Finance fraud is not a deviation from the norm but a reflection of it | Aeon Essays
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Finance fraud is not a deviation from an essentially rational system but a window onto the reality-distortion of markets
When the German banking giant Wirecard collapsed in June 2020 amid a roaring fraud scandal, public opinion was shocked. The company, praised as the country’s innovative answer to the fintech industry of Silicon Valley, had been widely seen as a ‘German miracle’ following recovery from the 2008 financial crisis. Its bankruptcy involved a massive state prosecution that sent shockwaves through world markets. To the astonishment of German and international observers, Wirecard executives were found to be involved in all manner of deception: direct falsification of accounts, fake cash-flows,…
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