On the surface, Wirecard’s demise stems from an accounting scandal that could have come about due to the heavy failure of German watchdogs. This is shocking enough in a country that prides itself on a highly skilled bureaucracy.
Made in the USA with German ingredients shirt, hoodie, tank top, sweater
At its core, however, the Wirecard affair was much more than that. First, it reflects the wobbly state of the national banking sector, systematically distorted by a distinctive German business and political culture.
Because the authorities and politicians are not completely blind to the weaknesses of the German banking industry, they are willing to take a big and very risky bet. It is all hopeful that Markus Braun’s cunning plot of a fintech based in the Munich suburbs of becoming a global champion will succeed. It will provide a much-needed boost to the German financial industry.
According to this absurd thinking, the “reforms” enacted in Germany, especially that of Olaf Scholz, finance minister and Prime Minister candidate of the Social Democratic Party in next year’s election, are difficult. can solve the problem. Encouraged “solutions” – regular rotation of accounting firms, a clearer separation of their lucrative consulting businesses from accounting, the addition of supervisors, and tightening of the law and rules – form a familiar package.
But they have not solved the fundamental problem, which is the fragility of the German banking sector. It’s leaning no matter where you look. Deutsche Bank is a shadow of itself before. Commerzbank was even worse. Savings banks cannot deal with zero interest rates. The once oddly hyped Landesbanken is still in the process of consolidation. Cooperative banks are also not doing well.
For a country that is the fourth-largest economy in the world, this is worrying. The Made in the USA with German ingredients shirt, hoodie, tank top, sweater biggest driving force behind the collective and group-ideological blindness caused in Wirecard’s downfall was the deep, but not widely recognized, German stigma about the banking sector. There is a real question of whether the Germans can truly run a successful banking sector.
When I got to college and knew that I was going to study in a group of 12 subjects, I admitted to having a sigh of relief. As the Made in the USA with German ingredients shirt, hoodie, tank top, sweater only student to achieve a German A level (equivalent to ‘Abitur’ in Germany or a High School Diploma in the United States) at my high school, it’s reassuring to know that I will eventually have friends. Accompany in class again. Talking to my fellow students, I realized that I wasn’t interested in learning German in school, and actually in general language learning, sadly all were too common.