The US Environmental Protection Agency alone can, and at this rate will, levy billions of dollars in fines on the company.
Previous fines against the likes of GM have been reduced by hundreds of millions of dollars due to their good behaviour.
VW’s failure fully to co-operate risks the reverse.
Today, the company’s bosses explain to the world how they will slash costs and cancel investment programmes to find the cash they need to fix VW’s polluting cars.
But unless they behave with humility towards the officials trying to understand its crimes and stop them happening again, no amount of cost-cutting will make up for the fines it will justly face.
Wages of HBOS sin
A final thought on the HBOS report, so long in coming that no former directors can now be fined.
In 2005-07, broadly the period in which directors’ actions were so roundly criticised yesterday, chairman Lord Stevenson’s pay totalled £2.8 million.
Chief executive James Crosby and his 2006 replacement Andy Hornby got cash bonuses alone of £586,000 and £1.5 million.