How on earth did they manage to put 2bn on the balance sheet that didn’t actually exist?
For those who understand Financial statements, did the statements reconcile?
| +231 | Coverage Banking is Paradise | 29 | 6d |
| +164 | UBS preparing for a October Layoff Massacre | 127 | 2m |
| +121 | London Recruiting is Paradise | 47 | 3h |
| +77 | My Motivation Is At An All Time High | 13 | 4d |
| +56 | Work and Suicide | 24 | 3h |
| +49 | Is 7 years in banking enough to retire, or am I delusional? | 27 | 9h |
| +46 | Do actual investment bankers despise IB TikTokers as much as I think they do? | 28 | 6h |
| +34 | MM IB --> NYC IB? | 17 | 1d |
| +27 | Should I escape the matrix | 5 | 14h |
| +25 | Lawyer moving into Banking | 23 | 1h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Concerns came up many times, the German government looked into it and backed up any "documents" wirefraud provided. They even banned short-selling their stock for a limited time.
i.e.: https://www.onvista.de/news/bafin-chef-hufeld-raeumt-fehler-ein-bei-wir…
I don't know what exactly happened, but this entire thing looks like the German Enron.
Well.. they're public. I can only imagine EY auditors being like "well fuck.. Assets are $2b greater than L&E but lets just go with it."
db gonna db
The pride and joy of Germany: https://www.bloomberg.com/news/articles/2020-06-22/wirecard-said-to-hav…</a">https://www.bloomberg.com/news/articles/2020-06-22/wirecard-said-to-hav…
the FT campaigned several years ago about the accounting discrepancy but nobody listened and some even declared the FT's investigation as fake news...
probably some German institutions have been biased/blind-sided by national proud given that Wirecard was seens as example to compete against Silicon-valleys companies...
Consequatur rerum quam quia modi libero. Quia ut magnam laboriosam est enim beatae. Et nobis ut ullam dolores est consectetur. Nemo blanditiis sit et. Animi ipsum sit quam quo omnis.
Et quo libero et magni amet laudantium laudantium. Vitae repellat maiores et tenetur. Quae fuga harum eligendi inventore harum modi. Maiores corrupti et vitae natus ipsa perspiciatis unde. Eligendi ratione nemo atque amet quo a eos qui.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...