@@pacifico4999 If you find Business or Investing interesting, I'd highly recommend looking up Peter Lynch's lecture (or even read his book). It's like he hit the nail on the head on what was to come, he chose boring businesses to invest in, he didn't focus on the "individual" but rather the business. He is popularly known for having said, "Invest in a business that even an idiot can run, because eventually an idiot will". I'd also recommend looking up, "James E. Burke and the Tylenol Crisis - a Lesson in Crisis Management". This was a time when CEOs were not celebrities, they weren't judged on being charismatic - it was much a creation of Hollywood and its addiction with making iconic stories, the American spirit. However, a smart investor - they'll dig deeper, they'll discard the facade of the person that talks big and fast, they won't be sold on just charm. I'm not criticising Masayoshi Son for being drawn to charismatic CEOs, however it is becoming a cautionary tail. Just think of how much of an average swing a single tweet from Elon Musk causes towards his Publicly listed businesses, in my opinion - we should focus solely on the business and steer clear of the overly enthusiastic charismatic types.
@@pacifico4999 I will very much appreciate it, it's mind blowing the decision Mr. James E. Burke made at the height of what could've been possible the worst PR disaster; yet he persevered and was able to retain Johnson & Johnson's marketshare for Tylenol. Anyways, I do apologise for the rather long reply. I hope you find those subjects interesting, and do take care. Kind Regards.
@@javidfarhan1675 As the Mitch Hedberg joke goes, "Wearing a turtleneck is like being strangled by a really weak guy, all day. Wearing a backpack and a turtleneck is like a weak midget trying to bring you down".
@@barfymann362 man you don't compare EM with charismatic type CEO he's a league of his own. If you watch closely on his Twitter he said multiple times stock to high and on earnings call he explicitly told the day trader if volatility scares you sell our stock and buy it again. It is completely opposite of your charismatic CEO here since they do care a lot more the share price while EM care more about the scale and improvements/innovations in that industry.
allow me to introduce you to a hundreds-year-old fixture of the english language: the singular they pronoun. no more clunky "he or she" necessary. brought to you by the middle ages.
Stating from his interviews, you could tell he had no clue what he was actually talking about. Throwing around fancy words as a distraction and selling point seemed to work surprisingly well though.
I shouldn't be saying this but alot of the work is done by the inexperienced people, the ones who know what theyre doing usually just oversee it and it can lead to some poor work.
i worked for a few years at one of the big 4 firms and i'm not surprised that they supposedly found nothing. Bosses there often turned a blind eye to problems to satisfy or keep their clients even if it's wrong and against regulation.
My stupid brain!!!! I read: "I am a CEO of a company and I swear Steve Jobs likes clothes..." and for a whole minute I was going like "wtf is this guy trying to tell me"
To be fair, it sounds like soft bank is under globalist control and they use their name to bump up these scam start ups so it grows big and its made finally to implode certain ones get huge profits, while rest like pensioners take the real hit, with out even knowing about it. If i were to invest my limited extra capital to stock, i sure as hell would not put it on anything that someone else tells me to put it. Its far safer to invest it property even though the return is less, but its physical object and at very least worth its weight in material alone. If it has utility purpose that is common like tool then it has utility value. Add age and interest.. now its far more valuable. Restore it, price jumps and if nothing else you have tool to use.
Conaidering their golden goose was Alibaba wich is clearly not about knowinv the market or even luck but deals with the CCP makes it more of a shit corporation.
Financial times: "So why did you list a fake branch office in the Phillipines?" Wirecard: "something something ARTIFICIAL INTELLIGENCE" Softbank: "sounds like a solid deal to me"
Every time I see/hear someone say "I'm like...", I score that person off my list of non-morons. As soon as someone says "And I was like...", they no longer exist on my list of people to put on my rocket. I'm only going to save decent folk.
pretty much how AI is mostly being done these days in most companies. this guy wasn't the only one bullshiting, my CEO is doing exact same points (IT consultancy) and using Excel for AI/Big Data while the customers believe in something else. With cloud apps you will never disclose your crappy implementation, cloud is great for fraud and selling "air"
I'm impressed at how slick and professional this channel is. Its reports are as good as anything I've seen on the best known international TV stations. Congratulations!
Apparently their minds turn off when they hear “A.I, machine learning, algorithms…”. I feel like simply on those words they change their assumptions in DCF and assume that company will have massive growth.
It's easier to fool someone than convince someone they were fooled. They think since they are big shots with knowledge so how could small time crooks fool them?
To many investors, it’s not about spotting the crook. It’s about knowing when to let go towards the end of a massive game of hot potato. Unfortunately not many investors have the sort of prudence to refuse investing in a sham.
Yes takes years to discover that is emperors Penis as he has no clothes on. One in Singapore in 90s? a bloke from a council house was left in a back room unsupervised and un regulated because he was making money for them. Bonuses were being payed. Enron etc etc. UK is run by crooks in financial sector from top to outliers like lying Farage. Risk taken out profits assured. Capitalism is nowhere to be seen where risks and rewards act in balance. Onlyba revolution will change the system and the new one will soon be corrupt. Buy at least Xi whips their kidney out. We just let them go again or avoid prosecution in rare cases with expensive lawyers. US locks some up, if few. Uk just pats them on the back.
What a logic... Just because you don't use it nor see it, it does not mean it does not exist. With that logic Amazon aws service does not exist at all. Ask them to pull the plug and see what happens.
Hi I am from Brazil... and use UA-cam heavily since 2008 and I come forward to tell you that among all amazing Channels we got on YTB yours in my view is easily the BEST from the format narrative and also your minimalist view is amazing. Congratulations for you outstanding job. Be proud of yourself because you deserve it! Ohhh Muito obrigado Pelo conteudo! Cheers!!!!
