Mike Masoud
April 30, 2021
Last June, our staff published the following post about the Wirecard scandal. They stated, among other things, the following:
Who Should Pay For It?
Where were BaFin, Germany’s financial watchdog?
Where were the Board of Directors of Wirecard?
Where were EY, the independent auditor of Wirecard?
Where were the relevant regulatory agencies of Singapore and Dubai?
The American Anti-Corruption Institute (AACI) says it was made in Germany. In fact, and as it turned out, it was purely German, and as Professor Adrian Daub puts it in his excellent article, “The Weird, Extremely German Origins of the Wirecard Scandal,” ” German scandals are collectivized. They are about a belief in German difference, for good or ill. The rise and fall of the financial services giant Wirecard is such a scandal.”
In April 2021 we hear a lot of incredible news about this German mega scandal. Recently, there were two major developments in the scandal that I posted on LinkedIn and gave my opinion on them (see below).
In my opinion, this is a developing scam that we have yet to see beyond the tip of the iceberg. I repeat who should pay for this as stated above. I also believe that the German government has many accomplices in all branches and at the highest level. I agree with what Professor Adrian Daub concluded in his article1: “The Wirecard scandal could be depicted as an example of global neoliberalism run amok. But it might actually be about a country that… obsessed with being a global player, but ultimately far more comfortable in its provincialism than it cares to admit.”
Notes
1 Adrian Daub, The Weird, Extremely German Origins of the Wirecard Scandal: How politicians, regulators, and the media fell for an obvious financial fraud, April 21, 2021, Accessed on April 30, 2021. https://newrepublic.com/article/162084/weird-extremely-german-origins-wirecard-scandal
