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> fintechs need utmost trust from customers in order to run their business Wirecard has been repeatedly and very credibly accused of fraud and of cooking their

by gizmo 6y ago

> fintechs need utmost trust from customers in order to run their business Wirecard has been repeatedly and very credibly accused of fraud and of cooking their books for the past decade. Clearly customers don't care otherwise they wouldn't have had any. Wells Fargo fraudulently created millions of fake checking and savings accounts. Did it break the "utmost trust" you assert is required? No. RBS was found insolvent after the 2008 financial crisis. Surely insolvency violates this "utmost trust" benchmark? Haha. No. Barclays was found guilty of fixing interbank interest rates (Libor). Massive scandal that was all over the newspapers. And yet, same question, same answer.

duxup 6y ago
>Clearly customers don't care otherwise they wouldn't have had any. Or they don't know.
JumpCrisscross 6y ago
In none of the cases of Wells Fargo, RBS or Barclays did institutional clients lose money. Wirecard May cause that. That’s the difference. Scandalous banks that keep my money aren’t great, but I’m not going to rush to stop banking with them.
- SideburnsOfDoom 6y ago
  In the case of RBS, the UK government stepped in, in November 2008, and "became the majority shareholder". That protected the institutional clients by keeping RBS in business. I recall someone saying a couple of years later that RBS was a Bank, in the same sense that the Heritage Railway Association was a Train Operating Company. Harsh and funny, but with some truth to it.
StupidPeople 6y ago
Wells Fargo fraud only impacted foolish people who don't check their bank statements. If you did, you complain and the accounts go away. Many banks were insolvent after 2008. The government fixed that. Libor fixing us too complicated for most to understand and it mostly hurt you if you didn't ship around. I'm fine with fraud as long as it mostly hurts those who can't be bothered. Still a happy client of Wells Fargo. Wirecard has the problem of impacting diligent people who will actually take action against them.
- lazylizard 6y ago
  I'd really prefer a bank i don't have to check and complain about. And maybe not just my bank.

by gizmo 6y ago

duxup 6y ago

>Clearly customers don't care otherwise they wouldn't have had any. Or they don't know.

JumpCrisscross 6y ago

In none of the cases of Wells Fargo, RBS or Barclays did institutional clients lose money. Wirecard May cause that. That’s the difference. Scandalous banks that keep my money aren’t great, but I’m not going to rush to stop banking with them.

SideburnsOfDoom 6y ago
In the case of RBS, the UK government stepped in, in November 2008, and "became the majority shareholder". That protected the institutional clients by keeping RBS in business. I recall someone saying a couple of years later that RBS was a Bank, in the same sense that the Heritage Railway Association was a Train Operating Company. Harsh and funny, but with some truth to it.

StupidPeople 6y ago

Wells Fargo fraud only impacted foolish people who don't check their bank statements. If you did, you complain and the accounts go away. Many banks were insolvent after 2008. The government fixed that. Libor fixing us too complicated for most to understand and it mostly hurt you if you didn't ship around. I'm fine with fraud as long as it mostly hurts those who can't be bothered. Still a happy client of Wells Fargo. Wirecard has the problem of impacting diligent people who will actually take action against them.

lazylizard 6y ago
I'd really prefer a bank i don't have to check and complain about. And maybe not just my bank.