Actually SoftBank itself should do that, else if Confusion TV does it then they cud probably ask money from SoftBank for their work...u know SoftBank itself doesn't seem to be doing a good job at that...LoL
OMG I worked for a Wirecard call center in Leipzig for about a week. It was horrendous. Had to do an UNPAID week long course on recognising fraud before being allowed to work there... By the way, "Braun" is pronounced "Brown" in German (and also means brown).
@SnoopyDoo If you want an example as Braun the name from UA-cam, voila: ua-cam.com/video/3E8VPkRDLBw/v-deo.html How do you not know this if you live in Germany?! Are you at level A1?
@SnoopyDoo What are you talking about? It is pronounced brown. How can someone be so confidently wrong about something so easy to check? Dunning Kruger effect in action!
*@scoobydoo deleted his comment, I guess he learned something ^^* _SnoopyDoo replied: "Braun is pronounce "bronn" in German and not "brown". I know. I live here and speak the language."_
this reminds me of the Steinhoff scandal we had in south Africa a few years back. like it's an international holding company that sponsored some of my University's sports teams but there was some clever accounting funny business. So somehow the company recovered and the CEO, also Markus (Jooste), is free with some court cases. No African millionaire's will ever go to jail (like they get to stay at home because of heart conditions or whatever)
The Steinhoff saga was a classic case of market manipulation. Hence Marcus Jooste is still a free man. It's a classic tactic used by major banks and firms everywhere every day
Is it still working and issuing cards? As far as i know, Crypto.com european cards managed by Wirecard. Just wondering, what happens to them, when Wirecard finally stops operating.
@@GrigoriyMikhalkin My understanding is that these cards are issued by the Wirecard Bank. Which is its own company. So the funds there cant be touched by wirecard since going bancrupt.
Honestly I never believed this company (even when they still showed "great" numbers) - was way too suspicious to invest in them. At last my gut feeling payed out a bit.
@@felixseiler4467 I live in Munich as well! I was today at their office. The new CEO was there at 20:00 o'clock working. I was surprised to see that. What possibly can he do when the company is already done? :D Just a curious question which I don't insist you answer, I am just really curious - did the employees already get their first paycheck since the June crash? I heard they don't get paid.
I can't get enough of your videos! I know there is surely a limit to how many you can do, how many you want to do, how many you can do the research on to make with the quality of info you do. That said, I want so much more than is realistic for me to expect or crave from you. I also know that you take an outstanding measure to relay the facts of recorded history in a nonbiased true to what you find historical; fashion. Maybe those findings are part or fully conjecture/speculation historical recordings but you make it a practice to point out which is which while reporting on it so that we can make our own conclusions based on the recorded historical information. I love your stuff and hope that you keep it up.
Every time i hear a stream of words including "innovative, machine learning, ecosystem, the future" I stop listening. Very clearly a scam. When people talk about the business models that really exist and really work, they speak in another way.
"Harnessing the power of AI and Deep Learning to provide Innovative Solutions" See shit like this all the time on billboards on the side of the highway, just a mess of stupid buzzwords
there were legitimate businesses in the late 2010s which wanted to ride the machine-learning wave (including my current employer) to varying degrees of success. So back then, he wouldn't have been too out of place among other tech execs scrambling to add machine learning to something, be it their actual product or their process.
You rock ! Just 3 weeks ago i Watched WSJ short doc about wirecard and mentioned you by name, wondering whether you would make one hahah keep up the good works mate !
I think you totally missed what dude was saying. Nothing about what he said was fanboying steve jobs. He was saying there wasnt much similar about the two.
Steve Jobs is synonym of success and innovation at this point. If someone says X is the new Steve Jobs it is a way of saying that X has the same potential to make everyone money. It's not literally about them beeing similar in personality or field. Those people usually lean into it heavily because beeing compared to Jobs in any way, shape or form already creates some amount of trust and success. It's a free stock value booster, if you have to wear a turtleneck for a couple more % then so be it. It's also about ego. Many of the CEOs in Cold Fusion fraud videos start to buy into their own propaganda. They actually believe they are geniuses before everything comes crashing down upon them. The confidence that gains them sells well. Them starting to wear Turtlenecks is the tech world equivalent of wearing crosses in christianity. "I can do no wrong, i wear a cross and i am therefore holy."
In someways he sounds very like Steve Jobs from the 80s. Dude was a complete fucking tyrant. But at least he had a good idea, he was ruthless and uncompromising and a terrible human being for a long time in many ways but his business wasn’t based on fraud
Hi Dagogo, thanks for this good content. Clear explanations and good sequencing. I've watched a few of your doccies and I haven't been disappointed. Thanks and well done!
Hey Dagogo thank you for all the work that you do to make these videos. I enjoy your videos a lot. Speaking of that enjoyment this is another of those videos that I enjoyed. I see this happening at Corporations all the time. People want to accomplish more than their predecessor and will go to any lengths to do so. It's unfortunate to see since we can all do well when we do all that we are capable of doing. Instead of attempting to be someone else or surpass them. I am excited for your next video and will be on the look out for it. (:
I've paused after a minute or so just to say I appreciate your work, Dagogo. The turnaround on getting this video out is amazing. I must also say that by scrolling to the comments I've already seen that SoftBank are an investor. Hahahahahahaha.
When a CEO wears a suit, he runs an evil company When a CEO wears a hoodie, he runs a great tech company When the CEO wears a shirt, he runs an innovative company When a CEO wears a turtleneck and he's not Steve Jobs, he's a fraudster.
Because I am a terrible, horrible, rotten, awful person, there's nothing in life I enjoy more than seeing these kind of executives get humbled, humiliated, and embarrassed! It's fine to have a lot of money, but when you think that having the money entitles you to treat other people like your own personal whipping posts and playthings, that really gets to me.
at Bambora we had the motto "Money are never missing" Bambora is also an acquiring company acting as middleman between end customer and stores. So this is something that hits close to home.
