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Money Men: A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth Hardcover – 16 Jun. 2022
Dan McCrum (Author) See search results for this author |
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Enhance your purchase
'The financial investigation of the decade... Money Men instantly enters the canon of great financial crime books' Bradley Hope, author of The Billion Dollar Whale
'A rip-roaring ride into the underworld of the global economy' Tom Burgis, author of Kleptopia
This is the stranger-than-fiction story of Wirecard, once a $30 billion tech darling, now a smouldering wreck, by the journalist who brought it crashing down - perfect for those who loved Bad Blood and Empire of Pain.
When journalist Dan McCrum followed a tip to investigate the hot new tech company challenging Silicon Valley, everything about Wirecard looked a little too good to be true: offices were sprouting up around the world, it was reporting runaway growth and the CEO even wore a black turtleneck in tribute to Steve Jobs. In the space of a few short years, the company had come from nowhere to overtake industry giants like Commerzbank and Deutsche Bank on the stock market.
As McCrum dug deeper, he encountered a story stranger and more dangerous than he ever imagined: a world of short sellers and whistleblowers, pornographers and private militias, hackers and spies. Before long he realised that he wasn't the only one in pursuit. Shadowy figures were following him through the streets of London, high-flying lawyers were sending ominous letters to his boss, and he was named as the prime suspect in a criminal inquiry. The race was on to prove his suspicions and clear his name.
Money Men is the astonishing inside story of Wirecard's multi-billion-dollar fraud, Europe's biggest new tech darling revealed as a house of cards. Uncovering fake bank accounts, fake offices and possibly even a fake death, McCrum offers a searing exposé that will finally lay bare the truth.
- Print length352 pages
- LanguageEnglish
- PublisherBantam Press
- Publication date16 Jun. 2022
- Dimensions16.2 x 3.3 x 24 cm
- ISBN-10178763504X
- ISBN-13978-1787635043
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Review
A milestone in the history of investigative journalism. -- Olaf Scholz, Chancellor of Germany, awarding the Reporters Forum Reporterpreis Published On: 2020-12-07
Money Men is a rip-roaring ride into the underworld of the global economy. Dan McCrum is a proper reporter: there is no threat, con trick or hangover that will stand in his way. In today's pandemic of lies, courageous journalism like this is the medicine. -- Tom Burgis, Sunday Times bestselling author of Kleptopia Published On: 2022-04-07
This behind-the-scenes look into the years of work and the persistence that was required to topple Wirecard is nothing short of incredible. ― AltFi Published On: 2022-06-16
A fantastic book. Think of Dan as a bespectacled James Bond with a keyboard instead of a gun. ― Steve Clapham, author of The Smart Money Method Published On: 2022-06-16
Wirecard might still be one of Europe's most feted tech firms, were it not for a small band of sceptics - including Dan McCrum... Wirecard fought back viciously and dirtily ... Money Men should be required reading for investors and financial regulators. It is a compelling case study of a seemingly eternal truth: when a business is built on lies, there are always clues. ― Economist Published On: 2022-06-16
The culmination of years of careful investigative work... A gripping tale. ― Evening Standard Published On: 2022-06-16
A thrilling, head-spinning book... Money Men hugely rewards the reader when you get the scoop alongside McCrum - you are close to punching the air... A fine testament to the importance of quality journalism. ― Irish Times Published On: 2022-07-25
A tale of dogged persistence and no little courage... Anyone, like me, who thinks that the investigative journalist is our only defence against a world run by giant, unaccountable corporations will savour this book. ― The Tablet Published On: 2022-07-25
A fraud so audacious it took the company's auditor, Ernst & Young, years to believe it... McCrum's account may read like a crime drama, but really it is a testament to old-school reporting... At a time when social media is increasingly causing facts to be regarded as beside the point, it is a reminder that the truth is always worth chasing. ― New Statesman Published On: 2022-07-25
McCrum was more responsible than anyone else for the exposure and eventual collapse of the hugely fraudulent payment company... A cross between the Enron scandal and Rosemary's Baby. -- John Lanchester ― London Review of Books Published On: 2022-07-28
What a wild ride! Going head to head with powerful executives, their teams of lawyers and intelligence operatives, Dan McCrum has uncovered one of the biggest economic scandals in Europe. Money Men reads like a thriller, but it's all true. -- Frederik Obermaier, Pulitzer Prize winning journalist and co-author of The Panama Papers Published On: 2022-04-12
Money Men is a rollercoaster read that reveals everything that's wrong with our financial system. Dan McCrum and his colleagues at the FT deserve medals for their tenacious battle to expose the dark heart of Wirecard - the enormous fraud and money laundering machine with shadowy ties. -- Catherine Belton, author of Putin's People Published On: 2022-06-23
About the Author
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Product details
- Publisher : Bantam Press (16 Jun. 2022)
- Language : English
- Hardcover : 352 pages
- ISBN-10 : 178763504X
- ISBN-13 : 978-1787635043
- Dimensions : 16.2 x 3.3 x 24 cm
- Best Sellers Rank: 1,999 in Books (See Top 100 in Books)
- 3 in Corporate Finance
- 4 in Company Histories
- 5 in Finance & Stock Market History
- Customer reviews:
About the author

Dan McCrum is a multi-award wining journalist and author. His reporting for the Financial Times has been recognised with prizes from the London Press Club, the Society of Editors, the New York Financial Writers' Association, the Overseas Press Club and the Gerald Loeb awards. He was also awarded the Ludwig Erhard Prize for economic journalism, a Reporters Forum Reporterpreis and a special award by the Helmut Schmidt prize jury for investigative journalism. In 2020, he was named Journalist of the Year at the British Journalism Awards.
