CNBC: Wirecard shares plunged more than 60% on Thursday as the German payments giant postponed its annual results once again and said auditors could not confirm the existence of 1.9 billion euros ($2.1 billion) in cash on its balance sheet.
The Munich-headquartered company said in a statement Thursday morning that auditor EY couldn’t find the cash balances — which represent roughly a quarter of its balance sheet. There were indications that “spurious balance confirmations” had been made by a trustee to “deceive the auditor and create a wrong perception of the existence of such cash balances,” it added.
“The Wirecard management board is working intensively together with the auditor towards a clarification of the situation,” the firm said. It added that failure to provide its 2019 financial statements by Friday could result in loans of around 2 billion euros being “terminated.”
Wirecard’s share price cratered immediately after the news, and was down almost 62% by the market close. more here
reminds me of ….
Peter Gibbons: [Explaining the plan] Alright so when the sub routine compounds the interest it uses all these extra decimal places that just get rounded off. So we simplified the whole thing, we rounded them all down, and drop the remainder into an account we opened.
Joanna: So you’re stealing?
Peter Gibbons: Ah no, you don’t understand. It’s very complicated. It’s uh it’s aggregate, so I’m talking about fractions of a penny here. And over time they add up to a lot.
Joanna: Oh okay. So you’re gonna be making a lot of money, right?
Peter Gibbons: Yeah.
Joanna: Right. It’s not yours?
Peter Gibbons: Well it becomes ours.
Joanna: How is that not stealing?
Peter Gibbons: I don’t think I’m explaining this very well.
Joanna: Okay.
Peter Gibbons: Um… the 7-11. You take a penny from the tray, right?
Joanna: From the cripple children?
Peter Gibbons: No, that’s the jar. I’m talking about the tray. You know the pennies that are for everybody?
Joanna: Oh, for everybody. Okay.
Peter Gibbons: Well those are whole pennies, right? I’m just talking about fractions of a penny here, but we do it from a much bigger tray and we do it a couple a million times.
Off-topic: While hundreds lined up in Tulsa in advance of the Trump Rally, the mayor of Tulsa just issued a curfew. Cops just ordered everyone off the streets.
This is why I say Fuck Crypto.
Quadriga Crypto was a ponzi/fraud scheme. People lost huge ($250 million) amounts of money when the little fuck canadian accidentally died from crohns while he was living it up on his honeymoon.
Does Biden have family on the board of WIRECARD?
Hillary!!!
Oh wow. Tulsa’s mayor is a piece of shit.
Have Biden call Jon Corzine.