141–150 of 169 posts
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I am really unsure if it's something "Germans" need to learn. It is probably something that could happen everywhere...
German regulators absolutely do have to learn that this isn't something that could only happens elsewhere.
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> They were satisfied with a clumsy fake audit certificate for 2 billion euros in a Philippine account! For how many companies EY did the same? How superficially do they check their customers? A lot. Like a lot a lot. The entire* commodities sector is built on promises like this. The entire shipping and freight sector. The entire commercial paper market. Its promises, redundancies, assurances, and credit. It usually…
But the commodities sector has entire organisations built around checking that cargo of cane sugar /coffee really is what it says what it is. Edited for spelling
Do the companies pick their own checkers?
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Well, the first half of it was a podcast about that trader. Then it abruptly shifts into ... I don't know what. A general talk about trust or something. It left me confused and unsatisfied.
Invisibilia is a podcast about emotions. The second half is fairly typical episode.
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> They were satisfied with a clumsy fake audit certificate for 2 billion euros in a Philippine account! For how many companies EY did the same? How superficially do they check their customers? A lot. Like a lot a lot. The entire* commodities sector is built on promises like this. The entire shipping and freight sector. The entire commercial paper market. Its promises, redundancies, assurances, and credit. It usually…
But the commodities sector has entire organisations built around checking that cargo of cane sugar /coffee really is what it says what it is. Edited for spelling
I wonder how many companies in the world are basially built on warm words without any real value behind. I made the experience that a lot of people don't really care if a company has positive revenue streams anymore, they don't even know what a balance sheet is. They simply invest because other people do. And those other people invested because people before them did. This new style "invest billions now in a lossy st…
I have a relative in finance and he says this sort of issue is a lot more prevalent, it's just easier to hide when things are good. When times are bad it's more difficult so more get found out. But it's important to remember that people have been sounding the alarm about Wirecard for years and Worecard, the German government and German Finance Authority (BaFin) have gone after the short sellers and journalists who ha…
I wonder how many companies in the world are basially built on warm words without any real value behind. I made the experience that a lot of people don't really care if a company has positive revenue streams anymore, they don't even know what a balance sheet is. They simply invest because other people do. And those other people invested because people before them did. This new style "invest billions now in a lossy st…
How can you find out about who is auditing a company?
A total of around $2B has simply "disappeared" -- as in, no one yet has been able to figure out what happened to it. I keep imagining a Monty Python-esque skit: "Was it stolen? We don't know." "Was it spent? We don't know." "Was it lent? We don't know." "Was it transferred? We don't know." "Was it burned? We don't know." Coincidentally, or maybe not, the company's last fictitious balance sheet, which was published in…
Hin Leong[0] is about to go the way of wirecard with a ’hole’ of mere $3B USD. I’ll hazard that we’re seeing only the firsts in a wave of [cooked up] companies imploding. [0] https://www.wsj.com/articles/massive-forgery-helped-hide-3-b...
This is the second ceo who started to dress like steve jobs and became a fraud.
Based on more recent photos, it was just a phase. Maybe the company fixed its issues before it got caught?
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But the commodities sector has entire organisations built around checking that cargo of cane sugar /coffee really is what it says what it is. Edited for spelling
See: Hin Leong Trading for a current example.
this is how the whole world works! on relationships and clout, not technology and verifications. everyone at the bottom has to deal with those pesky assurances of credibility. others are just getting random people with law degrees to provide attestations saying that their client's document is legitimate.