This morning in Munich...the company Wirecard finally filed the paperwork....they are bankrupt.
Shocker? I think the audit and banking folks would say that things were progressing this way for almost a decade. Wirecard couldn't run their books in a way to show legal banking and money transfers.
When the 1.9-billion Euro non-existence was tacked-up on the wall in the last ten days....no one there at the company could say much.
Cleaning this mess up? Thousands of Germans had 'cash' in Wirecard to handle international translations for their shop or business, and travel. Their money? Probably gone. I watched an interview last night....small business guy....had around 4k Euro with them. At this point, he doesn't think money exists....he'll just wait for the government to sort this out and figure out what he can get back.
Corrupt and built for money-laundering since day one? Some people have suggested this. But they lasted almost twenty years at this game, and you have to admire how they bested the German audit folks on countless occasions.
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