Marissa Brassfield
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 Porsche Slams Government Bailout Luxury automaker Porsche doesn’t need a government bailout to stay afloat, a fact that CEO Wendelin Wiedeking isn’t hesitant to point out. In a Frankfurt, Germany speech, Wiedeking pointed out Porsche’s sales last year, which earned the company £7.4 billion in revenue. It’s a figure Wiedeking projects will be beat this year. According to Motor Authority, the Porsche CEO criticized government bailouts of “inefficient private companies,” pointing out that these irresponsible auto companies had previously operated for their own profit, but then wanted to socialize their losses when the auto market began to tank.  Citing the lack of responsibility shown by many companies, Wiedeking slammed auto companies for having previously operated for their own private profit but then wanting to socialize their losses. Wiedeking was also vocal about the use of taxpayer money in bailing out inefficient private companies, referring to both the U.S. bailout and the recent request from European carmakers for a similar aid package.
(motorauthority)References: motorauthority 1 Comment: on Automakers as Financial Pundits |
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