[dragontamer]

It was a researcher from West Virginia who tested it.

Researcher is on the record as "I didn't believe the results" and "I thought I made a mistake".

Also, lol @ efficient market thesis because the results of his research were posted early 2014. EPA took a look at them, and being the slow bureaucracy that it is... took a year and a half to levy charges against Volkswagen.

So this entire "surprise" was over a year in the making. It's been discussed publicly in research groups for a year and no one seemed to care till now.

[mzs]

Slight correction, EPA was not slow to act. When they caught wind of this they approached VW who had one excuse after another:

http://www.washingtonpost.com/news/wonkblog/wp/2015/09/22/an...

[qubex]

The EMH predicts that unless the net probability of effects where totally zero there would be a move. I don't see evidence of there having been one.