Volkswagen admits the bill for its diesel emissions subterfuge will exceed $7.3 billion, while Credit Suisse tells investors the bill could reach $87 billion.
Credit Suisse has proposed a novel idea for the European car industry, one whose title we are well familiar with: Car Czar. What would make this position far more radical than that formerly held by our own Steven Rattner is that the European car czar would be tasked with managing a reorganization of the entire industry across the continent, not just in one country. It cites Lewis Booth, retired Ford of Europe CEO and global COO, as the man for the job.
Even though DuPont's automotive paints, or "performance coating," division brought in 12.1 percent of the firm's 2010 revenue, the pretax operating-profit margin was only seven percent, said to be about "half the corporate average." With the highly diversified firm making plays in more lucrative "megatrend" areas, Automotive News reports that DuPont has retained Credit Suisse to find a buyer for its two coatings divisions valued at $3-4 billion.
It's a sign of the times that even the banks don't have money. With everyone hurting in this economic climate, several large banking groups have been prompted to cancel their sponsorship activities in Formula One. Credit Suisse announced it was withdrawing its sponsorship of the BMW Sauber team for this season. Dutch banking giant ING, which invested heavily – some 50 million Euros (about $63M USD), according to some estimates – in the Renault team, trackside advertising and title sp