peter_IFAMAG reads Twitter so you don’t have to.
Wirecard stock plumets as €1.9bn is revealed missing from the German payment group’s accounts. The Bank of England vote for extended QE programme, whilst Barclays reveal they’ve loaned £18.2bn over Covid crisis.
Dan McCrum has been covering the embattled Wirecard for some months, and broke the missing cash story earlier today.
Wirecard says €1.9bn of cash is missing, indications auditors deceived, €2bn of loans could be terminated if accounts not published tomorrow.
Stock down two-thirds, FT story imminent— Dan McCrum (@FD) June 18, 2020
Another journalist had this to say about the companies meltdown.
Stunning statement by Wirecard. How can an auditor – who has access to every receipt and document they ask for – be deceived, while a journalist – who has to fight against the company on every detail – can uncover the true picture? pic.twitter.com/WouajTudTS
— Tabby Kinder (@Tabby_Kinder) June 18, 2020
A full account here.
For background on Wirecard collapse today, these are the two key stories.
In October, we wrote that sales and profits appeared fraudulently inflated. https://t.co/8RKd75oGeT
In December, we wrote that "trustee accounts" were included in cash balances. https://t.co/UWIrIRpqnm— Dan McCrum (@FD) June 18, 2020
The Bank of England monetary policy committee vote 8 – 1 to boost quantitive easing.
The Bank of England monetary policy committee has voted by a majority of 8-1 to boost quantitative easing (the bonds it plans to buy in the market – mostly government gilts) by an additional £100 billion, to take the total stock of asset purchases to £745 billion.
— Andy Verity (@andyverity) June 18, 2020
Check out this thread for a fuller picture.
NEW: The @bankofengland MPC votes to expand its Quantitative Easing programme by £100bn to £745bn to help ease economy out of recession
— Faisal Islam (@faisalislam) June 18, 2020
APPG Banking share Barlclays announcement they loaned £18.2bn in Covid support so far.
Good to see finance flowing to businesses in need https://t.co/pWtHfaaqiZ
— APPG Banking (@APPGbanking) June 17, 2020
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