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Transcript: How to Spot a Fraud When Everyone's Against You

Legal document folders and books on a trolley at the inquiry into the collapse of Wirecard AG at the German Bundestag’s Paul-Loebe-Haus in Berlin, Germany.

Legal document folders and books on a trolley at the inquiry into the collapse of Wirecard AG at the German Bundestag’s Paul-Loebe-Haus in Berlin, Germany.

Photographer: Liesa Johannssen-Koppitz/Bloomberg

'Markets can stay irrational for longer than you can stay solvent' is a classic maxim for investors, but it holds true for journalists too. In this episode, we speak with the Financial Times's Dan McCrum and Paul Murphy (Tracy's old boss) about their multi-year effort to expose fraud at Wirecard, a German payments giant that went spectacularly belly-up after billions of dollars were found to have gone missing. Dan, who's just written a book about his experience called "Money Men," explains how he first spotted problems at what was once described as "Europe's greatest fintech," and how hard it was to convince others of the truth. Rather than going after Wirecard itself, German authorities went after the journalists and short-sellers who were warning of the scheme. Transcripts have been lightly-edited for clarity.

How to Spot a Fraud When Everyone's A...