<story><title>Wirecard files for insolvency after financial hole laid bare</title><url>https://www.dw.com/en/wirecard-files-for-insolvency-after-financial-hole-laid-bare/a-53936447</url></story><parent_chain></parent_chain><comment><author>simonkafan</author><text>I wonder how many companies in the world are basially built on warm words without any real value behind. I made the experience that a lot of people don&amp;#x27;t really care if a company has positive revenue streams anymore, they don&amp;#x27;t even know what a balance sheet is. They simply invest because other people do. And those other people invested because people before them did. This new style &amp;quot;invest billions now in a lossy start up and hope for a positive cashflow in a few years&amp;quot; is absolutely insane, it transformed the economy into a pure gambling hall.&lt;p&gt;What makes it even worse, in case of wirecard, their auditor EY had audited and certified wirecard&amp;#x27;s balance sheet for years with no objection. They were satisfied with a clumsy fake audit certificate for 2 billion euros in a Philippine account! For how many companies EY did the same? How superficially do they check their customers?</text></comment>
<story><title>Wirecard files for insolvency after financial hole laid bare</title><url>https://www.dw.com/en/wirecard-files-for-insolvency-after-financial-hole-laid-bare/a-53936447</url></story><parent_chain></parent_chain><comment><author>adwf</author><text>Doesn&amp;#x27;t surprise me in the slightest.&lt;p&gt;Worked for a fintech company a few years back that used Wirecard as the processor for one of their products.  Somehow they managed to lose the PK&amp;#x2F;FK relationship between accounts and transactions (or something like that).  A whole lot of our customers suddenly started getting other people&amp;#x27;s transactions on their accounts.  It was the final straw that shutdown the entire product line and we moved on to other providers for new projects.&lt;p&gt;So, not at all surprised they don&amp;#x27;t know where their money is.</text></comment>