Germany's biggest postwar financial scandal | DW Documentary
Many say Wirecard is Germany’s biggest postwar financial scandal. At any rate, the Wirecard crash cost thousands of investors millions of euros, while stock traders known as short sellers sensed the fraud and walked away with incredible profits.
“The Wirecard Case” tells the story of the financial scandal from the perspective of the short sellers, stock traders who bet that prices will fall and manage to gain when everyone else is losing. For years, short sellers around the world recognized that fraud was taking place at Wirecard and they knew it would someday be uncovered. Even in the face of criticism from the authorities and the company, the short sellers turned out to be right.
The filmmakers ask why, if the swindling was so obvious, did the authorities, auditors and policymakers leave Wirecard’s management in place for years? Why were alarm signals ignored? Why did financial oversight authorities fail to investigate the company rather than its critics? And what role did Germany’s federal government play in the affair? “The Wirecard Case” also takes viewers inside the company to examine leading figures Jan Marsalek and Markus Braun as well as speaking with those who watched as Wirecard came apart at the seams.
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