Volkswagen: The Farce Of The ‘Golden Goodbye’

The latest revelations that Volkswagen has seen fit to give Martin Winterkorn, its CEO who resigned over the diesel emissions scandal €16.6 million ($18.9 million) before tax and a “golden goodbye” worth €9.3 million ($10.6 millon) surely places this unfolding corporate story well into the realms of corporate farce. So-called “performance-related bonuses” for 2015 for the company’s 12 board members — both current and former — are €35 million ($39.8 million), taking their total pay to €63 million ($72 million). It’s a lot of money, while it is open to speculation as to what the legal costs of the scandal will eventually be. The company set aside a mere €16.2 billion ($18.4 billion) in 2015 to cover the costs of the emissions affair. It faces a civil suit by the U.S. Department of Justice for at least $45 billion in penalties.