Skandal! La chute de Wirecard

... well not Benjamins, since it is German (european) money ... but you get what I am trying to recreate ... so no pun intended. The documentary is very well researched ... and who would have thought that the Germans are able to run a scheme like that.

A current president would probably pardon them all - if the crimes were committed in his land ... just saying. The brazenness was only possible, because no one thought that they would be ... well so brazen. Also Germany ... many here apparently felt that the country itself was being attacked when reporters were trying to uncover the truth.

Wild story for sure ... where is that mattress to put your money in you may be thinking ... well hopefully not as bad as that ... money needs to keep flowing.

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.

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 to 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.

All credit to Dan and the FT management for staying with a story even the German financial authorities tried to kill. Tenacious research and following of leads in Asia and Europe inspite of threats legal and otherwise reveals a real life financial scandal at one of Germanys largest companies. Fascinating insight into the world of short sells - not a very attractive bunch outside of two focuses American ladies who with others help lift the thick veil of secrecy of the fraudsters. Beats most financial dramas into small corner and makes you aware of the abilities of a determined fraudster to nearly make it even the German chancellor 'supported the company. Great insight into the talent and doggedness of a journalist never prepared to give up and of an editor prepared to take huge risks to get the story.

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!