Porsche’s financial hack

I mentioned the Porsche/VW financial incident briefly in October, but this is an excellent layman’s explanation of what happened.

Porsche’s move took three years of careful maneuvering. It was darkly brilliant, a wealth transfer ingeniously conceived like few we’ve ever seen. Betting the right way, Porsche roiled the financial markets and took the hedge funds for a fortune.

(via capn design)

Update: Not so fast there, Porsche. Bloomberg says that the company may not have the money necessary to exercise those options and realize $24.3 billion in profits.

Update (10/2014): In a stunning reversal, VW ended up buying Porsche instead of the other way around. Here’s the whole story.

• finance
• Porsche
• volkswagen