Tag: Oversight

By on July 7, 2020

Volkswagen Group appears to have completed the terms laid out by the U.S. Department of Justice after it decided the automaker required some oversight in the wake of the 2015 emissions fiasco (colloquially known as Dieselgate). VW was found guilty of equipping certain models with emissions-cheating software that would allow the car to run cleaner under testing conditions (passing regulations) and dirtier, with better performance, the rest of the time.

The con was brilliant and allowed VW to fool regulators for years until it all blew up in its face. Getting caught in the United States kicked off a chain reaction that cost the automaker a fortune globally. In May, VW estimated it had spent €31.3 billion ($34.40 billion USD) in fines and settlements and fines globally — adding that it expects to bleed another €4.1 billion through 2021. But the company was certainly happy to announce on Monday that it had adhered to settlement deal it reached with the Department of Justice and California’s Attorney General.  (Read More…)

By on October 31, 2019

Uber has formed an independent board tasked with overseeing its autonomous vehicle program. As outsiders, they’ll have no official authority within the company. But the six-member group will have direct access to executive years, and will be using them to advise the business on how best to test and deploy new technologies.

Dubbed the Self-Driving Safety and Responsibility Board, the group was formed after one of Uber’s test vehicles struck and killed a pedestrian in March 2018. An external review commissioned by the company following the incident recommended the board’s formation, with support from the NHTSA.  (Read More…)

By on April 23, 2010

While the White House and most of the media spent the last two days parroting GM’s claim that it “paid back” taxpayers, Senator Chuck Grassley was busy writing a letter to the Secretary of the Treasury [letter available in PDF here]. The three-page note opens:

Dear Secretary Geithner:

General Motors (GM) yesterday announced that it repaid its TARP loans. I am concerned, however, that this announcement is not what it seems. In fact, it appears to be
nothing more than an elaborate TARP money shuffle.

No surprises there: TTAC has been all over this ruse for months now. Grassley does sum the situation up nicely, stating that “A debt-for-equity swap is not a repayment,” but the most interesting part of his letter is his theory for why GM and the Administration approved the tax-money reshuffle. Thus far, we’ve assumed that PR was the driving concern in this transparent deception. According to Grassley though, there may be another reason…

(Read More…)

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