The First Big Bank Failure since 2008 #shortvideo

In early 2020, the first big bank failure since 2008 occurred when the German payment processor, Wirecard, filed for insolvency. The company was involved in a massive accounting scandal that resulted in a $2 billion hole in its balance sheet, and its CEO was arrested on fraud charges. The collapse of Wirecard was a significant event that shook the financial industry, as it raised questions about regulatory oversight and the credibility of financial reporting.