Wirecard was more of a problem for many small bag-holders who wanted to invest in what was called "Germany's sole modern IT company".

People sank their entire life savings into that shit.

FOMO can be very expensive. Every generation pays its own education fees in the market. Previous generation had the dotcom bubble, before that there was Black Monday in 1987, the 1973 oil crisis shock, etc etc all the way back to at least the 1600s.

Interestingly enough, the Norway SWF did dodge Wirecard. The new CEO is a former hedge-fund guy. He was named March 2020, but did not start until September 2020. There's not enough context for me to think it attributable to any change in leadership, but he did bring it up as an example of how they could benefit from looking for more things to not invest in. Whatever segment of their portfolio this is, is otherwise pretty broadly diversified.

https://www.reuters.com/article/norway-swf-idCNL8N2MF4WF

Heh, the rich always know when to pull out. The poor remain with liabilities.

Wirecard ... anyone really understood the story behind it?

I just skimmed through the wiki page and well

Involved are: members of austrian secret service, russian secret service, german politicians on highest level, german biggest media empire(Axel Springer) ... and one of the villains is now supposed to be in russia?

I think there are many pieces missing in the puzzle.

Many politicians and regulators have ensured cozy obnoxiously paid executive and advisor contracts on this affair. Not counting the 1.9 billions EUR missing, but that's probably already parked somewhere in real estate. It's like Panama Papers - a solid scandal... locked in a concrete basement.