Re:Wirecard files for insolvency after financial hole laid bare
by walshemj on Thursday June 25, 2020 @10:51AM
(#23641404)
But the commodities sector has entire organisations built around checking that cargo of cane sugar /coffee really is what it says what it is.
Edited for spelling
Re:Wirecard files for insolvency after financial hole laid bare
by rhizome on Thursday June 25, 2020 @01:59PM
(#23643562)
> But the commodities sector has entire organisations built around checking that cargo of cane sugar /coffee really is what it says what it is.
Do the companies pick their own checkers?
Re:Wirecard files for insolvency after financial hole laid bare
by ithinkinstereo on Thursday June 25, 2020 @02:20PM
(#23643780)
See: Hin Leong Trading for a current example.
Re:Wirecard files for insolvency after financial hole laid bare
by vmception on Thursday June 25, 2020 @02:41PM
(#23644015)
and by "massive forgery" it just means "normal forgery" but with a few extra zeroes typed in.
this is how the whole world works! on relationships and clout, not technology and verifications. everyone at the bottom has to deal with those pesky assurances of credibility. others are just getting random people with law degrees to provide attestations saying that their client's document is legitimate.
A lot.
Like a lot a lot.
The entire* commodities sector is built on promises like this.
The entire shipping and freight sector.
The entire commercial paper market.
Its promises, redundancies, assurances, and credit.
It usually doesn't go wrong. As long as bond holders get their 2% and common stock shareholders get wiped out, everything is A-OKAY.
(entire is hyperbole, the point is clear, don't be that guy)