Thank you for this video. I appreciate your unbiased presentation coupled with your polite demeanor, which is a pair of qualities in deficit on youtube.
It is wild to me that a company who made their name acting as an acquirer for online casinos and porn sites could ever have made it this far into the game before real questions started being asked.
As a Payoneer customer I was directly affected by the scandal. My debit cards couldn't work for about 4 days. My friend's mom was due for a cancer treatment but because the funds on their cards were frozen too they couldn't go.
Payoneer cards operated under wirecards UK subsidiary. There was no fraud at that subsidiary but the UK regulator froze it's activities , temporarily as a precaution. It's a shame you were impacted unnecessarily
Can you do a video on steinhoff. It’s known as the Enron of South Africa and Africa for how big they were globally and how the accounting scandals hurt the accounting industry in South Africa from being number one in the world to 7 Th
Mr. Coldfusion, I want to thank you for making this video. I’ve been following the Wirecard story since the begging it’s been hand hard to understand as US Bankruptcy law / Business Law is different. Also the idea of insolvency has never been applied her in the US.
man kind of unlucky you uploaded this today just today news were released that the chief of the asian branch Christopher B. who was kind of the right hand man of Jan Masalek (mentioned at 13:57) suspiciously died i would love more input on that
Dagogo is a big tech enthusiast like myself. I like that he tells a bit of the history of technology along with the history of the companies behind it and also that he is open-minded to dismantle the frauds and lies of capitalism, both with a broad critical view of the financial system and also under the magnifying glass, company by company.
Wirecard was using sftp to exchange financial information stored as csv files when I worked at a telco company that used them for all payments. That was 4 years ago, not early 2000s. That should tell you everything you should know about their “tech”
Interesting video. Personally I was never aware that Wirecard was considered one of German tech's big success stories. I didn't get that impression when I visited them. In 2017 I held a workshop for some of their technical staff, and introduced them to various methods for leveraging machine learning to detect fraudulent credit card transactions. With that experience I would say that It is a bit inaccurate when some say that they were doing nothing that they claimed to be doing. However it was clearly not anywhere near as mature as their CEO seemed to be presenting.
Thank you for the poll, I would have missed the video even though I'm subscribed with notifications. For some reason, I didn't get the notification this time.
@coldfusion how did you forget to add "Love on a Real train"(which starts around 9:00 ) in your soundtrack list. it took me 3 days to recall that track.
There must have been a lot of upper and middle managers (and general staff) that knew or should have suspected the fraud. One person can't just pull it off. Same for Theron
Because these companies were designed to look trendy, they manipulated things and used very specific branding to make them look like something innovative. It's all fomo and investors can be scammed too. On paper it probably looked like a good investment.
Do you know in how many companies they are invested? Its inevitable that under these companies some are fraudulent. Its like giving every person on this planet a dollar and complaining why you funded terrorists.
@@ddeine_ First...your example makes no sense. Second...these investments are his biggest bets. He has given them more money than any other of his investment and since all his biggest investments are failing....it only makes sense to question his investing decisions
and we have seen this stupid statement 1000 times before, its nor comparable not very smart or a good joke....especially not new. Talk about italians screw up America.....then you idiot should be busy for some years
Excellent job, @Icloud__boss1-I'm delighted you're out there fighting these jerks. We must do everything possible to protect the elderly and the general public from these vile con artists! You deserve it!! Big up, brother, you deserve the Nobel Peace Prize for keeping us safe.
Hi Dagogo... my attention was drawn by your name. Sounds like names from the riverine parts of Rivers State. Glad to see someone from here doing great things. I really love your documentary series a lot. Thanks
At some point I would really love to see a full, in-depth look at Soft bank's protfolio. How much other WeWork/Uber/Wirecard is in there, or is a majority of their investments actually reasonably solid?
@@beau9956 Not all of it. A hyped shady tech company is not the same as an index fund or Apple stock. The later won't turn a grand into a million but it'll steadily return something. There are risks of course but so is leaving it in the bank, while inflation is rampant. You loose 5-10% a year. So even an index fund barely let's you break even with inflation. Basically the bank is ripping you off. They take your money, invest it with 5-15% returns and give you 0.5% or so. Your money is burning away as we speak while your house gets ever more expensive raising your taxes. And when the housing bubble pops again it'll be worthless. So in this market selling the house and renting until the market crashes and then buying 3 houses, rent out 2 and retire. :P
Very informative, great video. As discussed it is amazing that the regulatory bodies, like in 2007, continue to find it so difficult to do their job affectively.
![How to Lie Your Way to $34 Billion [Nikola Motors Fraud]](http://i.ytimg.com/vi/88fWUZhYb04/mqdefault.jpg)
![How to Lie Your Way to $34 Billion [Nikola Motors Fraud]](/img/tr.png)
One suggestion: Add the date of TV interviews and other video snippets to make some things a bit clearer.
Dagogo please take this suggestion
Everybody please upvote this
@@hijack69 I see, you're a man of reddit as well.
Dagogo is one of my favorite content creators, but his biggest flaw in his videos are unclear timelines. Dates/years are needed.
@@JP-re9xj Yes. Especially in Videos like Enron, that cover years.
Softbank Logic: "You're charismatic, here take my money!"
