The Weird, Extremely German Origins of the Wirecard Scandal
Adrian Daub, 21 April 2021
German scandals are not like other scandals. The bouquet of a classic German scandal contains unmistakable notes: a rabbit-hole impenetrability, the implication of an entire guilt-ridden society, and, most importantly, a sense that the controversy says something essential about Germany as a whole. 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. Wirecard, whose products facilitated e-commerce payment transactions, was the rare German startup that seemed primed to become a “global player”—a phrase with special resonance in a country that, despite all evidence to the contrary, still perceives itself as being small-time. The company was founded in 1999, survived the dotcom-bubble, began a massive expansion into Asia in the middle of the financial crisis, and, later, began another expansion into the Middle East. Continue reading “Article: The Weird, Extremely German Origins of the Wirecard Scandal”
Deutsche Bank fined $205 mn in US for forex manipulation
Phys.org, 20 June 2018
US officials fined embattled German banking giant Deutsche Bank $205 million in a settlement to resolve foreign exchange market manipulation violations, New York’s top banking regulator announced Wednesday. Continue reading “Article: Deutsche Bank fined $205 mn in US for forex manipulation”
Germany: Russian Mafia Plundering Billions Through Nursing Services
German authorities are investigating some 230 nursing services believed to be charging the government more than €1.2 billion annually for fictitious staff and hours spent on caring for the elderly and sick, media reported Tuesday.
Elderly Care (Max Pixel CC0 1.0)A police report leaked to Die Welt am Sonntag allegedly linked the services to the Russian mafia. Its network of companies allegedly routinely defraud insurance providers, patients and pharmacies by claiming for services they are not providing, falsifying documents, employing unqualified carers and making multiple claims for a single patient.
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