How the Wirecard Scandal Heaped Pressure on German Watchdog (1)

Aug. 20, 2020, 8:50 AM

Wirecard AG’s collapse in June sparked a blame game in corporate and political circles, with much of the anger directed at German financial regulator BaFin.

The watchdog has so far struggled to dispel the perception that it was more focused on protecting the payments company than pursuing allegations of accounting irregularities. Now, as Germany seeks to limit the damage to its reputation as a place to do business, the government plans to give BaFin more power to prevent cases like Wirecard. Yet recent events suggest that a wider mandate may not be enough to shape up the country’s financial ...

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