Image: renardo la vulpo / cc by-sa 4.0
The big financial scandal of the young german history: which responsibility have scholz and merkel?
How do politicians act when it comes to coarse money, hypes with international dimensions, fraud, networks, personnel lenses, vanities and savings of numerous investors? The wirecard scandal brings a lot to the light and is a hub-hated concrete counterpuck to all the infotainment debates on politicians, which present themselves as chancellor’s candidates, in which it went above all about images and moods.
In the omnipresement of the corona crisis, the wirecard scandal is advised on a secondary show place, which could change. After all, it’s about the "large financial scandal of german postwar history". The cost of the wirecard insolvency for banks and investors will be scated to more than 20 billion euros.
The topic could get weight in the election campaign to the general election in autumn, today is to read several times. The reason is that two top politicians should now statements before the wildcard investigation committee: today it is the federal finance minister scholz, tomorrow the chancellor angela merkel.
Both made in the course of the action, where the fraudulent machinations of the earlier shooting stars on the german dax heaven is becoming more and more clearly, and no good figure.
Scholz held the supervision on a very long leash; he rather looked away as some call a short denominator and the chancellor operation in a china visit in september 2019 still lobbying for the financial service provider. In the background, the ex-defense minister guttenberg played a dubious role. His mission: the federal government moge wirecards admission to the chinese market.
Dubios is therefore because it has been possible at this time, namely since 2015 (!), a whole series of enthusiasms of financial times gave to the unclean business backgrounds of the german flagship company. The report on money and account balancing, which appeared in the british financial newspaper in january 2019, resulted in a crash of the share of up to 30 percent.
This mosaic fragment should be mentioned from a gross morgen, because it shows pars pro toto, as stubbornly looked away, the newspaper is not exactly a village indicator and such a crash excited attention and leads to questions.
Attake on the dax hype shot
Exemplary also the reaction in this economic crime, which of meedia in june last year was very vividly illuminated: instead of looking at the premieges more closely, the german supervisory baafin turned behind the line of the sustainable company and made the ubella from critical journalists of the ft:
"Now the ft was sudden in the defensive. Even the german financial supervision bafin showed the ft journalists."
It turned out that the british journalists were on the right track and the german supervision completely failed and put false traces (see: wirecard struggled a system that wanted to be cheated) – such as a ban on bafin of blank selling of wirecard commands, what the message sent to investors: "at wirecard everything is fine."
And not enough. The head of the apas, ralf bose, had to admit that he had traded wirecard shares and thus acted before the company’s collapse.
This occurred at a meeting of the investigation committee in december last year. Bose as a result, what was revealed in the inquiry committee, has its item. He is not the only one.
Leave the posts: felix hufeld, chief of financial supervision bafin, elisabeth rose, vice presentess of bafin, edgar ernst, prasident of the balance sheet control office dpr and hubert barth, germany boss of the economic supporting company ey. "There are also bankers, analysts, fund managers and bafin employees. They lost their jobs, their bonuses, their reputation" – the wirecard investigation committee has one "uncanny", so the premier balance of the br before the appearance of scholz and merkel.
Politically steady for the apa’s economic preliminary review is economist altmaier, whose ministry has the legal supervision of the apas. The stock trading of apas boss bose was legally permissible, a general trade ban with shares of companies whose balance examination takes the apas under the magnifying glass.
But conspicuous is the time of sale. Florian toncar (fdp) suspects that bose could have limited by fast action at least his losses. What shows clearly is that external checking through the ministry has its limits and leaking. You can monitor yourself.
Altmaier gave me two days more than satisfied with the activity of the final examination point apas: "preferable work".
The apas was as a supervisory persons of the final examiner (balance sheets) in the wirecard case for the evaluation of the wirecard economic provisions ey. The critics ame that the ey will make prematurely and to invite the ministry of economic affairs that they have not adjusted there.
In the obviously damaged work of ey, several of the deputies quite a responsibility of the apas. Ey has not seen any obvious warning signs; the apas in turn should ensure the quality of the work of the accountants. Other authorities had already received much early investigations, said jens zimmermann (spd). The apas, on the other hand, had first responded to press reports on wirecard at first by taking ey contact. The ey germany boss ared on the phone, "corresponding examinations" to set and clarify the ambiguities. "The apas satisfied that the supervision predicted, we already do that", criticized carpenter.
Networks and responsibilities
The apas would only slowly rewind the existing instructions because the staff is scarce in this area defended altmaier. Anyone looking for websites that throw a critical look at business advice, who quickly realizes that personnot may be a problem, but could have to do the big problem with close crosslinks that could influence suggestions. It is a circle. You fit on yourself.
From a critical auditor, interesting comments on the unemployment of the statutory programs come:
"Just do not say anything critical about ey or the big4. Finally, millions of membership contributions and donations are hung."
The gross four of the industry ("big4") immerse in financial scandals. Commanded are the four large economic advice pricewaterhousecoopers, kpmg, deloitte and ey. The problematic pruers form an oligopoly.
Olaf scholz has to answer to his role today, who is politically responsible for supervision via wirecard, provide information. He also raises him that he was the bafin who continued the advances that continued the scandal, which did not look like the fingers, not so closely looked at the fingers, as he had to do this as a finance minister.
"Scholz should explain how the bafin, the financial supervision, which he has supervised, it has not only conceived, uncovering the wirecard fraud, but has also approached short sale and journalists of the financial times, which were the first to point out irregularities in the company." (financial times)
Although it has given rather early evidence of irregularities, but the tests of the final examiner had always calmed down, scholz said before the committee.