81–90 of 169 posts
Invisibilia just released a great podcast about trust, based on the experience of a trader who was harassed by Wirecard. The trader, who was shorting Wirecard, was subject to surveillance, and a constant stream of phishing attacks. https://www.npr.org/2020/06/02/868001948/trust-fall
What makes it even worse, in case of wirecard, their auditor EY had audited and certified wirecard's balance sheet for years with no objection. 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?
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I am really unsure if it's something "Germans" need to learn. It is probably something that could happen everywhere...
One weird thing I have noticed is that in the UK the phrase “The Germans” is often used instead of “Germany” (where it’s grammatically valid, of course) for some reason. It’s really noticeable if you watch British TV coverage of the World Cup or European Championships. Don’t know if the OP is British or living there, but it’s possible that this is what’s happening and they don’t mean “all Germans ...” and just mean “…
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I say cardinal sin would have been not storing amounts as integer.
Just curious, how would you manage bitcoin fractional shares.
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…
Unfortunately audit work, where the company decides on their auditor, has an in-built conflict of interests. If the auditor is too harsh/rigorous, then they risk losing the audit. If they're too lax and miss something material, then they risk lawsuits and regulator attention.
Then for large companies there's further complications liket doing the audit may preclude a company from doing other (more lucrative) consultancy work, or that large companies essentially only use one of 4 companies to do their audits, which leads to people rotating through that but little effective competition.