Ousted VW CEO Knew Of Dieselgate 16 Months In Advance And Did Nothing

Former Volkswagen CEO Martin Winterkorn was advised of the maker’s cheating on diesel emissions tests at least 16 months ahead of when the scandal became public, the automaker confirmed.

Separately, VW has issued an advisory to its shareholders revealing it did not expect the subterfuge to erupt into what is arguably the biggest crisis in its post-War history. The company said it anticipated a quick resolution with U.S. authorities and that the cost of resolving the issue would likely be “not especially high.”

Read Article

PUGPROUD - 3/4/2016 11:45:24 AM

+1 Boost

VW is still in denial if it thinks settlement with US will "not be especially high!" Once worked for a company with a similar but smaller problem not of its own doing however. They initially reserved $250,000 for settlement costs. Every six months they had to raise their estimates until seven years later total costs exceeded $2 billion even though they were fully exonerated in the courts. These statements by VW are purely PR in an effort to down play the potential costs in the eyes of shareholders, employees, the German government, potential car buyers, current and future litigants. Scandals like this are like ripples in a lake when you throw a stone...they just keep expanding in ever wider circles.

MDarringer - 3/5/2016 9:48:08 AM

+1 Boost

There really isn't anything he could have done to make it go away, but his lack of leadership has made it worse. If VW blew the whistle on itself and then had a ready plan to remedy the situation, it still would have been bad, but not apocalyptic as it currently is. German arrogance is alive and well at VW. We all can see it, but they can't. All VW's management lacks are the funny looking mustaches.

VW needs to replace all of its top management with people 100% outside the company and not Germans to show they are taking this seriously. This incursion to Peich's Fourth Reich--VW thinks--they can weather. #idiots