Funny strange or funny haha: you pick!

News item: German financial regulator, BaFin, wants to increase its personnel. This is nothing special given that regulators around the world are expanding at a never before seen pace. What is funny is the reason. BaFin needs to meet the extra workload caused by receiving wider statutory powers that was a consequence of its failure in last year’s Wirecard scandal.

In any accountable organisation, the boss would have had the decency to resign voluntarily or would have been fired, and the insider trading employess penalized or let go. Not here. It is an upside down world where you get rewarded for your failures on top of insulting the savers that trusted in BaFin’s regulatory oversight.

If you care about the use of taxpayers money, this story is funny strange, in a sad way. On the other hand, it is much healthier to just burst out laughing.

The HanseaticHunter

P.S. Perhaps BaFin should be required to hire the pensioners that lost their savings and now have to work again😉

#wirecard #bafin #regulatoryfail