Ron (Houston):
What is surprising to me is that this news came up out of nowhere. Whatever happened to all that hedge funding stuff? Did they use all they have to take over VW?
WW kind of reminds me of Wolfgang Schrempp when he took over Chrysler and not only caused MB to tank it also caused all this havoc for Chrysler too.
Indeed! I think that the hedge-fund short-squeeze was news because it wiped out a number of hedge-funds, another casualty of this debacle. When the short-squeeze was publicized PAG and WW were heralded as winners, but they were sitting on paper they could not sell and a mountain of debt nobody talked about that is now due.
What is also surprising is Wolfgang Porsche, Chairman of PAG and Porsche Automobil Holding SE claiming ignorance of the finance details. That has been the excuse of most Boards in recent times, but Wolfgang is always portrayed as a hands-on Board member who has an office in Zuffenhausen and goes there daily or very often. Sad indeed!
Worse still is WW's claim of ignorance (at the very end of the Der Spiegel article). That should be grounds for his dismissal for cause and without any sort of golden parachute.
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A. Dias --- 997.2S (ordered). Previous cars: Corvette C6, 996 C4.
