Entdecken Sie Ihre Traumkarriere
Für Recruiter
The German establishment tried to stop the Financial Times investigating Wirecard.

When Germany's bad bank turned nasty

Behind the scenes in Munich

If you have a phobia of uncovering banking fraud and then being pursued by nefarious forces including an ex-MI5 counterterrorism operative, you probably don't want to read FT journalist Dan McCrum's newly-published account of what happened when he exposed the fraud at Wirecard. 

McCrum's history of his encounter with the now insolvent German payments processing company details a straightforward case of intimidation by Wirecard and its hired guns who assembled no fewer than 28 private investigators to follow him.

Wirecard also managed to co-opt both the German press and the German regulator BaFin into believing that McCrum was in league with hedge funds shorting Wirecard's stock. 

Heike Pauls, a "well-respected" analyst at Commerzbank reiterated the same line: "Yesterday, serial offender Dan McCrum, journalist at the otherwise renowned FT, published another negative article about Wirecard,” wrote Pauls in January 2019. “As before, McCrum’s article followed a visible increase in short [selling] during the past few weeks. We believe that market manipulation looks obvious . . . ”

This was around the same time that a series of posts appeared on Twitter stating things like: “McCrums a criminal . . . Dannyboy McCRIM is GOING TO JAIL!!"

Needless to say, McCrum wasn't a serial offender and hasn't gone to jail. The only thing manipulating the market was Wirecard, with its fabricated accounts.

Despite all this, the Munich prosecutor only dropped its criminal investigation into both McCrum and the Financial Times yesterday. Both Commerzbank and DWS Group (the asset management arm of Deutsche Bank) have dropped EY as their auditors following its miserable auditing of Wirecard, but Heike Pauls still has her job. 

At the very least, both Crum and the FT are surely owed an apology - and maybe even some thanks for exposing one of the biggest financial scandals in German history.

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Photo by Jan Antonin Kolar on Unsplash


AUTORSarah Butcher Global Editor

Bewerben Sie sich für Jobs

Finden Sie Tausende von Stellenangeboten, indem Sie sich noch heute bei eFinancialCareers anmelden.

Treiben Sie Ihre Karriere voran

Finden Sie Tausende von Stellenangeboten, indem Sie sich noch heute bei eFinancialCareers anmelden.
Neueste Jobs
eFinancialCareers Global
Tech in Financial Services Virtual Career Event
eFinancialCareers Global
Zürich, Schweiz
Bank Vontobel
Quantitative Analyst
Bank Vontobel
Zürich, Schweiz
RM IT Professional Resources AG
SAP Allrounder
RM IT Professional Resources AG
Basel, Schweiz