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First trial has resulted with 40 months prison for an engineer of VW arrested in USA.
He was admitting to have installed illegal parts and software in serial cars of VW.
Some other judges will have to rule about several persons in USA as well as in Germany.
All of them in the case of betrayal of Diesel motors sold in the last 11 years.
Persons around the high management are also under survey.
You have to think there was collusion amongst all parties in this affair, including regulators; as in all bull market scandals, on the way up everybody wants a piece of the action, once we turn the hairy corner for real we should see many skeletons in many quarters getting outed, including from green corners..
Just some thoughts about who was/is victim of such behavior of one car make like VW.
What went wrong?
The Diesel scandal reveals some points to not forget:
• Telling by marketing: "Clean Diesel" - best of ever (We are the best fulfilling clean air conditions today)
• Taking subventions from the state (here Germany) as Diesel is much cheaper than gasoline - paid by the tax payers
• Cheating on the environment: nothing by selling such cars will be better: Best is to NOT PRODUCE a car...
(Just to mention today's NEW German Diesel cars in Germany waiting for a buyer: 300000 which fill 525 soccer fields)
• Cheating to the stock holders by admitting late and never got out a stock holder note about the problems
This infected the whole markets... including all depending products hanging on the VW stock, the futures, CFDs EFTs etc.
• Now clear illegal stuff about paying less tax because of fake emission sheets - every car sold got subvention from the
country - plus the buyer got a better tax class paying... So both the seller and the buyer were cheating the country by
not paying the real tax for the class.
• Company gets subvention from the state to "develop" even better cars...
• Distorting markets - by not pricing in all the pricey side effects when selling in own and foreign markets
Nobody of the management "knew about"
Now as the management KNOWS where to not fly to (US etc. haha!) it is obvious that all this was dictated by the
most top management (holding their golden seats and parachutes) since 2006: Everything was done from top to
down to cheat millions of car buyers, environment, stock holders, futures traders, tax payers et. al.... you see
If this mismanagement (other labels included) is still surviving by not paying the damage done - then such companies
need to be forced to get out of business.
This is not the end of the thread - we will see much more evident parts - and for sure a lot of justice.
Hopefully for better technology including networking transport systems to replace individual traffic.
Always knew that levels from 7 down to 50 of an organizational chart are highly dangereous
Like in every good economic thriller they are diligently neutralizing the designated fall guys.
According to an actual article in "Süddeutsche Zeitung" there are
• 38 responsible persons of VW are under investigation
• 5 persons are searched by Interpol with red flag (sudden arrest - plus delivery to USA)
• 1 person already is in prison (as mentioned above)
• More than 8 billion Euro financial claims by VW stock holders because the betrayal was not announced on time by the management (BaFin is responsible for treating this stock holders case)
List not complete
But VW still produces these cars every day - which is unbelievable 2 years after knowing about the scandal
The german reseller of VW will lance a plaint against mother VW with a sum of hundreds of millions.
They claim to be left in the rain with the VW clients - as VW production does nothing for them.
Lets see what will happen in the last quarter of 2017. After that VW thinks to be safe as
the legal attempts from clients might be too late.
Lets wait and see what tomorrow's results will show:
As about the VW Diesel Scandal it will be important if the Traffic Minister Dobrindt (CSU party)
will survive or will be sent into the desert.
This was the man who brought not ONE positive point to the German traffic as there were:
• Diesel problem US / EU worldwide
• German highway MAUT (tax)
• New BER Berlin Airport which will not open soon (was foreseen to be active since 2014)
• Renewing roads / highways to a better level
etc.
It does not matter if he is longer the Traffic minister as for sure there are some lobby jobs in
the German car industry
