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Former Porsche CEO And CFO's Houses Raided
As disclosed two days ago, German regulators staged a raid at the office of German carmaker Porsche to determine whether the car company had been manipulating Volkswagen stock prices, leading to a massive squeeze and the eventual suicide of Adolf Merckle who lost a fortune on what allegedly may have been a Porsche orchestrated act. It seems the investigation is taking a turn for the serious, with Bloomberg reporting that today former Porsche CEO Wendelin Wiedeking and former CFO Holgar Haerter had their homes raided by investigators earlier in the day.
Two properties were raided by several dozen civil servants as part of an investigation of possible violations of securities law and market manipulation, Claudia Krauth, spokeswoman for the Stuttgart, Germany-based prosecutor’s office, said today by telephone.
This begs the question of when (not if) fraud is uncovered (sorry, but Volkswagen having the biggest market cap of any company in the world was just a little strange), whether Porsche ends up having to disgorge all of its billions in option derived profits (granted, they were primarily on paper due to subsequent "complications"). And, further, whether this impact the ongoing Porsche-Volkswagen merger, as a sudden billion dollar sinkhole will likely make Qatar and other interested parties quite nervous.
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Maybe someday we'll get to gibbet banksters.
http://www.chronofus.net/wargames/piracy/images/gibbet.jpg
http://www.ushistory.org/oddities/gibbet.htm
Anyone who would kill themselves over money est ein douchenbaggen.
So you're telling me that this chart:
http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=Logarith...
raised some flags?
Last year september and october, BAFIN (german regulator) is doing nothing about what the hell is going on with VW, and now that Wiedeking is down and gone, an investigation starts.
I mean, if stuff like this happens here in Turkey, we say, we still gotta a way to go until we reach the European standards, but when I read stuff like this, it makes me think, people are the same all over the world. Only some know how to cover their dirty secrets better than the other ones.
The people in power have profited from a manipulated and corrupt system for centuries. Everyone else has always suspected as much but because the proof was mostly hidden from public view, we could stay in denial.
Now the reality of the truth is beginning to come to light. Even the most cynical among us are a bit shocked by what we are seeing.
Ask yourself this question. If the powerful have become so blatant they barely try to hid it, what do you think is around the corner? People don't thieve in public view unless they don't expect to be punished, let alone caught.
Do you think the powerful few will ever allow themselves to be held accountable for their actions?
I didn't think so.
I respectfully disagree... No politician would dare take on a senior fbi field agent with an axe to grind. The problem is that we all want things to happen fast, but meticulously documenting fraud take a long time and is not easy.
In short... You would be shocked at the number of corruption cases currently being investigated and about 90% are government related corruption investigations. In time y ou will see some very large figures taken done. No question about it...
Public anger is building, the investigators are running out of time. Simple truth. I don't know about where the rest of you live and work but people are pissed. It's right beneath the surface; people trust me, and they're angry, feeling completely betrayed. They are waiting, but not patiently. Powderkeg. Am I being completely clear?
Yes this whole Porche case is definitely interesting -- my question is where are the investigations and indictments of Paulson, Bernanke, and Lewis?
The Rhineland model at work. More cases to come.
The Rhineland model at work. More cases to come. Corruption in corporate Germany is pervasive.