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

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

#11

Post by DeadSec »

docdeek wrote: post #7
DeadSec wrote: post #5

What do you expect from a country with more lobbyists than members of the federal parliament.

Wouldn’t most countries experience this reality? Upper limit on members of a parliament is probably a couple of hundred, and lobbyists would almost always outnumber them.

I didn't say it's just in Germany like this. But espacially the Car Manufacturers are almost invincible in Germany. Their "Punishment" for the emissions scandal was a government funded exchange programm combined with buy bonus from the Goverment. Basicly they got a boost in sales for their misconduct.

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

#13

Post by netsharc »

Also, some people praise the German government for being able to manage an economic powerhouse, but hey, if you keep your currency relatively low to others (by having them all pegged, or even better, replaced with a single currency), of course your production costs stay cheap. But at what cost to your neighbors?

https://www.theguardian.com/commentisfree/2019/nov/26/german...

https://www.nytimes.com/2011/01/16/magazine/16Europe-t.html

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

#14

Post by netsharc »

fab1an wrote: post #10

The denial here was pretty strong, as Wirecard was one of the few success stories of a German technology company rising into the DAX that _wasn't_ founded over 80 years ago. Sadly, this may only fuel skepticism towards tech further instead of causing the possibly necessary reforms.

[__REDACTED__]

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

#15

Post by C1sc0cat »

ChuckNorris89 wrote: post #4

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…

The fact that no one has resigned or been fired from the Regulator.

The head of the regulator should have resigned weeks ago.

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

#16

Post by chki »

ChuckNorris89 wrote: post #4

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…

>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 insanely corrupt the German government and their corporate buddies are.

This is obviously not true. There have been numerous uncovered political scandals in Germany that have led to politicians and managers loosing their job. Christian Wulff (Former German President), Guttenberg (former Defence Minister), etc.

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

#17

Post by nxpnsv »

raxxorrax wrote: post #12

Germany has a very high amount of corruption, even if the statistics look solid. This case of looking the other way is probably even a more benign example.

I consider myself ignorant here, but compared to what? In CPI or similar measures typically only Nordic countries come out ahead of Germany...

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

#18

Post by ChuckNorris89 »

chki wrote: post #16
ChuckNorris89 wrote: post #4

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…

>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 insanely corrupt the German government and their corporate buddies are. This is obviously not true. There have been numerous uncovered political scandals in Germany that have led to politicians and managers loosing their job. Christian Wulff (Former German President), Guttenberg (f…

Yes, but did they got to jail or have their earnings confiscated? Losing your job is not much of a deterrent when you've filled your pockets with bribes you get to keep and have a nice pension waiting for you while being put on the payroll as an external consultant to the $BIG_CORP you helped during your rule.

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

#19

Post by DangerousPie »

ChuckNorris89 wrote: post #4

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…

I don't disagree that the investment in copper was the wrong decision, but according to that article the minister actually sold his shares to Nixdorf (now Siemens?) immediately before becoming a minister. So I'm not quite sure if this is actually a case of corruption or just a case of being too conservative and incompetent (which is also quite widespread in politics).

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

#20

Post by hetspookjee »

ChuckNorris89 wrote: post #4

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…

Just to add to your list: Read into the history of the Deutsche Bank and their current business proceedings. It's literally obscene the list of controversies that has spun out of their practices, and steadily keeps on going.
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