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

wsj.com

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

#31

Post by hetspookjee »

DeadSec wrote: post #11
docdeek wrote: post #7

Earlier quoted context omitted.

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.

Well in their defense the rest of the world was pretty harsh for them and to let the ship sink was not an option. I think if you're being blunt about the car emissions scandal one could say that each manufacturer got a hand held above their head from the country of origin. E.g. America gave GM a pass.

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

#33

Post by poushkar »

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…

May I ask why you have picked Ukraine and Belarus as the basis for comparison?

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

#35

Post by asah »

Lest anyone think this is limited to Germany, consider the length of time it took for the US SEC to catch up with Bernie Madoff:

https://en.wikipedia.org/wiki/Madoff_investment_scandal#Prev...

https://www.google.com/search?q=warnings+bernie+madoff

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

#36

Post by ChuckNorris89 »

DangerousPie wrote: post #19
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).

He sold his shares hours(!) before being signed on as minister and he sold them to the company that benefited the most from the copper cabling that he pushed for.

How you can mistake this obvious corruption for incompetence is beyond me.

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

#37

Post by andrepd »

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…

It's funny, because we all know the German stereotype of efficiency etc.

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

#38

Post by cosmodisk »

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…

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 anymore,get a board seat in some large conglomerate.The opportunities are endless.

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

#39

Post by bluelu »

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…

Funny thing about Gutenberg is that he was also lobbying the german government in favor of Wirecard. https://www.spiegel.de/politik/deutschland/karl-theodor-zu-g...

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

#40

Post by raverbashing »

chii wrote: post #24
solstice wrote: post #9

Earlier quoted context omitted.

The state government of lower Saxony (the state where VW is based) owns 25% of VW. I don't think that's a coincidence. Edit: looks like it's 20%

how can a company be both owned by, but also regulated by "the same" entity? that is a conflict of interest aint it?

It isn't the same entity
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