@@pacifico4999 If you find Business or Investing interesting, I'd highly recommend looking up Peter Lynch's lecture (or even read his book). It's like he hit the nail on the head on what was to come, he chose boring businesses to invest in, he didn't focus on the "individual" but rather the business. He is popularly known for having said, "Invest in a business that even an idiot can run, because eventually an idiot will". I'd also recommend looking up, "James E. Burke and the Tylenol Crisis - a Lesson in Crisis Management". This was a time when CEOs were not celebrities, they weren't judged on being charismatic - it was much a creation of Hollywood and its addiction with making iconic stories, the American spirit. However, a smart investor - they'll dig deeper, they'll discard the facade of the person that talks big and fast, they won't be sold on just charm. I'm not criticising Masayoshi Son for being drawn to charismatic CEOs, however it is becoming a cautionary tail. Just think of how much of an average swing a single tweet from Elon Musk causes towards his Publicly listed businesses, in my opinion - we should focus solely on the business and steer clear of the overly enthusiastic charismatic types.
@@pacifico4999 I will very much appreciate it, it's mind blowing the decision Mr. James E. Burke made at the height of what could've been possible the worst PR disaster; yet he persevered and was able to retain Johnson & Johnson's marketshare for Tylenol. Anyways, I do apologise for the rather long reply. I hope you find those subjects interesting, and do take care. Kind Regards.
I'd like to see you in a turtleneck
@@javidfarhan1675 As the Mitch Hedberg joke goes, "Wearing a turtleneck is like being strangled by a really weak guy, all day. Wearing a backpack and a turtleneck is like a weak midget trying to bring you down".
@@barfymann362 man you don't compare EM with charismatic type CEO he's a league of his own.
If you watch closely on his Twitter he said multiple times stock to high and on earnings call he explicitly told the day trader if volatility scares you sell our stock and buy it again.
It is completely opposite of your charismatic CEO here since they do care a lot more the share price while EM care more about the scale and improvements/innovations in that industry.
Journalist: "So wtf is going on with wirecard?"
CEO: "Uh we are very much like innovation"
Also CEO: "Stronk!"
he deadass speaks as if he learnt english only from american scifi movies
And machine learning, and ecosystem.
What I' ve learned form Wirecard and Theranos: If a CEO thinks he/she is the next Steve Jobs, he/she is probably quite the opposite
The media gets ahead of themselves and gives these ppl labels like Steve Jobs.
Only Dr Lisa Su can compete
allow me to introduce you to a hundreds-year-old fixture of the english language: the singular they pronoun. no more clunky "he or she" necessary. brought to you by the middle ages.
@@reidleblanc3140 Thanks for reminding them. Maybe you should mention black polo-necks soon. Or was that a turtle-neck? Or a roll-neck? Or...
Ouya!
I can only imagine how amazing his neighbors felt after the man that was “going to buy your apartments” went bankrupt lmao
Don't think he'll be buying those apartments now!!! 💶💷💵💴🏢🏢🌁
That was my first thought
Softbank: Oh, you wear Steve Jobs clothes (turtleneck)... take a billion.
That's how they work
🤣🤣
A story on Softbank please..
Money laundering of Japanese
1% rich n powerful perhaps??
@@julienbengkee4445 Ah most Softbank money came from MIddle Eastern Wealth Funds tho,,, do you have links of that money laundering your saying?
How many times has Softbank backed an idiot.
"Machine learning" i.e. Excel spreadsheet. lmao
windows notepad
I mean, if humans can be called machines I guess 😉
You can do linear regression on excel, so yeah
@@patternwhisperer4048 yeah so
Stating from his interviews, you could tell he had no clue what he was actually talking about. Throwing around fancy words as a distraction and selling point seemed to work surprisingly well though.
In case you did not know: Braun isnt german, he is austrian... Seems like Austria has a habit of stirring up Germany
Glad to see Godwyn's Law still holds up.
Always sending their worst /s
Maybe somebody should build a wall.
Oh wait ...
@@afd1040 "When Austrians send their people, they're not sending their best people folks"
-Hitler circa 1930 , I guess
@@8LegoVogel8 mozart wasnt from austria :(
"how one man fooled all of Germany"... well, not the 1st time that happens.
You could write “ how one Austrian fool all of Germany .... well, not the first time this happens” if you want to be more specific and also right
Dennis Assenov An Austrian with anger issues and a cult of personality, no less. Oh boyyy
@@SacredDaturaa please research the 13 families, fractional reserve banking, and the federal reserve.
more like saved germany, pusi
@@MrSp0iler Found the nazo nazi!
Very good point, this company was audited for 8 years in a row by big 4 firms and the found nothing. Makes me question their competence.
I shouldn't be saying this but alot of the work is done by the inexperienced people, the ones who know what theyre doing usually just oversee it and it can lead to some poor work.
i worked for a few years at one of the big 4 firms and i'm not surprised that they supposedly found nothing. Bosses there often turned a blind eye to problems to satisfy or keep their clients even if it's wrong and against regulation.
Cash and bank are often given to the most junior member of the audit team to audit, as it is normally straightforward. Big mistake in this case.
Worked for Bosch when the Dieselgate scandal hit. Currently working for the EY Assurance business, I swear these scandals follow me
Please tell me where you go next.
Yeah where you gonna work next im buying puts
Now we know where or who the problem is. :-)
Stop frauding jack
I am a CEO of a company and I wear Steve Jobs like clothes...
Soft Bank: Say no more fam!!
a billion dollars lmao
Soft bank: INVESTTTTTTTT!!!!!
Haven't heard the say no more joke in a few years
My stupid brain!!!! I read: "I am a CEO of a company and I swear Steve Jobs likes clothes..." and for a whole minute I was going like "wtf is this guy trying to tell me"
To be fair, it sounds like soft bank is under globalist control and they use their name to bump up these scam start ups so it grows big and its made finally to implode certain ones get huge profits, while rest like pensioners take the real hit, with out even knowing about it. If i were to invest my limited extra capital to stock, i sure as hell would not put it on anything that someone else tells me to put it. Its far safer to invest it property even though the return is less, but its physical object and at very least worth its weight in material alone. If it has utility purpose that is common like tool then it has utility value. Add age and interest.. now its far more valuable. Restore it, price jumps and if nothing else you have tool to use.
