#VWGate - Volkswagen Warned Not To Fix Test Results

Winterkorn

Despite Volkswagen's Board ongoing claims that they knew nothing about the company's emission test fraud, Reuters reports that Volkswagen's own staff and one of its suppliers warned years ago about software designed to thwart emissions tests.

VW technicians had warned about illegal emissions practices in 2011. No explanation was given as to why the matter was not addressed then.

Separately, Bild am Sonntag newspaper said VW's internal probe had turned up a letter from parts supplier Bosch written in 2007 that also warned against the possible illegal use of Bosch-supplied software technology.

Cynics might ponder that the denials by board may have something to do with the fact the Winterkorn, and his soon to depart cronies all want to leave with their pensions and annual company car allowances intact.

#VWGate - Ignorance Is Bliss for Winterkorn

Martin Winterkorn

Those of you who worry about the future of Martin Winterkorn, now that he has been forced to quite as CEO of Volkswagen, should not fret.

Thanks to the fact that he "knew nothing" about Volkswagen's global emissions fraud, he will be entitled to walk away with a pension pot of around $32M. Also, and remember German's don't do irony, he will be entitled to a new company car every year!

Ignorance truly is bliss, for if he had known about the fraud (or the Board had admitted that he had known about the fraud) he would have been entitled opt none of the above.

Do remember that some/all of those board members who have allowed him the bliss of ignorance, will themselves soon be leaving with fat exit packages.

There's irony for you!

#VWGate - Winterkorn Knew Nothing?

In the ongoing clusterfuck known as #VWGate, Volkswagen's chief executive Martin Winterkorn quit on Wednesday saying he accepted responsibility for "irregularities found in diesel engines". However, he claimed that he had not been aware of any wrongdoing.

As per Sky News, he said:

"I am shocked by the events of the past few days. 

Above all, I am stunned that misconduct on such a scale was possible in the Volkswagen Group."

In the event that he really did not know anything about this, serious questions arise about the corporate governance within Volkswagen.

Software was purchased/developed that was designed to be used to fraudulently pass emission tests. The software had to be installed in cars in various countries. Both these actions/processes would have required executive approval and sign off.

Who signed off on this, and where are the records?

Volkswagen then spent a considerable time fencing with US authorities, when the data was first questioned by the US, trying to avoid admitting that it had committed fraud on a global level.

Were senior executives unaware that the US authorities were questioning the validity of the data? Somewhat unlikely surely?

I find it very hard to believe that the board knew nothing about this, if it genuinely did not know then VW's corporate governance sucks!

Greek Banks Are Fucked

Greek banks may need €20bn: Results of the probe into Greek banks are worse than the banks had expected http://t.co/mDmcRn2LRZ #nosurprise

— Pieter Cleppe (@pietercleppe) September 23, 2015

Nothing at all surprising in this, it had been predicted (but ignored by the foolish) that the banks would need at least Euro20BN.

Volkswagon Is Fucked!

Volkswagon continues to implode, having admitted that 11 million vehicles worldwide could have been fitted with software which misled regulators. The United Nations said that the scandal was ‘deeply troubling’.

As various countries launch investigations into the Volkswagon fraud, shares in the company are now down 41% since news of the scandal broke.

Whilst the media are suggesting that this could be the end of the diesel car, there are suggestions that the fraud also relates to petrol cars.

At some stage the shares will represent a good trading opportunity (albeit for a dead cat bounce). However, the question is when will they hit bottom? 

Volkswagon Implodes

US CEO of @Volkswagen "Our company was dishonest. We have totally screwed up." pic.twitter.com/lNHt0LQw69

— Russian Market (@russian_market) September 22, 2015

Volkswagon continues to implode, as now ROK will be investigating possible emission rigging results.

Tsipras Wins - Greece Loses

.@fastFT: Greek bond yields at year low after Tsipras win http://t.co/Lcgd92BK5d

— Financial Times (@FinancialTimes) September 21, 2015

Tsipras is a canny politician, but a lousy financial leader of his country.

Private Education Is a Great British Export

Private education: a great British export http://t.co/TvewxgTNNJ

— Telegraph Education (@tele_education) September 18, 2015

Pueri Alleynienses!

