Discussions about serious topics, for serious people
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bmforre
- Snowbonk
- Posts: 504
- Joined: Mon Nov 11, 2019 1:15 pm
- Location: Trondheim
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by bmforre » Sun Jun 21, 2020 9:36 am
Wirecard, a Payments Firm, Is Rocked by a Report of a Missing $2 Billion
The German company’s share price has plunged 80 percent, and its longtime chief executive has resigned.
The Frankfurter Allgemeine is full of this and WaPo has interesting detailed discussions:
https://www.washingtonpost.com/business ... story.html
One heading: "Wirecard and the Dangerous Allure of Lots of Cash".
Dangerous Allure indeed.
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FlammableFlower
- Dorkwood
- Posts: 1509
- Joined: Mon Nov 11, 2019 1:22 pm
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by FlammableFlower » Sun Jun 21, 2020 10:50 am
What gets me is the number of companies who are audited by one of the big four accounting firms, only for them to actually be hiding some financial black hole.
It seems they're not very good at their job...
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lpm
- Junior Mod
- Posts: 5959
- Joined: Mon Nov 11, 2019 1:05 pm
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by lpm » Sun Jun 21, 2020 11:09 am
They are excellent at their job. The big four accounting firms extract large sums from the economy and channel it to their senior people.
Awarded gold star 4 November 2021
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lpm
- Junior Mod
- Posts: 5959
- Joined: Mon Nov 11, 2019 1:05 pm
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by lpm » Sun Jun 21, 2020 11:10 am
The Wirecard thing is most interesting in that the FT flagged the problem - but people refused to believe it.
Awarded gold star 4 November 2021
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malbui
- Fuzzable
- Posts: 315
- Joined: Wed Nov 20, 2019 11:25 am
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by malbui » Sun Jun 21, 2020 3:19 pm
I spent 18 years with a Big 4 firm in various countries. I still haven’t decided whether to write straight memoirs or sex it all up in a thriller.
And when it starts to slide
Let it go
Leave it behind
