Wirecard: Skandal! and King of Stonks
Trader's Film Library #43 · Frauds and scandals. How journalists brought down a star of the German stock market.
Original title: Skandal! Bringing Down Wirecard · King of Stonks · Type: documentary and satirical series · Created by: various · Usefulness for traders: ★★★★☆
What it's about
Wirecard, a German electronic payments star listed in the DAX index, collapsed in 2020 when it emerged that about €1.9 billion on its balance sheet didn't exist. The Netflix documentary (2022) tells the story of the “Financial Times” journalists who exposed irregularities for years. The satirical series “King of Stonks” (2022) tells a similar story as a black comedy.
What it has to do with markets
For years the critics and short sellers were attacked, and the German regulator opened proceedings against them rather than the company. It's a lesson that “a big company in the index” doesn't mean “honest”.
Lessons for traders
- index membership and analyst recommendations are no guarantee
- warning signs from independent sources deserve to be taken seriously
- attacks on critics are often a sign the criticism is hitting home
What to watch out for
The documentary is reliable and well sourced. The series is fiction inspired by the case.
Discussion
The discussion takes place in Hetman Capital Club (in Polish). Join the discussion in the Club →
Navigation
← #42 Scam 1992: The Harshad Mehta Story · Film Library index · #44 Madoff on Screen: The Monster of Wall Street, Chasing Madoff and the 2014 Documentary →
The description outlines the plot without revealing the ending where possible (true stories have a known outcome). Educational content, not investment advice.