Good rule of thumb: if softbank invests in it, sell.
their ceo has a talent for investing in fraudsters
Goldman Sach is a huge red flag
Conaidering their golden goose was Alibaba wich is clearly not about knowinv the market or even luck but deals with the CCP makes it more of a shit corporation.
Especially reliance in india
🤣🤣🤣
Financial times: "So why did you list a fake branch office in the Phillipines?"
Wirecard: "something something ARTIFICIAL INTELLIGENCE"
Softbank: "sounds like a solid deal to me"
Whenever I hear someone called a "Genius" or "Visionary"... I'm like : Ok we'll see about that...
Every time I see/hear someone say "I'm like...", I score that person off my list of non-morons. As soon as someone says "And I was like...", they no longer exist on my list of people to put on my rocket. I'm only going to save decent folk.
"We're gonna test that!" (to quote project farm)
@@Ndlanding I guess majority of people in my country are morons then (including me)
@@pastelmacaroon 'fraid so. (PS: You say "the majority".)
@@Ndlanding please explain
If the CEO of a company dresses like Steve Jobs they immediately should be investigated
@Anonymous lmao I just noticed your comment, I'm late
Agreed.
probably because just like Steve Jobs they stink like a giant pile of poo
😂👍
V
I find it more impressive that instead of AI, employees used excel to do something proficiently.
Thats just because excel runs through the veins of (german) business accountants.
@Scomo-maccas adventure i was going to say the same. If AI catches up to german instinct for this, they've arrived
It's just that there are so many more programs (with some for free) that does those jobs way better than what excel can do.
pretty much how AI is mostly being done these days in most companies. this guy wasn't the only one bullshiting, my CEO is doing exact same points (IT consultancy) and using Excel for AI/Big Data while the customers believe in something else. With cloud apps you will never disclose your crappy implementation, cloud is great for fraud and selling "air"
Proficiently? The company was a fraud and went bankrupt. What part of that was proficient?
Crummy companies live off spreadsheets. Not good ones.
I'm impressed at how slick and professional this channel is. Its reports are as good as anything I've seen on the best known international TV stations. Congratulations!
It’s amazing how often all these smart people in the finance industry fail to spot crooks.
Apparently their minds turn off when they hear “A.I, machine learning, algorithms…”. I feel like simply on those words they change their assumptions in DCF and assume that company will have massive growth.
It's easier to fool someone than convince someone they were fooled. They think since they are big shots with knowledge so how could small time crooks fool them?
To many investors, it’s not about spotting the crook. It’s about knowing when to let go towards the end of a massive game of hot potato. Unfortunately not many investors have the sort of prudence to refuse investing in a sham.
Yes takes years to discover that is emperors Penis as he has no clothes on.
One in Singapore in 90s? a bloke from a council house was left in a back room unsupervised and un regulated because he was making money for them. Bonuses were being payed. Enron etc etc. UK is run by crooks in financial sector from top to outliers like lying Farage. Risk taken out profits assured. Capitalism is nowhere to be seen where risks and rewards act in balance. Onlyba revolution will change the system and the new one will soon be corrupt. Buy at least Xi whips their kidney out. We just let them go again or avoid prosecution in rare cases with expensive lawyers. US locks some up, if few. Uk just pats them on the back.
"He would even take out large loans with his shares as collateral"
Even?! That's absolutely a bog standard way of raising cash for equity billionaires
I know right? I found it to be a strange phrasing as well.
Still, there definitely is a level of absurdity in the status quo.
This company is also invested by Soft Bank like WeWork. Masayoshi Son really can't get a break.
Dude is too trusty
I think I will apply for a “loan” at his office. Seems he likes giving out cash and not wanting it back.
Idk, a quick google search tells me SoftBank runs the biggest tech fund in the world. They probably invest in every company that counts.
If he's this incompetent, then maybe he doesn't deserve to catch one.
I would laugh if SoftBank also invested in Nikola too. Probably still giving Bernie Madoff money for his fund.
its a good day when coldfusion uploads
I’m from Germany and I have never used or even seen wirecards “products” or services except from the news of course
For that German need to use debit / credit cards first.
@@anshuman2089 we use debit cards more than cash i believe
@David Parry *cough* Curve *cough*
Anshuman Nayak 🤦♂️
What a logic...
Just because you don't use it nor see it, it does not mean it does not exist. With that logic Amazon aws service does not exist at all. Ask them to pull the plug and see what happens.
At this point I’m surprised SoftBank didn’t invest in theranos
I know SoftBank seems to make a lot of bad investments, yet has plenty of money.
scam company: im a "tech" company
Softbank: ok here's 10 billion dollars
Maybe I should email SoftBank about pitching a company called "literally a tech startup"
@@josepharmstrong1531 make sure you include a picture of yourself in a turtleneck
Softbank needs a video of their own... And if you've made one, then a sequel
@tingkai shi In the WeWork video he mentioned that he would make a Softbank video sometime. I reaaly want to see that as well
They have legitimately good investments too such as ARM, but yeah idk they seem to throw around a lot of money
Agreed lol
@@Swordhero111 maybe cuz they have a lot of em ..lmao
@@Swordhero111 I think arm was already developed
Hi I am from Brazil... and use UA-cam heavily since 2008 and I come forward to tell you that among all amazing Channels we got on YTB yours in my view is easily the BEST from the format narrative and also your minimalist view is amazing.
Congratulations for you outstanding job. Be proud of yourself because you deserve it!
Ohhh Muito obrigado Pelo conteudo!
Cheers!!!!
so true
Concordo
Can you make a video on how firms are doing right now in which SoftBank has invested over all these years.?
