Commentary on Political Economy

Wednesday 24 June 2020

NAZI BEAST IS A SATISFIED PIG!

German finance minister on Wirecard oversight — ‘the supervisory institutions did their job’

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UGLY NAZI BEAST!


German Finance Minister Olaf Scholz shows Chancellor Angela Merkel (not pictured) the newly-released German government "Corona-Warn-App" COVID-19 infection tracing app on his mobile phone, during debates at the Bundestag on June 18, 2020 in Berlin.

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If you think the German establishment might be feeling red-faced about the implosion of payment processing giant Wirecard, think again.
Olaf Scholz, the German finance minister, spoke to the Frankfurt Financial Summit and wasn’t apologetic, according to Reuters.
“I think the supervisory institutions worked very hard and they did their job — this is what we see today.”
— Olaf Scholz
Longstanding observers of the WDI, -22.65% situation disagree.
Wirecard last week said its auditor, Ernst & Young, couldn’t find €1.9 billion of cash on its balance sheet, and on Monday the company conceded the money probably was never there in the first place.
The stock has dropped 84% since last week’s revelation.
After the Financial Times ran a series of stories alleging Wirecard overstated profit and sales at subsidiaries in October, the financial regulator BaFin implemented a short selling ban that ended up lasting two months.
It also filed a criminal complaint against two Financial Times journalists.
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