Monumental blunder
Remember that reputation and integrity are your most valuable assets – and can be lost in a heartbeat.— Charlie Munger
From the FT
Volkswagen makes a monumental blunder
No one accidentally installs software designed to fool the regulator
The phrase “cutting corners” does not do justice to the gravity of the charge. What German carmaker Volkswagen stands accused of is closer to outright deceit. VW has admittedto fitting half a million diesel cars with code that tricked regulators into under-recording noxious emissions. Usually when a company runs foul of environmental law, the crime is an accident, stemming from some combination of irresponsibility or inattention. But no one installs software as clever as this by accident.
You can have supervisory boards , you can have general counsel, you can have Compliance, auditors , Lawyers, Risk department etc... but what you need in any company is a top guy that is a good person and don't cut corners.
it's as simple as this!
VW is going to pay a heavy price for this and they deserve it. All the board and the CEO are going to go. It they new it they should go if they din't know they should know and also have to go.
In my country Portugal we had a PM, prime minister that was a crook and we are paying a heavy price for that. In life we should always choose the top guy a person that should know the difference between right and wrong and that attitude spreads in all the organization. I work in an organization that never cut corners and i like that.
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