Buddy Can You Spare A Euro

They didn't fail to spot the problem, they circuitously found a way of ignoring it and in that cuthroat world, I bet KPMG wished they hadn't spotted the problem. Normally they close ranks
As I said, that’s the line within KPMG - so you’re probably right.
 
As I said, that’s the line within KPMG - so you’re probably right.
It sounds like a carefully crafted plan went mammaries up, cos normally there’s a revolving door between the Banks treasury and regulators, just so long as the boat isn’t rocked. When BNP pointed the finger at Lehman’s back in 07/08 they actually had little to lose even if they hadn’t blown the whistle.But that wasn’t the issue, the Euro was. Coincidentally the ECB is now in French hands and I guess the pressure is on for the recalcitrant four to stump up for the ECB projected shortfall. Of course the primary payer will be Germany, so now it’s finger pointing time and I’m guessing that the Bigfour auditors are being targeted now we’e out. France wants a slice.
Oh Macrons being a very busy boy trying not to lose interests in Syria, usurping EU FP again talking to Putin, I hadn’t ignored the fact that he wants to steal Trumps thunder in terms of a non proliferation treaty.
There is a danger in this for Germany, but then anything anti French will be typically viewed as German trouble making. Biggest mistake the U.K. and U S made was giving France a hand. It’s now coming home to roost.
 

ROMFT

Clanker
What the hell has happened to due diligence ?
Long since consigned to the history books, otherwise the 2007/2008 crisis would never have happened.
I think that creative accounting & flexible (frequently politically driven) economic modelling are the modern buzz words.
 
Wonder how much of the GDP figures for the economic output of Germany comes from thin air if their own Regulators hide financial reality figures.
 
Wonder how much of the GDP figures for the economic output of Germany comes from thin air if their own Regulators hide financial reality figures.
you mean creative accounting, or massaging the figures?.

As someone famously said years ago," you only see who is bathing nude when the tide goes out".

Did Bernie Madeoff ever work in Germany?. Then again it wasn't very safe for Jews to be working in Germany back in the day.
 
.....can they be trusted or are the Auditors not up to the job and are easily fooled .
This, in a nut shell.

People go into high-end accounting because they're not smart enough for high-end finance. Of those who go into accounting, the least able tend to end up in audit, it's the job nobody wants to do. It's about as unrewarding as it's possible to get.
 
IMHO, its about as credible as the German authorities being taken by surprise about the VW emissions scandal.

Business & State are very closely entwined in Germany.
It's credible for Germany.

Bafin has an awful record and even worse capability. When Deutsche Bank was put on "global watch" by the SEC, a condition of the close-supervision program (so they could retain their US banking license) was that the UK FCA be the lead regulator with global responsibility. The reason was that Barfin simply do not have the experience nor headcount to execute such a mandate.

Germany's reulators are shit.
 
Perhaps a bit too close in some cases, eg Niedersachsen and VW.
I recall reading a book about the Stasi some time ago

It described how the Stasi were actually used as a safety net against corruption/dodgy dealing - and how, after making a series of complaints through public health channels over hygiene standards in a local abattoir, and seeing nothing happen to resolve them - a local veterinarian reported it to the Stasi.

It then described how pissed off the local Stasi office were to then see nothing get done

Seems like the Germans have never really changed their spots when it comes to turning a convenient blind eye to wrongdoing....
 
I recall reading a book about the Stasi some time ago

It described how the Stasi were actually used as a safety net against corruption/dodgy dealing - and how, after making a series of complaints through public health channels over hygiene standards in a local abattoir, and seeing nothing happen to resolve them - a local veterinarian reported it to the Stasi.

It then described how pissed off the local Stasi office were to then see nothing get done

Seems like the Germans have never really changed their spots when it comes to turning a convenient blind eye to wrongdoing....
No different from anywhere else.
 
Seems like the Germans have never really changed their spots when it comes to turning a convenient blind eye to wrongdoing....
In this context I think that's a tad unfair. See UK FCA doesn't have a lot to write home about and people are unaware that the retail sector only comes under it's eye peripherally. Any where there's money to be made the Banking sector doesn't want to be hobbled, the issue isn't getting caught and that was what due diligence was about- not necessarily being squeaky clean. It's all about the interbank relationship. There was a time when the "Word is one's bond" was quite literal because the technologies weren't around. The technology is weeding out that confidence and trust. Every country I know of has always turned a convenient blind eye- and if you want proof just look at Money Laundering regulations. If you can point to one that has yet informed police in their countries that prime investors are Drug/crime barons or acting for them. Yet they all do in some way.
 
Jan Marsalek, the wirecard COO was fired on Monday.

On Tuesday he landed in the Philippines.

On Wednesday he flew to China.

The Money appears to be missing / was supposed to be held by 2 Filipino Banks.

Marsalek's wife is Filipino :) :)

Coincidence :D:D
 
It sounds like a carefully crafted plan went mammaries up, cos normally there’s a revolving door between the Banks treasury and regulators, just so long as the boat isn’t rocked. When BNP pointed the finger at Lehman’s back in 07/08 they actually had little to lose even if they hadn’t blown the whistle.But that wasn’t the issue, the Euro was. Coincidentally the ECB is now in French hands and I guess the pressure is on for the recalcitrant four to stump up for the ECB projected shortfall. Of course the primary payer will be Germany, so now it’s finger pointing time and I’m guessing that the Bigfour auditors are being targeted now we’e out. France wants a slice.
Oh Macrons being a very busy boy trying not to lose interests in Syria, usurping EU FP again talking to Putin, I hadn’t ignored the fact that he wants to steal Trumps thunder in terms of a non proliferation treaty.
There is a danger in this for Germany, but then anything anti French will be typically viewed as German trouble making. Biggest mistake the U.K. and U S made was giving France a hand. It’s now coming home to roost.
my bold .. re. the ECB, looking at this persons track record for financial shenanigans, it says to me the whole thing stinks .. Christine Lagarde - Wikipedia
snip "Lagarde is a French politician and lawyer serving as President of the European Central Bank since November 2019.
In December 2016, a French court found her guilty of negligence relating to her role in the Bernard Tapie arbitration, but did not impose a penalty "
 
my bold .. re. the ECB, looking at this persons track record for financial shenanigans, it says to me the whole thing stinks .. Christine Lagarde - Wikipedia
snip "Lagarde is a French politician and lawyer serving as President of the European Central Bank since November 2019.
In December 2016, a French court found her guilty of negligence relating to her role in the Bernard Tapie arbitration, but did not impose a penalty "
Yep stank to high heavens that did. Not sure how you can breach a law, be found guilty of it and then attract no penalty. However she got rid of Strauss Khan in short order. But more importantly to me, it‘s been unspoken that France has the FP remit and Germany the economic side. NowFrance appears to have assumed both and Brussels appears to have retreated. Add to that that the lead EU negotiator Seems to make the EU a wholly French entity.
 

Auld-Yin

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Yep stank to high heavens that did. Not sure how you can breach a law, be found guilty of it and then attract no penalty. However she got rid of Strauss Khan in short order. But more importantly to me, it‘s been unspoken that France has the FP remit and Germany the economic side. NowFrance appears to have assumed both and Brussels appears to have retreated. Add to that that the lead EU negotiator Seems to make the EU a wholly French entity.
Which has been France's aim since de Gaulle!
 
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