Bloomberg: The Best Fraud Is in Plain Sight
A press review featuring Fabio De Masi
Bloomberg: The Best Fraud Is in Plain Sight
"For the last year or so, Dan McCrum, at the Financial Times, has been reporting that German fintech firm Wirecard AG was faking some of its revenue, and Wirecard has been angrily pushing back, accusing McCrum of conspiring with short sellers to push down its stock. Last week Wirecard disclosed that some of its cash was missing, and finally this morning it admitted “that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist.” (...)
On Thursday, Fabio De Masi, a senior politician of the leftwing Die Linke party, accused BaFin of “watching [Wirecard] idly for way too long” and called for a “radical change” in the watchdog’s regulatory culture.""