I agree, and I realize from comments this wasn't clear (hard to be precise in a rant). Whatever the abstract point, criminal liability for executives is effecti

I agree, and I realize from comments this wasn't clear (hard to be precise in a rant). Whatever the abstract point, criminal liability for executives is effective. It's also (imo) just. This is criminal fraud. I don't know what shareholder accountability would do. It may just further incentivize liability dodging by altering the dept/equity ratios. It just doesn't seem right to me that shareholders continue enjoying the fruits of this crime, with a fine amounting to no more than a daily fluctuation in shareprice. This is the point I wanted to be clear on: this is not a minor fraud. Certain engine types have had a massive advantage in European markets. These happened to be engines manufactured and used by VW. These engines and the tax regime around them made certain, very popular models viable. This was all based on fraud. Adding insult to injury, this happens to be a tax regime the vw both authored and defrauded. 1bn/70bn was the cost to shareholders, relative to market cap. VW Has a high loan to equity ratio, so this understates how insignificant the fine was, relative to the financial proceeds from the crime.