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Wirecard Collapse Freezes Millions Of Online Bank Accounts: Will Customers Ever Get Their Money Back?

As the list of banking services that have been frozen because of the collapse of Wirecard grows longer, millions of customers are beginning to wonder: is the money in my account safe? The worrying news is that not even the financial authorities seem certain that it is.

On Thursday, Wirecard filed for insolvency after it emerged that almost €2bn of cash on the company’s books didn’t actually exist

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by Anonymousreply 2407/10/2020

anyone watching the wirecard collapse? in 1 week from 104 to 3

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by Anonymousreply 106/29/2020

anyone watching the wirecard collapse? in 1 week from 104 to 3

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by Anonymousreply 206/29/2020

This is serious shit people. It's Germany..

by Anonymousreply 306/29/2020

No one cares about this crisis that is real and can plunge Europe into economic chaos?

by Anonymousreply 406/29/2020

Pass the jelly

by Anonymousreply 506/29/2020

[quote]No one cares about this crisis that is real and can plunge Europe into economic chaos?

Excuse me miss, I have problems of my own.

by Anonymousreply 606/29/2020

I get a bad feeling about this.

What about other financial firms?

by Anonymousreply 706/29/2020

It’s hard to get to these serious and important threads because someone is bumping all the Karen and Trans threads.

by Anonymousreply 806/29/2020

Is this just one small bank or is it indicative of a larger looming banking crisis?

In the U.S. we have FDIC.

by Anonymousreply 906/29/2020

R9

It's huge

by Anonymousreply 1006/29/2020

Wirecard executive Jan Marsalek touted Russian nerve gas documents

Vanished chief operating officer of fraud-hit payments group hinted at secret service links

article at link

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by Anonymousreply 1107/09/2020

What is wirecard?

by Anonymousreply 1207/09/2020

WTF? Germany, get your shit together!

by Anonymousreply 1307/09/2020

From the link: "Wirecard filed for insolvency after it emerged that almost €2bn of cash on the company’s books didn’t actually exist...".

Shit! That's massive.

by Anonymousreply 1407/09/2020

It was for small business owners? What? Bizarre institution - why not use a bank with a reputation? If it just handles transactions, who would have much money sitting there not in transit?

by Anonymousreply 1507/09/2020

Yeah, r15, a bank like Deutsche Bank

by Anonymousreply 1607/09/2020

R11

If you know more than a normal human being should ever know about Deutsche bank and accounting firm fraud, that article reads like a horror story.

We need to recognize ONLY gold and silver as money again, and destroy the fiat banking system.

When the shit hits the fan, Utah and Texas have the advantage of having already making gold and silver legal tender.

by Anonymousreply 1707/09/2020

R9

The FDIC has about eight cents in reserve for every hundred dollars at risk. Do you really think that the FDIC can bail out the entire banking system?

The massive inflation of the money supply over the last 50 years, after Nixon broke the gold standard, is finally reaching the crisis point.

by Anonymousreply 1807/09/2020

I guess I’m not shocked that the vast majority of intelligent and plugged in Dataloungers aren’t aware of this catastrophic scandal.

When the media is obsessed with ephemeral bullshit, not the $HK/$US peg, or India China border fights, or economic data showing catastrophic problems in H2...It’s because the trannies have taken over!

Fortunately, china has amassed more debt much faster than the United States, which makes them extremely weak when it comes to attracting external financing.

by Anonymousreply 1907/09/2020

[quote]I guess I’m not shocked that the vast majority of intelligent and plugged in Dataloungers aren’t aware of this catastrophic scandal.

I'm barely aware of it and I live in Europe. I looked into it a bit as I have one account through a German bank; while it was at its start associated with Wirecard for some card services, it quickly shifted to making those services internal and shed its affiliation.

According to Forbes, Wirecard has debts of $4 billion. A catastrophic mess for Wirecard customers, but that's not a catastrophic amount of money overall. Certainly it shouldn't be for a rich country like Germany that likes to scold Italy and Spain and Greece for not putting aside vast reserves for the inevitable rainy day?

by Anonymousreply 2007/10/2020

R19 what is "H2" and its catastrophic problems?

by Anonymousreply 2107/10/2020

The problem with gold and silver, R17, is that they can give you the Covid.

In my country you can't get change of $50 any more without going into a bank. Nobody is taking currency, not even for newspaper. It's all Tap and Go cards, because it's a "no touch" system for service staff. Even tradesmen don't want cash in hand. Unless there truly are widespread runs on banks, in countries that have the technology the virus is going to kill cash for good.

by Anonymousreply 2207/10/2020

H2- Second half of the year. If the economy remains moribund, and the unemployment stimulus isn’t extended, the riots last months will look like children’s play dates.

by Anonymousreply 2307/10/2020

I thought I heard 33% were out of work and suddenly it's 11% - so difficult to know the situation but it seems like 25% or more of workers. People who are not on books for example.

by Anonymousreply 2407/10/2020
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