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Wirecard (a German financial company) has collapsed due to probable fraud.

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oldman82

Wirecard (a German financial company) has collapsed due to probable fraud.
A lot of card companies in the UK were using their services and they've all frozen the accounts of anyone with a connected debit card.
I'm personally screwed as my card is on the list ,can't access my cash to make online payments for anything.
Anyway ,if your card is declined this could be the reason why.
P.S:
What the hell is going on in Germany ,another failure in a increasing list of dodgy dealings with companies over there..
https://www.yourmoney.com/saving-banking/wirecard-ordered-to-freeze-uk-customer-funds/
They behaved disgracefully when the UK's Financial Times broke the news a while back about what was going on:
https://www.telegraph.co.uk/business/2020/06/24/germanys-enron-wirecards-unravelling-creates-storm-despair/

4 years ago*

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16 Comments
Starwhite

It's just 1.9 billion euros, anyone can misplace such petty cash.

4 years ago
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Cjcomplex
(Super Moderator)

If only. It probably doesn't even exist

Still, it could be worse. You could have the equivalent of 95% of Estonia's GDP flow through a single branch in Estonia in a series of odd transactions for about ten years.

4 years ago*
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Starwhite

Obviously it doesn't any more after it was transferred to some tax paradise ... and it's gone.

But it's great that banks over here are doing their absolute best to stop money laundering by pestering honest hard working people about where they got their money from and are they friends with Putin. Thus far the success stories in stopping terrorism include someone putting "isi" (daddy) as the recipient's name and someone sending money to donate for a young refugee's graduation hat (learned Finnish and went through 9 years of school in less than 2) with the message "Hassan". They managed to stop at least 100 euros worth of money being transferred from one Finnish person to another within the Finnish banking system. Meanwhile 100s of billion go through np, please to use our services next time too!

4 years ago
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Tristar

,another failure in an increasing list of dodgy dealings with companies over there..

What others?

4 years ago
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Golwar

He got that from his article at the Telegraph. And their examples are Dieselgate, Deutsche Bank borrowing money to Trump and they have a grudge against BaFin, because these opposed a fusion of the London Stock Exchange and the Deutsche Börse. Just as the EU did too.

So mostly it's Brits being glad that there are at least some scandals at other places too. :-p

4 years ago*
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oldman82

Nice to see the FT proved right all along.
They took a lot of stick with some pretty nasty ,unfounded, accusations thrown at them.
But they were correct from the get go.

4 years ago
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Golwar

True. But I have no clue how the FT being right about Wirecard is relevant for the quoted and debated part?

4 years ago
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oldman82

You can find the others quite easily by starting with the article i posted.
I can think of a couple off the top of my head ,the car industry scandals .
There's more financial ones too.

Anyway ,i just want my card + cash back :)

4 years ago*
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Cjcomplex
(Super Moderator)

I'm a bit surprised to see this leak here but this is something that I've been following for the last two weeks. I'm actually more interested in what happens to Ernst & Young (one of the "Big 4" and the firm who audited the company for years) and BaFin (German regulator). There has been stories about something being fishy with Wirecard since 2018 and it got to the point where BaFin banned short selling instead of, you know, seeing wtf was going on.

Now BaFin is probably going to get investigated itself for being asleep in the wheel and EY is getting sued since Wirecard itself has no money and owes creditors around $4 billion.

Then there is also the former Cheif Operating Officer, who is now wanted by German officials and is somewhere. He conveniently left for the Philippines a few days ago (not too suspicious since he was with his Filipina wife) but then for some reason went to China. It is being reported that he plans on turning himself in, but who knows if that is true or not.

4 years ago
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oldman82

Yeh ,i only noticed when i went to buy Fantical's star deal .
The card i have linked to Paypal was declined.
£160 sitting on there that i can't access.

It appears that Germany companies have been up to all sorts of shenanigans..
I remember the car industry scanda a while a go.
Obviously things are not so rosy over there.
Not surprised really ,some of the things that have happened the last few years have probably been sucking them dry.
Though Merkel will probably side-step any blame.
Not that i know anything about German politics :)

4 years ago*
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Polaris3

another bailout?

4 years ago
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red5thedragon

In the United States, we give them free money if they commit fraud (2008 economic crash and bailout) so that they (the banks) don't permanently go out of business. We were lucky years later that there were some progressive politicians (Elizabeth Warren) that held the banks accountable for that fraud.

4 years ago
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Masafor

We, in germany, done the same with the "poor" banks.
They must fire the normal workers that the poor Managers can get their $10000k bonus payments....
-_-

Wins only for the bank, looses for all people in the country. Fair share...

4 years ago
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red5thedragon

I didn't know Germany did the same thing. I always thought it was more socialist.

4 years ago
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Masafor

The industry bosses command the politic "results" behind the curtains.

4 years ago
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Golwar

We had "bad banks" for toxic high risk assets and the government bought a share of the struggling Commerzbank. but that's about it.
We spent more money on short-time work programs to keep people in their jobs and packages to stimulate the economy.
But no matter how well we did, some still need to claim that only managers got their bonuses.

4 years ago
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