As we predicted earlier this week Volkswagen CEO Martin Winterkorn (below) has resigned following the car giant’s admission that it fiddled its diesel emissions figures in the US. and, one would assume, elsewhere.
Hmm. This is the most bare-faced example of corporate deception and fibbing in the history of such things. How on earth did VW think they could get away with it?
I heard today from a media owner that VW had nixed a big campaign. Usually a big advertiser like VW would be let off the hook – no penalty charges. Not in this case, alas, as nobody knows when they’ll see any more VW media money.
Capitalism is justified on the basis that, mostly, most of it works. But this will add to a growing tide of scepticism about the motives and honesty of many big brand owners, not just in the car industry.