I think it will be interesting to see
Actually SoftBank itself should do that, else if Confusion TV does it then they cud probably ask money from SoftBank for their work...u know SoftBank itself doesn't seem to be doing a good job at that...LoL
Thankyou Dagogo. The music, your tone of voice. Calm and concise. I enjoy your work.
Company: Is *shady* but does "tech"
Softbank: "I'll take your entire stock!!!"
Exactly like bitcoin.
OMG I worked for a Wirecard call center in Leipzig for about a week. It was horrendous. Had to do an UNPAID week long course on recognising fraud before being allowed to work there... By the way, "Braun" is pronounced "Brown" in German (and also means brown).
@SnoopyDoo If you want an example as Braun the name from UA-cam, voila:
ua-cam.com/video/3E8VPkRDLBw/v-deo.html
How do you not know this if you live in Germany?! Are you at level A1?
@SnoopyDoo What are you talking about? It is pronounced brown. How can someone be so confidently wrong about something so easy to check? Dunning Kruger effect in action!
Yeah it blew my mind to find out in German class that Eva Braun was actually pronounced Eva Brown lol
@UCgFxIT5x5_kL-IdPTSAds1g @snoopydoo here it is from Der Spiegel ua-cam.com/video/qq1K4NMwxEg/v-deo.html
*@scoobydoo deleted his comment, I guess he learned something ^^*
_SnoopyDoo replied: "Braun is pronounce "bronn" in German and not "brown". I know. I live here and speak the language."_
this reminds me of the Steinhoff scandal we had in south Africa a few years back. like it's an international holding company that sponsored some of my University's sports teams but there was some clever accounting funny business. So somehow the company recovered and the CEO, also Markus (Jooste), is free with some court cases. No African millionaire's will ever go to jail (like they get to stay at home because of heart conditions or whatever)
The Steinhoff saga was a classic case of market manipulation. Hence Marcus Jooste is still a free man. It's a classic tactic used by major banks and firms everywhere every day
Rich people are above the law in South Africa and Africa in general.
Im from munich. I have a lot of friends working there, still. Unanimous verdict: Scam from the start
Is it still working and issuing cards? As far as i know, Crypto.com european cards managed by Wirecard. Just wondering, what happens to them, when Wirecard finally stops operating.
@@GrigoriyMikhalkin My understanding is that these cards are issued by the Wirecard Bank. Which is its own company. So the funds there cant be touched by wirecard since going bancrupt.
Honestly I never believed this company (even when they still showed "great" numbers) - was way too suspicious to invest in them. At last my gut feeling payed out a bit.
MetallicReg Absolutely. Something didn’t feel right. With you on that.
@@felixseiler4467 I live in Munich as well! I was today at their office. The new CEO was there at 20:00 o'clock working. I was surprised to see that. What possibly can he do when the company is already done? :D Just a curious question which I don't insist you answer, I am just really curious - did the employees already get their first paycheck since the June crash? I heard they don't get paid.
me buys a black turtle neck
goldman sachs, rupert murdoc, softbank: Ah yes a man of culture, here take the gdp of south america and go nuts
😂😂😂😂
I can't get enough of your videos! I know there is surely a limit to how many you can do, how many you want to do, how many you can do the research on to make with the quality of info you do. That said, I want so much more than is realistic for me to expect or crave from you.
I also know that you take an outstanding measure to relay the facts of recorded history in a nonbiased true to what you find historical; fashion. Maybe those findings are part or fully conjecture/speculation historical recordings but you make it a practice to point out which is which while reporting on it so that we can make our own conclusions based on the recorded historical information.
I love your stuff and hope that you keep it up.
Every time i hear a stream of words including "innovative, machine learning, ecosystem, the future" I stop listening. Very clearly a scam. When people talk about the business models that really exist and really work, they speak in another way.
This is when it worth listening this is when you get ready to short sell
"Harnessing the power of AI and Deep Learning to provide Innovative Solutions" See shit like this all the time on billboards on the side of the highway, just a mess of stupid buzzwords
peopel love to listen bullshit, so it is widely provided.
there were legitimate businesses in the late 2010s which wanted to ride the machine-learning wave (including my current employer) to varying degrees of success. So back then, he wouldn't have been too out of place among other tech execs scrambling to add machine learning to something, be it their actual product or their process.
You rock ! Just 3 weeks ago i Watched WSJ short doc about wirecard and mentioned you by name, wondering whether you would make one hahah keep up the good works mate !
Even if the business were successful, I think comparing him - founder of a payment processing and banking company - to Steve Jobs is a bit absurd
I think you totally missed what dude was saying. Nothing about what he said was fanboying steve jobs. He was saying there wasnt much similar about the two.
Steve Jobs is synonym of success and innovation at this point. If someone says X is the new Steve Jobs it is a way of saying that X has the same potential to make everyone money. It's not literally about them beeing similar in personality or field.
Those people usually lean into it heavily because beeing compared to Jobs in any way, shape or form already creates some amount of trust and success. It's a free stock value booster, if you have to wear a turtleneck for a couple more % then so be it.
It's also about ego. Many of the CEOs in Cold Fusion fraud videos start to buy into their own propaganda. They actually believe they are geniuses before everything comes crashing down upon them. The confidence that gains them sells well.
Them starting to wear Turtlenecks is the tech world equivalent of wearing crosses in christianity. "I can do no wrong, i wear a cross and i am therefore holy."
Why? What was jobs more than really a personality? He rode on the coattails of smarter ppl e.g. Wozniak.
@@tuffasgong welcome to reality, a place where no one gives a shit about true acomplishements and only about appearanced.
In someways he sounds very like Steve Jobs from the 80s. Dude was a complete fucking tyrant. But at least he had a good idea, he was ruthless and uncompromising and a terrible human being for a long time in many ways but his business wasn’t based on fraud
Hi Dagogo, thanks for this good content. Clear explanations and good sequencing. I've watched a few of your doccies and I haven't been disappointed. Thanks and well done!
