Wirecards scandalous collapse exposes the weakness of a single EU financial market that leaves regulatory supervision to the member states.
Wirecard was one of the great success stories of Europes fintech sector and a German national champion, holding a coveted place in the DAX 30, the countrys main stock index. But since it was suddenly declared insolvent on June 25 following the disclosure of a 1.9 billion hole in its accounts ($2.1 billion at that date), the e-payments companylike Enron two decades earlierhas become a glaring symbol of mismanagement, prompting demands that the EU take control of financial supervision away from local authorities.
Wirecard represented a spectacular fraud. Its CEO, Markus Braun, was arrested; and …
Read the full article at: https://www.gfmag.com/magazine/september-2020/fintech-accounting-continental-grift
