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Ummmmmmm, this is a terrible article. They failed to point out that Porsche went heavily in debt in order to finance this "hack", and ended up getting bailed o
by steve8918 15y ago
Ummmmmmm, this is a terrible article. They failed to point out that Porsche went heavily in debt in order to finance this "hack", and ended up getting bailed out and bought by VW.
It's ridiculous to say that Porsche "hacked the financial system and made a killing" when they essentially bankrupted themselves by doing so.
- deleted 15y ago[deleted]
- sek 15y agoThe financial crisis killed this project for Porsche, but the background is very difficult. In financial terms this didn't matter. The funny thing in this whole Story was Ferdinand Piech, he has full control over VW as head of the board and was against this buyout. He also owned half of Porsche, so he was then owner of VW, but was also against it because Wideking would have gotten more power. Both companies are bound together since the war, this whole action was about power between some industrial families. They gained money in the bottom line, and some idiots with no insight made a bet against them. Before this action was the Share of Porsche Holding 32.2% and now it is 50.74%. Look at the market cap and say again this was a failure.
- LearnYouALisp 15y agoFor a moment there, I thought you said "Ferdinand Porsche"!
- blumentopf 15y agoHe's his grandson.
- biot 15y agoI think the title was somewhat of a dark humor double entendre: "made a killing" might also refer to Merckle's death.
- ankimal 15y agoJanuary 7, 2009 at 7:32 pm (Thats the date on the article). Cant blame him for not predicting the future.