Hey Dagogo thank you for all the work that you do to make these videos. I enjoy your videos a lot. Speaking of that enjoyment this is another of those videos that I enjoyed. I see this happening at Corporations all the time. People want to accomplish more than their predecessor and will go to any lengths to do so. It's unfortunate to see since we can all do well when we do all that we are capable of doing. Instead of attempting to be someone else or surpass them.
I am excited for your next video and will be on the look out for it. (:
I've paused after a minute or so just to say I appreciate your work, Dagogo. The turnaround on getting this video out is amazing. I must also say that by scrolling to the comments I've already seen that SoftBank are an investor. Hahahahahahaha.
OK, from now on, if you see anyone wearing a black turtle-neck, withdraw your money and run!
@Jay Talents True, only scammers wear black turtlenecks these days.
When a CEO wears a suit, he runs an evil company
When a CEO wears a hoodie, he runs a great tech company
When the CEO wears a shirt, he runs an innovative company
When a CEO wears a turtleneck and he's not Steve Jobs, he's a fraudster.
What do you mean, "evil" as in greedy?
"he/she is a fraudster"
I think you can leave out the "and he's not Steve Jobs" part.
The blood girl Holmes did this
MsTre Blu “they are a fraudster”
Dagogo, ur study n journalism is beyond satisfaction. U R EPIC!!!!
When your CEO looks like the villain from Robocop, it's time to bail.
Because I am a terrible, horrible, rotten, awful person, there's nothing in life I enjoy more than seeing these kind of executives get humbled, humiliated, and embarrassed! It's fine to have a lot of money, but when you think that having the money entitles you to treat other people like your own personal whipping posts and playthings, that really gets to me.
at Bambora we had the motto "Money are never missing"
Bambora is also an acquiring company acting as middleman between end customer and stores. So this is something that hits close to home.
The money's never missing eh? I highly doubt that!
Thank you for this video. I appreciate your unbiased presentation coupled with your polite demeanor, which is a pair of qualities in deficit on youtube.
Ernst and Young have a lot to answer for, as it's them who signed off on the accounts for several years without questioning anything.
I watch this video at 2x speed, and the Bloomberg interview with Braun is amazing.
I GOT AN AD BY A LAW FIRM TELLING ME TO CONTACT THEM FOR A CLASS ACTION LAW SUIT AGAINST WIRECARD IN THE MIDDLE OF THE VIDEO 😂😂😂😂
Nice
Really nice job on this. You did better job the every news outlet that covered this. Keep up good work
It is wild to me that a company who made their name acting as an acquirer for online casinos and porn sites could ever have made it this far into the game before real questions started being asked.
As a Payoneer customer I was directly affected by the scandal.
My debit cards couldn't work for about 4 days.
My friend's mom was due for a cancer treatment but because the funds on their cards were frozen too they couldn't go.
Sorry about the treatment thing, hopefully it got resolved quickly
Payoneer cards operated under wirecards UK subsidiary. There was no fraud at that subsidiary but the UK regulator froze it's activities , temporarily as a precaution. It's a shame you were impacted unnecessarily
i am now addicted to your channel bro, the story telling and the background music are simply sublime
"Enron of Europe"
Can you do a video on steinhoff. It’s known as the Enron of South Africa and Africa for how big they were globally and how the accounting scandals hurt the accounting industry in South Africa from being number one in the world to 7 Th
So SoftBank's Mayoshi Son is actually a complete tool who simply spreads his bets.
Not the worst idea when it comes to tech companies, even if you bet on 10 and 9 collapse that one that remains is still gonna return a chunk of cash.
@@marcuschan3066 you mean some complete catastrophe like wework and wirecard?
Tools with billions, still a tool
Hi! I'm from Philippines. I did not expect that my country was involved in this scandal.
Nice video though. Keep it up!
Ikr? I wasn't expecting Philippines to be involved in Western scandals of this sort but that was an interesting segment lmao
Soft bank: “so, why should we give you money?”
CEO: “well, I wear a turtlen-“
Soft bank: “say no more.”
lmaooooooo
Mr. Coldfusion,
I want to thank you for making this video. I’ve been following the Wirecard story since the begging it’s been hand hard to understand as US Bankruptcy law / Business Law is different. Also the idea of insolvency has never been applied her in the US.
My eyes widens when you mentioned the Philippines. As a Filipino, I personally never heared the company Wiredcard before.
@@kiane9465 Majority of Filipino does not know about Wiredcard.. Including me.
Gio Paredes Same…I nearly shouted: “What!?” when he said that.
@Cyberdemon Mike Who asked you? Troll.
@CYB3R2K30 racist
@CYB3R2K30 ur comment is very racist especially to the asians
Wow...looks like softbank can't just stop investing in disastrous startups
Well the issue is: that thing was not a "startup", but listed on the DAX, that's the German equivalent of being a member of the DJIA.
@@frankschneider6156 so was Enron!
Thanks bro.Need to find some quick resume about the scandal.You did it really well.
Peace.
As an investor if I hear the word "innovative", I would run
man kind of unlucky you uploaded this today
just today news were released that the chief of the asian branch Christopher B. who was kind of the right hand man of Jan Masalek (mentioned at 13:57) suspiciously died
i would love more input on that
@Bob Landers They tell Russia or Belarus
Nah, he pulled an Epstein! LOL
@@chevychase3103 yes, that is what i think as well
I freaking love ColdFusion
Who does the “ you are watching cold fusion tv” voiceover?
Dagogo Altraide, does the voiceover.
See what else he does here:
ua-cam.com/video/OaG92TG2skI/v-deo.html
It sounds like a woman’s voice though.
@@fitfogey IKR!
@@fitfogey his mom probably
I always assumed it's text to speech.
