"Worse than ENRON"? FInancial Times compares Volkswagon clean cheat to accouting fraud by energy giant ENRON, hmmm...
Corporate wrongdoing by Volkswagon is by Financial Times compared to Enron. Interesting to note government favor, hiding massive losses, have much to do with ENRON that launched commercial wind in the U.S. How coincidental that former ENRON execs have reappeared the wind sector?
Business Insider (8 hrs ago)-
Volkswagen's scandal is 'worse than Enron,' and reports say the company was warned about 'cheat' devices
A clip--
A piece in the Financial Times argues that the scandal is worse than that of Enron, the American energy giant whose colossal accounting fraud was revealed in 2001:
"There are reasons to believe that the fallout from this scandal will be as big as Enron, or even bigger. Most corporate scandals stem from negligence or the failure to come clean about corporate wrongdoing. Far fewer involve deliberate fraud and criminal intent."
The article offers seven reasons:
- Higher air pollution actually costs lives.
- VW has been at the head of a Europe-wide push for diesel, prodding governments to favour it through policy.
- The fines and lawsuits looming for VW will most likely be larger than for Enron.
- Enron's fraud hid massive losses, whereas "Volkswagen could get wiped out even though the company is financially healthy."
- The scandal damages Germany's image more broadly and the image of other German automakers.
- Other firms that have invested in the rise of diesel will be damaged even if they have not cheated in any way.
- The scandal could taint the idea of using cleaner technology to mitigate against.
It's a pretty brutal list.
When the news first broke about the scandal, all eyes were on the massive potential $18 billion (£11.85 billion) fine in the US alone. Now attention is shifting away from specific fines and toward the less quantifiable damage to the company and industry more widely.
The BBC reports that a Brussels-based group called Transport & Environment says carbon-dioxide standards are "widely manipulated."
Likewise, Emissions Analytics founder Nick Molden told the Independent: "If widespread illegality is found among car manufacturers in Europe...."
http://www.businessinsider.com/volkswagens-scandal-is-worse-than-en...
NOW WATCH: Volkswagen faces a possible $18 billion EPA fine for cheating on emissions tests
Speaking of ENRON, special government favor, rent-seekers, revolving doors, corporate welfare, renewable LLCs, and green bubble bankruptcies...
Do leopards change spots?
It's incomprehensible to me that the below red flags are being ignored or endorsed by government. While Enron, recognized as the U.S. most notorious corporate fraud case in history, relied upon government collusion. The result was the CA energy crisis. Considering history is known to repeat, should we expect former ENRON execs behind wind to deliver public and environmental benefits? When the definition of insanity is to continue to do the same thing over and over and expect different results?
ENRON (WIND) vets are assembled 15 years following the CA Energy Cris ENRON triggered in the sWINDle-
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Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********
(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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