CNBC’s Annette Weisbach discusses the controversy surrounding German payments giant Wirecard.

Payment processing company Wirecard was the darling of Germany’s fintech industry until auditors uncovered a $2 billion hole in its accounting. WSJ explains what we know about the missing money, as investigators are still trying to understand what happened. Photo composite: George Downs

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#WSJ #Wirecard #TwoBillion

In today’s episode of Let’s Teach – the story of Wirecard, a darling of the tech world that crumpled into insolvency within nine days.

Investors were lured by its rapid growth and aggressive expansion strategy, only to later find out that they had poured their money into a company with fake numbers and fake offices.

In mid-2020, newspapers were filled with stories about the COVID-19 pandemic, from death tolls to lockdown measures and mask mandates. Given the fear and panic that everyone felt at the time, it was easy to ignore headlines about Wirecard – a German fintech company that had gone bust.

The pandemic may have overshadowed Wirecard’s fall but its story shouldn’t be overlooked because it exposes how financial regulators are sometimes as untrustworthy as the companies they keep an eye on, no matter how reputable they might seem to be.

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The heavily requested video on the wirecard scandal. How can $2 billion just go missing? This story raises many questions about the regulatory bodies we all trust to keep the business financial system in line.

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Script by Fil Zivko

Sources:

https://www.reuters.com/article/us-wirecard-accounts-responsibility/whos-to-blame-for-wirecard-germany-passes-the-buck-idUSKBN24320O
https://www.itnews.com.au/news/trail-of-missing-wirecard-executive-leads-to-belarus-550656
https://www.ft.com/content/284fb1ad-ddc0-45df-a075-0709b36868db
https://www.ft.com/content/ac949729-6167-4b6c-ac3f-f0aa71aca193
https://www.ft.com/content/03a5e318-2479-11e9-8ce6-5db4543da632
https://www.ft.com/content/f6e8a58a-2b93-11e9-88a4-c32129756dd8
https://www.spiegel.de/wirtschaft/urteil-im-insider-prozess-um-sdk-affaere-um-straub-und-bosler-a-822498.html
https://ftalphaville.ft.com/2015/04/27/2127427/the-house-of-wirecard/
https://www.ft.com/content/d51a012e-1d6f-11e9-b126-46fc3ad87c65
https://www.youtube.com/watch?v=NDEzsQjFpik
https://www.youtube.com/watch?v=u-8-QbDpqqw &t=264s
https://www.youtube.com/watch?v=EdYpXuwGVFg
https://www.youtube.com/watch?v=8V2wbAQNUSs
https://www.ft.com/content/e9d54dba-6952-4ed5-9ddc-6cca15773b63
https://www.ft.com/content/f697a093-4e1b-4ef4-9b16-820198e4a67f
https://www.ft.com/content/ec986d0e-5d92-4e66-a595-0f8645f1aaf0
https://www.nytimes.com/2020/06/23/business/wirecard-markus-braun.html
https://www.forbes.com/sites/jackkelly/2020/06/23/wirecards-former-billionaire-ceo-markus-braun-arrested-over-allegations-of-fraud/#210860c034c1
https://www.dw.com/en/former-wirecard-ceo-markus-braun-arrested/a-53905720
https://www.wsj.com/articles/wirecards-former-ceo-markus-braun-is-arrested-11592901759

//Soundtrack//

Vesky – With You

A Zed And Two L’s – Fila Brazillia

BUCK UK // Once

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Nico De Andrea, Syon – Wish We Could (ft. Darla Jade)

Synkro – Midnight Sun (Helios Remix)

Burn Water – She Shines

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