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That's almost worse. The fact that SoftBank employees were willing to pile their own money into this fraud should tell you something about the due diligence the
by AlexandrB 6y ago
That's almost worse. The fact that SoftBank employees were willing to pile their own money into this fraud should tell you something about the due diligence they're doing when dealing with other people's money.
- NovemberWhiskey 6y agoI don't think you're aware of all the details here. The special purpose vehicle also structured a transaction with Credit Suisse which effectively allowed the bonds to be resold immediately to institutional investors. The fund (i.e. SoftBank employees) had no ongoing risk exposure and pocketed the pre/post-deal spread in the share price. Matt Levine has an article about that on Bloomberg: https://www.bloomberg.com/opinion/articles/2020-07-02/free-wirecard-money-costs-softbank https://www.bloomberg.com/opinion/articles/2020-07-02/free-w...