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Possible More Financial Problems for RCI


baldilocks
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17 hours ago, not-enough-cruising said:

Why would RCI be on the hook? If Chase bank comes up short on my account, can I go after my employer to pay me again because my bank “misplaced” the last direct deposit? No no no, and RCI has ZERO exposure here either. 

 

If the payment hasn't reached your account, then your employer would be on the hook. That's far from zero exposure.

 

However, it sounds like this is more Wirecard's own assets that are at issue, rather than client accounts. If so, it only relates to the viability of the business. For example, RCL may lose out if Wirecard folds, having made a payment to them, but it not being disbursed to employees. 

 

So there's far from zero exposure, here although it's likely to have no financial impact to RCL.

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Wirecard's CEO resigned. It appears that the 2.1B never existed. I am no forensic accountant, nor do I have access to their books but it seems from my reading a few articles, that someone may have inflated the numbers on purpose or someone made a HUGE mistake. Their external auditors (E&Y) caught it and wouldn't sign off on the audit until it can be accounted for. There is no link to RCL or any of their clients.

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19 minutes ago, JennyB1977 said:

Wirecard's CEO resigned. It appears that the 2.1B never existed. I am no forensic accountant, nor do I have access to their books but it seems from my reading a few articles, that someone may have inflated the numbers on purpose or someone made a HUGE mistake. Their external auditors (E&Y) caught it and wouldn't sign off on the audit until it can be accounted for. There is no link to RCL or any of their clients.

My DH read the same thing today. Fraud was committed to make the company look more profitable.

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