How to Spot a Fraud When Everyone's Against You
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 1 July 2022
⏱️ 53 minutes
🧾️ Download transcript
Summary
'Markets can stay irrational for longer than you can stay solvent' is a classic maxim for investors, but it holds true for journalists too. In this episode, we speak with the Financial Times's Dan McCrum and Paul Murphy (Tracy's old boss) about their multi-year effort to expose fraud at Wirecard, a German payments giant that went spectacularly belly-up after billions of dollars were found to have gone missing. Dan, who's just written a book about his experience called "Money Men," explains how he first spotted problems at what was once described as "Europe's greatest fintech," and how hard it was to convince others of the truth. Rather than going after Wirecard itself, German authorities went after the journalists and short-sellers who were warning of the scheme.
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| 0:41.6 | The world needs solutions. On October 24th at the London edition of the Bloomberg Technology |
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| 1:22.0 | Hello and welcome to another episode of the ArtBots podcast. I'm Tracy Alloway. |
| 1:26.6 | And I'm Joe Wisenthal. Joe, what do you think the the most famous |
| 1:31.6 | apocryphal quote about markets is? I guess it would have to be the one about market staying |
| 1:38.0 | solvent or market staying irrational longer than you could stay solvent or something like that, |
| 1:43.6 | right? That's got to be it. I'm so glad you said that one because that was exactly what I had in |
| 1:48.7 | mind. Did no one really actually say like does no one really know what actually said that or what? |
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