Dagogo is a big tech enthusiast like myself.
I like that he tells a bit of the history of technology along with the history of the companies behind it and also that he is open-minded to dismantle the frauds and lies of capitalism, both with a broad critical view of the financial system and also under the magnifying glass, company by company.
Wirecard was using sftp to exchange financial information stored as csv files when I worked at a telco company that used them for all payments. That was 4 years ago, not early 2000s. That should tell you everything you should know about their “tech”
Did Dagogo forget to include the clip of Markus Braun screaming at a town hall meeting?
@Eff dees 6:00
I had the same question! I was there for that, and then…nothing.
Interesting video. Personally I was never aware that Wirecard was considered one of German tech's big success stories. I didn't get that impression when I visited them. In 2017 I held a workshop for some of their technical staff, and introduced them to various methods for leveraging machine learning to detect fraudulent credit card transactions. With that experience I would say that It is a bit inaccurate when some say that they were doing nothing that they claimed to be doing. However it was clearly not anywhere near as mature as their CEO seemed to be presenting.
Thank you for the poll, I would have missed the video even though I'm subscribed with notifications. For some reason, I didn't get the notification this time.
me either...google protecting thugs as usual
The amount of investigative journalism that cold fusion does makes me so fucking great full.
@coldfusion how did you forget to add "Love on a Real train"(which starts around 9:00 ) in your soundtrack list. it took me 3 days to recall that track.
I am learning a great deal from your videos. Thank you very much.
Wire card?
More like wire fraud...
They actually committed wire-fraud lol
Thank you for a well researched presentation. It teaches Start Ups a lot about what goes on in the tech industry
You're one of the best on UA-cam! I love your videos! Keep up the incredible work.
One of my favorite channels if not the one. Thanks for all the efforts!
The way the CEO answers the questions at around 06:40 you immediately know the guy has no idea, just empty words
People are so greedy they dont care who they hurt
Next year : Nikola Corporation
Ah yes.
Don’t tell me that
That's exactly what I was thinking haha though I don't think Nikola will get as far as Wirecard
Yep, farady future 2.0
@@IrishAnonymous01 Please tell me you're not invested
There must have been a lot of upper and middle managers (and general staff) that knew or should have suspected the fraud. One person can't just pull it off. Same for Theron
They signed non disclosure agreements they can’t do anything except quit
WeWork, Wirecard why do Softbank always funds fraudulent or useless companies?
Because these companies were designed to look trendy, they manipulated things and used very specific branding to make them look like something innovative. It's all fomo and investors can be scammed too. On paper it probably looked like a good investment.
SoftBank always has been....they got lucky with Alibaba and Yahoo. The rest of the money they invested in the 2000's all made losses
Greater Foll theory. Bad if you're the greatest fool of them all.
Do you know in how many companies they are invested? Its inevitable that under these companies some are fraudulent. Its like giving every person on this planet a dollar and complaining why you funded terrorists.
@@ddeine_ First...your example makes no sense. Second...these investments are his biggest bets. He has given them more money than any other of his investment and since all his biggest investments are failing....it only makes sense to question his investing decisions
Dude. That was like last month!! I'm so used to your videos being like the 90's or 2000s
A mate of mine worked for their Dubai office and the money that was wasted over the years on houses cars resturants jewellery was unbelievable
Awesome channel bro. Greetings from Newfoundland Canada!
Thank you very much for your content. Keep up the fantastic job you and your team are doing. Thank you so much 👏
“How One Man Fooled all of Germany”
Hang on I’ve see this one before
Of course you have. Herr Adolf Schicklgruber, former lance-corporal.
and we have seen this stupid statement 1000 times before, its nor comparable not very smart or a good joke....especially not new. Talk about italians screw up America.....then you idiot should be busy for some years
Softbank literally invests in all the scam companies 😂😂😂
S it on my face, queen
@@lean.2366 Bruh
" How One Man Fooled all of Germany" seems to be a theme for Germany
most Germans never heard of wirecard before this scandal happened
Excellent job, @Icloud__boss1-I'm delighted you're out there fighting these jerks. We must
do everything possible to protect the elderly and the general public from these vile con artists! You deserve it!! Big up, brother, you deserve the Nobel Peace Prize for keeping us safe.
Hi Dagogo... my attention was drawn by your name. Sounds like names from the riverine parts of Rivers State. Glad to see someone from here doing great things. I really love your documentary series a lot. Thanks
One suggestion: when you put videos, you must also put dates , to understand the video and provide context.
At some point I would really love to see a full, in-depth look at Soft bank's protfolio. How much other WeWork/Uber/Wirecard is in there, or is a majority of their investments actually reasonably solid?
Ask me the pain. I had 50 shares, each was bought at €100.
Edit: Now it's at €0.2
The sharemarket is a gamble. Never put down more money than you're comfortable losing.
Damn, that's awful, you should invest in my company instead.
@@beau9956 Not all of it. A hyped shady tech company is not the same as an index fund or Apple stock. The later won't turn a grand into a million but it'll steadily return something. There are risks of course but so is leaving it in the bank, while inflation is rampant. You loose 5-10% a year. So even an index fund barely let's you break even with inflation. Basically the bank is ripping you off. They take your money, invest it with 5-15% returns and give you 0.5% or so. Your money is burning away as we speak while your house gets ever more expensive raising your taxes. And when the housing bubble pops again it'll be worthless. So in this market selling the house and renting until the market crashes and then buying 3 houses, rent out 2 and retire. :P
Not all bad news ate you still have 10 euros!
These videos are brilliant dagogo.
Innovated how to keep everyone's money and talk a lot without saying anything. Well done. 👌🏻
Very informative, great video. As discussed it is amazing that the regulatory bodies, like in 2007, continue to find it so difficult to do their job affectively.