Of course, it would be very twisted to say that the lack of investigations is proof of real corruption. Still, it should also not be taken as prrof of no corruption.

Re: Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

#317
post #284
post #202

Earlier quoted context omitted.

I happen to work for the psychiatric services of a rich German state. A second independent opinion is always requested from the judiciary.

Opinion yes, but the second assessment ("Gutachten") will not examine the accused personally, only the paperwork. In all cases psychiatric assessors will trust their colleagues more than written defenses or observations. Only if the first assessment is internally severely flawed it can be overruled. In most cases the first assessment just ignores any contradicting evidence, so the independent assessors had no chance…

The Gutachten is done directly on the patient if it is so ordered by the judge. It is supposed to be an independent assessment, not even caring what the first assessment was stating. What are you talking about?

Re: Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

#318
post #317
post #284

Earlier quoted context omitted.

Opinion yes, but the second assessment ("Gutachten") will not examine the accused personally, only the paperwork. In all cases psychiatric assessors will trust their colleagues more than written defenses or observations. Only if the first assessment is internally severely flawed it can be overruled. In most cases the first assessment just ignores any contradicting evidence, so the independent assessors had no chance…

The Gutachten is done directly on the patient if it is so ordered by the judge. It is supposed to be an independent assessment, not even caring what the first assessment was stating. What are you talking about?

If so then good. My wife is psychiatrical assessor in a lot of such cases as 2nd or 3rd assessor, and she never sees the patient. Only paperwork being send around.

Re: Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

#319

Also, under Helmut Kohl, despite advice from experts to use fiber, the German government wired the whole country with copper instead because the ministry of infrastructure at the time had stocks in the copper business leaving the country's internet behind Ukraine or Belarus.[1] If you're on the DAX or a politician, you're untouchable in Germany and lots of people inside and outside of Germany have no idea of how insa…

> Sure, it's not like Russia or the CCP and you're not in danger of being suicided if you uncover some high level dirt

Don't they lock people up in mental hospitals for that, though? That's classic USSR tactics.

Re: Germany’s top financial supervisor dismissed a decade of warnings about Wirecard

#320
post #62

Earlier quoted context omitted.

My impression is that during the formative decades of West German power structures (let's say late Adenauer to early Kohl), the entire surrounding culture of media, regulators and of course politicians and business people themselves, failed to develop an awareness for corruption because everything was so nicely self-regulated by what basically boils down to modesty. In terms of anti-corruption measures it was like th…

> Now decades of neoliberal ideology have swept away that modesty, greed has slowly shifted from vice to virtue, but the trust is still there. Please explain your definition of “neoliberal” to us.

> Please explain your definition of “neoliberal” to us.

"Everything I hate", same as everyone else.

Post reply on HN