Dan got a taste for newsprint as a paper boy in North Devon. Before he became a writer he tried his hand at painting and decorating, selling kids books door to door, and investment banking. He lives in St Albans with his family.
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Reviewed in the United Kingdom on 10 July 2022
Top reviews from United Kingdom
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1. The book is aimed at the broadest possible readership which means it avoids any real explanation of the alleged accounting misdeeds, and instead focuses on the personalities involved. This is probably a smart move from a marketing perspective, but does leave the question hanging as to precisely how the alleged fraud was perpetrated and how so many people were hoodwinked. Perhaps a few photos of the documents would have been nice to illustrate some of the examples.
2. Instead the book focuses on more “tabloid” threads that are never really fleshed out. There is a section exploring claims from an Austrian politician and an aid worker about one of the protagonists involvement in migration aid work. Personally I spent the whole time thinking what does this have to do with the alleged fraud? It felt like material that should have been left on the cutting room floor. I felt the same way about a lot of the stuff about the short sellers personalities.
3. I had to read a few of the sentences two or three times to understood what was being said. Not from a technical perspective, but simply from the compound nature of the sentence and the way it was constructed. Similarly, there are quite a few throwaway comments / ‘light remarks’ (sorry, can’t describe them better than that) in the book, the meaning of which are not always clear.
Some of these are perhaps my biases (I was looking for a book on the Wirecard fraud, not in hindsight on Mr McCrums perspective on the fraud). Let me be clear - I’m glad I read it, and credit to Dan and the FT for exposing it (at significant personal cost in the short term). Perhaps once the various trails are over Dan might draft a sequel - and I will buy that one too!
Unlike "Bad Blood", the exposé of the Theranos fraud, the story is both more complicated and more boring. Theranos did promise a technical revolution in blood testing while Wirecard was essentially a payments processor. Moving money is a low margin business and the FT was right to be sceptical of the profits declared. But Wirecard hired some expensive lawyers...
It appears that unlike Theranos (one or two main conspirators) Wirecard had multiple fraudulent associates operating their own scams within the system. Further muddying the account, it seems that the FT or the book publisher (Penguin) had some of m'learned friends involved, so that fear of libel suits means that even now, after Wirecard's bankruptcy, it's hard to apportion responsibility.
The bottom line is that this book is a good read but occasionally confusing. Intertwining two narrative threads - the developing fraud, and the hunt for proof - does nothing to resolve this confusion.
One question remains: were the German financial watchdogs asleep, or complicit?
Its not a dry account of accountants, but of large than life characters high in charm and cunning but low on morals.
Really shows the dirty tricks these companies use on critics and the weakness of English and German law to corporate abuse. Easier to legally go after genuine journalism than fraud
Infamously, Angela Merkel herself lobbied for the company in 2019, and Softbank invested $1 billion in 2020, even though the irregularities were decently documented, e.g. The Zatarra Report, since 2016.
These are the things the author decided not to dwell on: What role did the German regulator and supervisor had in the whole affair?
Instead the author focuses on the personal toll the investigation had in the lives of the short-sellers and journalists that decided to swim against the current.
There is a lot of entertainment value in the approach of the author, Dan McCrum, but in terms of company-collapse books it gets a 3.5/5 stars.

By Northern Lad on 10 July 2022
