My goodness, its almost a Toyota type play... - in reverse !- While the news is by no means positive, Porsche is in the unique position that it earns more income from its dealings in financial markets than it does from manufacturing and selling cars.
For the previous financial year, Porsche managed to report a profit of $17.05 billion on revenues of $13.3 billion.
The vast majority of this profit came from Porsche's trading in Volkswagen options, with $8.7 billion coming from this alone, and another $1.27 billion coming from increases in the value of VW share price.
Gotta' love it, Porsche just showed up and also showed how worthless so much of the financial community really is.
That 17.05 Billion is really going to standout this year - even if the VW stock price goes south.
Last edited by AMERICA 123; 01-31-2009 at 11:00 AM.
"From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they're about to do it again."
"The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."
"If America is circling the drain, Goldman Sachs has found a way to be that drain — " Matt Taibbi
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