Volkswagen shares plunged more than 20 percent on Monday, their biggest one-day fall, after the German carmaker admitted it had rigged emissions tests in the United States, and U.S. authorities said they would widen their probe to other manufacturers.
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I keep writing about reputational risk and maintaining the social license to operate, and people keep saying, “Not now, Cato. Not now!” Here’s the problem with that. You can’t fix a social license issue after it occurs. The ferry man only takes companies one way.