Ernst and Young reported for prosecution

Wirecard executive claimed to be Putin asset escaped to Russia with loot

I pray that this is not going to be another Enron / Arthur Anderson style saga

https://www.ft.com/content/c3b9791a-15b2-4a7c-92da-be4458f528d7 

I hope it is.  The accountancy profession has done more damage to humanity than the bubonic plague.

The Wirecard scandal has been one of my fave pieces of corporate mischief in 2019 and 2020.  Absolutely stellar reporting by the FT. 

It also begs the question as to why the Teutonics are so bad at regulation. Bafin re Wirecard, the cum divi ex divi shenanigans, diesel gate emissions cheating.  

Rampant cronyism and corruption. 

As someone who lives and works in Germany and who also deals with compliance all I can say is.

Spot on Judy

Germany is by some distance the most closed-shop, jobs for the boys business environment I’ve ever encountered. Clearly it’s working for them generally but it was really surprising to me. 

It’s hard to know what to take from the Wirecard thing with regards to EY, because it does seem to have simply gross negligence/collusion by the individuals running the audit. Like there are plenty of procedures in EY’s audit program that would have caught the fraud, but they just weren’t doing them. 

It sort of annoys me how knee-jerk remainers laud Germany and denigrate the UK, wilfully blind to how wilfully blind the Germans are to effective regulation because of a parochial mentality of Deutschland Uber Alles.

There is SO MUCH more to Wirecard.  I wonder how much will actually come out in the end.

Bafin appears to combine incompetent with a belief that their role is to be a cheerleader for German business.  It is probably the worst financial regulator in a significant European county.

The whole Greek financial crisis was to ensure that the buck was passed from the otherwise insolvent German  banking system  on to the EU taxpayer

"It also begs the question as to why the Teutonics are so bad at regulation. Bafin re Wirecard, the cum divi ex divi shenanigans, diesel gate emissions cheating. "

Yeah, in contrast to the UK which is so excellent. You couldn't imagine, for example, a situation where the market leading banks would collude so as to manipulate the lending rate, or anything like that. Oh those naughty Allemands if only they could be like the UK!

QED. 

 

Pathetic argument. 
 

the whole point is that the U.K. authorities did do something about it, in conjunction with the US. 
 

Unlike the German regulator.