What happened to Wirecard? | CNBC Explains

German payments group Wirecard was once seen as Europe’s most exciting fintech company. Now it’s at the center of one of the biggest financial scandals in the country’s history. CNBC’s Tom Chitty explains.
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[FFang-cnco]

Behind every major German downfall is an Austrian leader...

[moumous]

Am I the only one who’s never heard of Wirecard till this year 2020?

[prashan]

I landed a job at wirecard in June 2020. The day before I was supposed to hand over my resignation, they filed for insolvency. Thank God that was a near miss

[economicsinaction]

And there goes any European competition to US & Chinese counterparts

[kiane]

At this point Softbank is hardly an investor.

[mariotesli]

When I heard SoftBank I just started laughing out loud 🤣

[ruwiki]

the Big Four mafia organizations: EY, KPMG, PwC and Deloitte

[tarunsaibhadri]

Can we just talk about how much better the CNBC Explain journalists are that CNBC live TV? This explanatory format is very useful to the world and all the hubbub on CNBC tv for generating severe drops or spikes in stock price is useless and a huge timewaster. CNBC Explains is such an underrated youtube series imo and more people need to watch it.

[JackJack-gdhw]

EY didn't fail in checking wirecard's bank statement. They resorted in doing such procedure because they did not perform/were not able to obtain third party confirmation.

[shanetonkin]

I can’t believe one of the big 4 accounting firms didn’t think there was something slightly suspicious about claims to have made huge profits from payment processing services in South East Asia - a region known for low incomes and heavily cash-based societies.

[dumolollen]

The financial regulatory authority of Germany doesn't have power to prosecute that's hard to digest

[sultan-ncfh]

Why SoftBank is behind every financial Disaster in the past three years.

[zhiwentan]

Regulators should file criminal charges against auditing companies involved.

[MoChoudhury]

You need to give more recognition to the FT for this story.

[booogil]

I don't understand how the accounting firm could sign off the audit report for the IPO. I think the accounting firm is accountable for this too.

[Kig_Ama]

I'm sure BaFin knew very early about the problems at wirecard and was hand in glove with wirecard. Can't imagine that the german supervision is soo dumb.

[Shibarmy_uk]

I’ve got 20 share in Wirecard hope they move up soon 😂

[jasontheworldisyours]

With this company being in the DAX I wonder if this could happen to a Dow or NASDAQ component

[Hopehope]

price is what you pay, value is what you get. YOLO investment

[Elainerulesutube]

I have read on The Trumpet website that Baron Karl Theodor zu Guttenberg was a member of this company.