Swindles: Bad Marks at Volkswagen

Bad Marks at Volkswagen

Volkswagen executives had been feeling justifiably proud that their Golf model has become the best-selling car in Europe. Last week the corporate backslapping suddenly stopped. The West German firm announced that it had been the victim of a swindle that would cost it nearly $260 million. Though VW provided no details, financial analysts believe the money was fraudulently lost by traders who were involved in the company's continuous exchanges of dollars and other currencies for deutsche marks.

The carmaker said it had filed a criminal complaint against "unidentified persons." VW also suspended six executives who had authority over the company's currency-trading...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!