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?
| +411 | Female bankers doing brand deals on TikTok (@emlywang) | 126 | 50m |
| +136 | UBS rolling out Enhanced Clean Desk Policy, bans deal toys | 16 | 2d |
| +84 | Starting FT in a city 3 hours away, dad has progressing Parkinson's. Looking for advice. | 7 | 57m |
| +68 | JULY 2026 CHICAGO BANK RANKINGS | 27 | 1h |
| +64 | Restructuring is paradise (a completely unbiased account) | 6 | 2d |
| +36 | Not Treated Well by Other Interns | 20 | 11h |
| +35 | Handling frustration | 5 | 3d |
| +32 | Taking days off as an intern | 14 | 5h |
| +28 | Thoughts on Intrepid - Houlihan Merger | 10 | 1d |
| +27 | Best books to read as a student/intern | 12 | 4d |
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...
Qui atque magnam iure quia repellat occaecati blanditiis. Voluptates qui error cupiditate voluptate est alias non. Et asperiores ab ratione voluptatum. Nam cum ea vel quia quia sit enim.
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...