Skandal! Bringing Down Wirecard

This TV series is marketed as an exposé, yet it becomes evident that it is a mouthpiece for third-party agendas. The storyline is crafted to systematically attack a legal business that is a significant source of employment for thousands. This tactic is strikingly similar to the US/UK playbook, which aims to discredit and eliminate any European company, or any global competitor for that matter, that poses a threat to their interests. The series chooses to ignore the positive impact of the business, such as job creation and its contributions to the economy, focusing instead on elements that align with its prejudiced narrative. This selective storytelling not only distorts the truth but also endangers the livelihoods of those who depend on the company for their jobs. The lack of impartiality and the series' alignment with certain vested interests cast doubt on the credibility of its content. It seems more concerned with advancing a particular viewpoint than with presenting an unbiased account, misleading viewers who are in search of genuine information. In its essence, this TV series comes off as a piece of propaganda, intent on smearing the reputation of a thriving enterprise. It weaves a tale to benefit a select few, overlooking the wider impact of its message. If I had the option, I would give this series a zero rating for its one-sided depiction and failure to maintain journalistic integrity. It serves as a reminder that not all series are committed to the pursuit of truth; some are produced to further a predetermined narrative, regardless of the fallout.

I must admit, I'd never heard of the collapse of the German multi-billion-euro tech company Wirecard even though it occurred only a few years ago, but having previously watched the movie "The Big Short" and more recently the TV documentary on the Stateside collapse of Bernie Madoff's Ponzi scheme, I couldn't resist watching this new Netflix documentary on a financial scandal which finally came to light in latter-day Germany. I will admit that I found it at times difficult to follow the money, indeed I'll admit to checking beforehand the dictionary definition of short-selling before I even commenced viewing, but I hung in there until the part when the company's house of cards came crashing down quicker than you can say "domino", largely due to the persistence of "Financial Times" journalist Dan McCrum to expose the massive black hole at the heart of the company's finances. Its CEO, Markus Braun currently awaits trial in Germany, while his right-hand man and COO Jan Marsalek, a shady, shadowy figure with connections to the Libyan secret service and more particularly to the Russian authorities - he kept a private address directly opposite the Russian Consulate in Munich - conveniently disappeared on a flight to Minsk, no doubt en-route to Moscow, just as the proverbial you-know-what was hitting the fan. It was amazing to see just how far the deception went up the ladder, with the then German Chancellor Angela Merkel promoting the company's services to the Chinese on a top-level diplomatic visit there and at one stage Wirecard proposing a takeover of the venerable Deutsche Bank to cloak its own internal improprieties. The F. T. journalists and their source contacts, a good number of them professional short-traders, talk at times of being in genuine fear for their own safety, with some being physically intimidated by sinister heavies and others believing they were being tailed by other spies in Wirecard's pay. This film employed a, for me, questionable filming style to tell this murky tale, involving fictional recreations, often in comic-strip fashion, of certain key encounters, large outsize fonts to highlight place-names and even utilise an over-sensationalist title, all detracting somewhat from my assimilation of what, at least this layman, was a sometimes difficult-to-follow narrative, especially with so many contributers pitching in with their two pfennigs worth. Nevertheless, like the requisite German financial authorities in their investigation, I got there in the end and was appreciative to learn that financial fraud on a massive scale isn't solely restricted to the English-speaking countries. Greed, corruption and deception it seems don't respect national boundaries, if they ever did in the first place.

source: Skandal! Bringing Down Wirecard

I had read about the reports that Dan McCrum published in the FT concerning Wirecard's nefarious activities, but didn't know the intricate details apart from the fact that he was put under immense pressure to retract his accusations both by Wirecard themselves (using lawyers and spooks), and by the German financial authorities. This excellent documentary shows just how far the German authorities went to protect Wirecard because it was a home grown FinTech success story which blinded them to the fact that it was committing fraud on a massive scale. The information I didn't know was how Russia was involved and why the company was founded in the first place. Absolutely amazing documentary which shows just how far Russia had infiltrated into the German financial system, and I can guess into the London financial system too.

To be so quickly closed. It seems like a bit lacking to just leave it at company fall and Braun being arrested. I would hope there'd be some more coverage of consequences of the fraud when it comes to governmental involvement. Maybe part 2 or some future investigative piece will take a further look what else is implicated. Upon seeing this documentary I been in a classic internet rabbit hole to seek more information about involved actors, but there does not seem to be much more, or somebody did a pretty good scrape job to clean up the ties. Overall, I've seen some good pieces on Wirecard fraud, but this documentary provides a good amount of testimonies from people involved rather than just description of what happened.

There have been many documentaries & films over the past decade on the financial industry trying to give outsiders a glimpse into their usually mundane world, only to find that sometimes when they get it wrong it really is mammoth in proportions. In this case, we have a fascinating look into the world of now defunct German company Wirecard, which was pure criminal fraud right front of all our eyes, yet few even an eyelid, with there being either only some mavericks "shorting" them or a few genuine brave investigators. We have tales of politicians, financial gurus, outside investors, stock traders and one very brave FT newspaper journalist; all talking heads taking us through the machinations of this catastrophe. What this doc does well is help to explain the ins & outs of the company, but also show the shere scale of the corruption underlying this company. Yet everyone was fawning over it, and clearly a blind eye was turned by everyone. It took some brave reporting despite the threats to reveal the truth. However, I feel that this documentary is a little watered down. I guess for legal reasons there were more targets & names they could have attacked but didn't which is a shame, as at the end only a couple of names seem to be blamed when really there are plenty of more guilty parties involved. That lets it down but not enough to knock the film off the tracks. As an introduction to the 'skandal' it's a fine start, but really I think something more meaty is required to forensically investigate all that took place. There may still be other "Wirecard" companies out there which we are all blind to!

A very interesting documentary. Intense too, and challenging. You really have to concentrate to get everything. A bit too hard to follow sometimes maybe, the documentary sometimes opens pots it never closes, for example the investigation of the BaFin in the FT-Journalists. It is mentioned but no more. Leaves many questions unanswered. What was the role of the german regulators, why didn't they see anything and so on. But that is okay because it's a documentary out of the perspective of the FT-Journalists and these POV is - as I said - very interesting. At this point a special remark on the music which I really loved.

Having watched the Wirecard: A Billion Euro Lie Sky documentary earlier this year, I was interested to see how this James Erskine Netflix piece deviated from the original. I'm pleasantly surprised as it takes an entirely different viewpoint, focusing mostly on the journalists, short sellers and MPs, rather than the former doc covering the whistleblowers and other influential parties. What ensues is an interesting value-add to the Wirecard story that helps to elevate the already thrilling saga of accounting fraud. The focus on Dan McCrum and team adds flavour to the narrative that was missing in the Billion Euro Lie doc. I do wish the whistleblowers were interviewed at the same extent however - though I imagine this may have been down to pre-existing agreements that would conflict. Overall, well worth a watch, and I'll await the third instalment of this documentary battle, coming from Amazon Prime, where they finally get Jan Marsalek to show his face.

If you want to know the reason why people hate short sellers this film will give you a good idea. The cartoon character in his Cannes pile bemoaning what he didn't make by literally doing nothing is a perfect example. Their's, and the journalists glee at bringing down a company that employed thousands of people, and hundreds of thousands of investors, is quite hard to stomach. No doubt the company was dodgy to say the least but neither party were working for the good of mankind. The short sellers thinking only of the profit to be made by destroying the business, and the journalists revenge for having the tables turned on them. As a film it's well made and if you don't know the story worth the effort, personally I can't get over the unsurpassed delight at seeing the business fail.

Good movie!