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Is cheating the new norm?

Published Tuesday, September 22nd, 2015

The headlines were not occupied yesterday by reactions to the Fed ‘hold’ but to a case of grand scale auto theft. VW have been caught cheating, not on a mini scale but on an industrial scale. They are accused and appear to have admitted to putting software in their diesel cars in the US designed to deceive and falsify emission testing results. Is the software installed in cars sold elsewhere in the world? Who approved the software? How high does the scandal go? Are other car manufacturers also cheating? How many people knew? There is a deluge of questions to be answered.

As always those at the top will deny all knowledge. No doubt German car executives permitted themselves a smirk when bankers found themselves in trouble over subprime, Libor and FX manipulation. They now find themselves in the same boat. The damage these scandals do is huge. They undermine confidence, they are infectious and they lead the man in the street to doubt all he reads and hears. Trust in political, commercial, financial, media, police and religious elites is evaporating rapidly. They have all been found wanting. Titles, status, badges, stripes and robes are proving to be no guarantee of integrity, quite the opposite.

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Posted by David Hufton