NS&I Interest Rate Notification Invalid

This is (full size) the email notice of the cut in the NS&I direct ISA interest rate. It is illegible so is it valid? pic.twitter.com/zAMTnVAhIS

— Paul Lewis (@paullewismoney) September 17, 2015

Margaret Thatcher To Feature On $10 Bill

Margaret Thatcher on the $10 bill? Jeb Bush floats idea at Republican debate http://t.co/VHJ6WMSZ3O

— The Guardian (@guardian) September 17, 2015

UK Unemployment Down

UK Data: Unemployment 5.5% Vs est 5.6%. Wages ex bonus 2.9% Vs est 2.9% pic.twitter.com/KjHI3UkVzN

— Jonathan Ferro (@FerroTV) September 16, 2015

HM Treasury's View of Zero Inflation

See our spokesperson quote in response to today’s #inflation release: pic.twitter.com/q0E23cw0Jx

— HM Treasury (@hmtreasury) September 15, 2015

UK Zero Inflation

UK annual inflation (CPI) falls back to zero in August from 0.1% in July.

Core inflation falls to 1% from 1.2%.

The fall is primarily due to lower prices on fuel, food and drinks.

Whereas house prices are rocketing:

House prices up more than 8% in Eastern England and over 7% in Northern Ireland, says ONS, new record levels in most of England

— Simon Gompertz (@gompertz) September 15, 2015

National Savings Cuts Rates By 0.25%

National Savings cuts returns for 400,000 savers http://t.co/N4r0nytNCi

— Simon Gompertz (@gompertz) September 14, 2015

China Stocks fall

China’s stocks continue to fall, the Shanghai Composite Index is down 2.7% today, following data over the weekend that indicates that the economic slowdown is deepening.

Industrial output rose 6.1% in August from a year earlier, compared with the 6.5% growth expected by the markets. 

China intends to try to privatise failing state enterprises to put some life into the economy.

Flat Earthers Believe Rates Will Rise

Number who think U.K. interest rates will rise in next year “is highest since 2011" http://t.co/NgnTzOFllh pic.twitter.com/ilbnrHLeN9

— Bloomberg Business (@business) September 11, 2015

There was a time when everyone thought that the world was flat.

Just because a large number of people "think" something will happen, it doesn't mean to say that it will happen.

Greece Isn't Working

#Greece The seasonally adjusted unemployment rate in June 2015 was 25.2% compared to 26.6% in June 2014 and 25.0% in May 2015

— Efthimia Efthimiou (@EfiEfthimiou) September 10, 2015

Why Greece Won't Accept Pension Reforms

Elderly to make up more than 40 pct of Greece by 2050 http://t.co/OgwHQwTzv4 pic.twitter.com/ANzH5NJXl1

— Kathimerini English (@ekathimerini) September 9, 2015

China's $236Bn Failed Rescue Bid

Goldman says China has spent $236 billion rescuing the stock market. http://t.co/pEQAnbDRCi

— Joseph Weisenthal (@TheStalwart) September 8, 2015

Europe Isn't Working

Latest edition of Monster Trucks of Brussels outside the office pic.twitter.com/BL5USYJjn3

— Lewis Crofts (@lewis_crofts) September 7, 2015

Greece To Miss 2015 Assets Sales Target

Unsurprisingly, in the delusional fantasy that is Greece's bailout deal, at least one KPI (assets sales) will be missed.

Reuters reports that Greece will miss its revenue target from assets sales this year, due to delays in a 1.2 billion euro airport deal.

As part of its commitments Greece aims to raise 1.4 billion euros from privatisations this year.

Stergios Pitsiorlas, head of its privatisation agency, said reaching the 2015 figure was also now "unfeasible".

Notwithstanding that all too predictable failure, he spun the delusion that 2016 will be fine:

"On the other hand, I think it is realistic that we achieve the 2016 targets."

This is utter delusional fantasy, eagerly lapped up by the europhiles and those intent on conning European taxpayers out of billions more in bailouts!

The £20 Polymer Note

Next £20 note will be polymer, not paper, @bankofengland confirms: pic.twitter.com/BmEebjzqvw

— Ed Conway (@EdConwaySky) September 2, 2015