Hey Guys,
There seems to be so much focus lately on fraud in the crypto space. And, while it is true that there are some questionable actors and nefarious entities, it pales into comparison when viewed at the broader corporate landscape.
While we have covered several TradeFi scandals on the channel before, large multinational companies are not immune to skulduggery, fraud and deception.
Perhaps one of the costliest corporate scandals of the previous decade was that of the VW emissions scandal. Quite simply, one of the world's largest automakers at the time was implicated in a massive and brazen scheme to cheat on emission tests.
People within the car maker conspired to develop “defeat devices” which were fitted to the cars and would automatically reduce emissions when the car was being tested. The result was millions of cars around the world getting approved by regulators when their emission levels were many multiples of the acceptable rate.
When discovered, it resulted in criminal charges, billions in losses and even, at the most extreme, people's lives!
There are of course many other twists and turns in this story, and I won't spoil the video here. It was really interesting to research and I hope you enjoy watching it as much as I enjoyed shooting it.
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⛓️ 🔗 Useful Links 🔗 ⛓️
The Volkswagen Emissions Scandal Explained: https://www.bbc.com/news/business-343…
VW’s Emission Damages Are Still Rolling In: https://fortune.com/2020/10/06/volksw…
How VW’s Defeat Device Worked: https://www.nytimes.com/interactive/2…
The Three Students Who Discovered VW’s Emission Scandal: https://www.spiegel.de/international/…
EPA’s Notice Of Violation Against Volkswagen: https://www.epa.gov/sites/default/fil…
John German, The Man Who Exposed The VW Scandal: https://www.theguardian.com/business/…
VW’s Diesel Scandal Cost Almost 30 Billion Dollars: https://money.cnn.com/2017/09/29/inve…
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
