Volkswagen's Scandal is Libor on Wheels

The banking fines may presage a world of hurt for the auto industry.

A Drive-By Murderer?

Photographer: Andrey Rudakov/Bloomberg

There's never just one cockroach. That's what we learned from the market-rigging scandals in recent years. Be it the London Interbank Offered Rates, currencies, metals, oil or… (you get the picture), it turned out that every bank and broker that touched every market benchmark left grubby fingerprints of fraud, collusion and deceit. So the revelation that Volkswagen cheated for years on tests measuring how much damage its diesel engines do to the environment raises a mammoth question: Who else did the same?

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