The concerns over German payrolls processor Wirecard (DE:WDI) didn’t just develop overnight, or even after the Financial Times in October alleged subsidiaries were inflating profit and sales. “We’ve been short Wirecard, on and off, for years,” said Barry Norris, manager of the FP Argonaut Absolute Return Fund, who told MarketWatch the stock was his biggest short position heading into Thursday’s revelation it was missing €1.9 billion in cash. As to why Ernst & Young didn’t catch the missing cash earlier, Norris said auditors often rely on the word of the auditors of the subsidiaries. Read More...
This fund manager whose biggest short was Wirecard says he is the most bullish toward stocks since 2009
The concerns over German payrolls processor Wirecard (DE:WDI) didn’t just develop overnight, or even after the Financial Times in October alleged subsidiaries were inflating profit and sales. “We’ve been short Wirecard, on and off, for years,” said Barry Norris, manager of the FP Argonaut Absolute Return Fund, who told MarketWatch the stock was his biggest short position heading into Thursday’s revelation it was missing €1.9 billion in cash. As to why Ernst & Young didn’t catch the missing cash earlier, Norris said auditors often rely on the word of the auditors of the subsidiaries.
Add Comment