The First Big Bank Failure since 2008 #shortvideo

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WAY OF THE WEALTHY

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Published on March 14, 2023 10:54:27 PM ● Video Link: https://www.youtube.com/watch?v=HZCUt91VHS0

Duration: 0:58

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In early 2020, the first big bank failure since 2008 occurred when the German payment processor, Wirecard, filed for insolvency. The company was involved in a massive accounting scandal that resulted in a $2 billion hole in its balance sheet, and its CEO was arrested on fraud charges. The collapse of Wirecard was a significant event that shook the financial industry, as it raised questions about regulatory oversight and the credibility of financial reporting.