KPMG | The Capture Cascade Timeline

Wirecard Files for Insolvency After €1.9 Billion Goes Missing, Exposing Decade of EY Audit Failure and German Regulatory Capture

2020-06-25 00:00:00 +0000 UTC | Importance: 9/10

German payments processor Wirecard files for insolvency after admitting €1.9 billion in cash—roughly 25% of its assets—probably never existed, marking the largest accounting fraud in German post-war history. The collapse exposes catastrophic failures by auditor Ernst & Young (EY), which signed …

Wirecard Markus Braun Jan Marsalek EY BaFin +3 more fraud regulatory-capture audit-failure corporate-governance economic-nationalism +2 more

New Century Financial Bankruptcy Signals Start of Subprime Mortgage Crisis

2007-04-02 00:00:00 +0000 UTC | Importance: 8/10

New Century Financial Corporation, the nation’s second-largest subprime mortgage lender, files for bankruptcy protection after its stock loses 90 percent of its value in weeks, marking the beginning of the subprime mortgage crisis. The company had originated $60 billion in subprime loans in …

New Century Financial Brad Morrice KPMG Wall Street investment banks Fannie Mae +1 more housing-crisis subprime-mortgages bankruptcy regulatory-failure housing