Welcome to illuminati Silver, we tell you the truth about silver.
Today is Wednesday 23rd September and we are going to look at the Volkswagen debacle announced
in the News Yesterday.
The Car firm, Volkswagen is facing multiple investigations in the United States including,
reportedly, a criminal probe from the Department of Justice.
They follow an admission by VW that it deceived US regulators during exhaust emissions tests.
New York Attorney General Eric Schneiderman said “he will collaborate with other states
to enforce consumer and environmental law.
No company should be allowed to evade our environmental laws or promise consumers a
fake bill of goods," Mr Schneiderman said in a statement announcing the probe.
Volkswagen said 11 million vehicles worldwide are involved and it is setting aside €6.5bn
to cover costs of the scandal.
The Company is due to hold a supervisory board meeting on Friday but reports say that Chief
Executive Martin Winterkorn will appear before a select group of board members before then,
possibly later today.
Yesterday, Mr Winterkorn issued a fresh apology for the test-rigging, saying he was "endlessly
sorry" for the "manipulation".
Earlier, the boss of Volkswagen's US business, Michael Horn, admitted the firm "totally screwed
up".
One German newspaper has called it the "most expensive act of stupidity in the history
of the car industry".
As a result Volkswagen was ordered to recall half a million cars in the US.In addition
to paying for the recall, it faces fines that could add up to billions of dollars.
Some estimates suggest possibly as much as $18 billion.
There may also be criminal charges for VW executives.
Now we are often asked whether manipulations exist in the Gold and Silver commodity markets.
The only answer one can give is that of course it does, manipulation probably exists in all
markets.
The key questions are however: who is doing the manipulating?
Why are they doing this?
What are the effects on the market?
Who wins and who loses?
And what are the penalties if caught?
It shall be interesting to see how the Authorities deal with Volkswagen, and then perhaps it
may throw some light on how the commodity market may be investigated and dealt with
sometime in the future.
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Disclaimer:
Silver Illuminati owners come from a background of Banking, International Wealth Management
and Economics.
Having now retired from these worlds we are not qualified to give investment advice.
Therefore, this and other productions must not be deemed to be giving such advice and
merely represent the personal views of its owners.