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.
Automakers as Financial Pundits
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Porsche Slams Government Bailout
By: Marissa Brassfield - Published: Oct 17, 2008 • References: motorauthority