Sinking Bank Throws Life Preserver To Drowning Fraudulent Payments Company - Dealbreaker

It’s hard to imagine that there could be a German company in worse shape than Deutsche Bank, but there’s a lot about payments company Wirecard that is hard to imagine. There’s the missing and quite probably imaginary $2 billion, the CEO under arrest, the other arrests, the missing COO (whose entry into the Philippines may have been as imaginary as that $2 billion), the almost too-good-to-be-true connections to SoftBank and Credit Suisse, the police raids, the whole hopelessly foreseeable nature of the matter that no one could or would foresee.

In the face of all the above, you might expect Christian Sewing & co. to take a deep breath, perhaps enjoy a wry smile and a sense of relief knowing that there but for the grace of Gott go they, and go the Masa Son route of trying to put as much distance between themselves and the unfolding catastrophe down in Munich. Instead, it’s decided to go the other way and offer a helping hand to a fellow sufferer of unwelcome visits by the police.

“We are, in principle, prepared to provide this support,” said Sebastian Krämer-Bach, a Deutsche Bank spokesman, “if such assistance should become necessary.”

The lender said the offer was being discussed with Germany’s financial regulatory agency and the insolvency administrator currently running Wirecard’s affairs…. The statement was perhaps the first bit of good news for Wirecard since the company, once a rising star of Germany’s tech scene providing digital payment services across the globe, imploded two weeks ago after its auditor could not find 1.9 billion euros ($2.1 billion) listed in the company’s books.

Deutsche Bank May Offer Wirecard a Lifeline [NYT]
German prosecutors arrest head of Wirecard’s Dubai unit [Reuters]
Wirecard’s Adventure-Seeking No. 2 Was Key to the Firm’s Rapid Rise. Then He Disappeared. [WSJ]
Wirecard Executive’s Entry Into Philippines Might Have Been Faked [WSJ]
Wirecard’s core business has been lossmaking for years, audit shows [FT]

Related

commerz

Commerz, Deutsche Money Management Arm Fire Auditor In Case They Decide To Sue It

Anyone can audit them, but there’s only one auditor they’re thinking about suing.

(Getty Images)

In Retrospect, Deutsche Bank Sees Something Fishy About This Paul Manafort Character

Probably shoulda done something about them at the time, but, you know, everyone makes mistakes. ‘Specially Deutsche Bank.

Wells Fargo.Insane

Wells Fargo Employees Still Know How To (Fraudulently) Gussy Up An Application

And like some of their bad apple brethren are thusly former Wells Fargo employees now.

wirecard

Wirecard May Have Laundered Money In Addition To Making It Up

While prosecutors are having a look around the place, you never know what might turn up.

Really only one reason to have a branch in Tallinn. By Pjotr Mahhonin [CC BY-SA 4.0 ], from Wikimedia Commons

Man Who Watched $233 Billion Laundered Has Never Seen Something As Awful As A British LLP

If Danske Bank had been incorporated under British law, well, you’d probably never have heard of Danske Bank.

How do you say, "low six-month fix" in emojis? Helar Lukats [CC BY-SA 4.0], via Wikimedia Commons

Deutsche Bank Says Traders Can Use WhatsApp Through Other App No One Uses

It’s the perfect Deutsche Bank solution to a problem.

By Formulax at zh.wikipedia (Transferred from zh.wikipedia) [CC BY-SA 1.0, GFDL or CC-BY-SA-3.0], from Wikimedia Commons

HSBC May Not Be Much For Banking, But It’s Great At Negotiating

The bank could teach a master class on the subject.