Japanese Parts Makers Want Government $$$
Let’s see what comments this one gets: Seven Japanese companies have applied for the US government’s relief program for auto parts and materials suppliers of GM and Chrysler, the Nikkei [sub] says.
The program earmarked $5 billion in public funds to make suppliers whole who are owed money by the two artists.
Four Japanese applicants—Aisin Seiki, Akebono Brakes, Mitsubishi Electric Corp. and Hitachi Metals—have accounts receivable from General Motors and Chrysler.
Yazaki and Nachi-Fujikoshi filed papers due to debt owed by Chrysler.
Yorozu is seeking help with its receivables from GM. Denso, the by far biggest player in the toxic parts business with US OEMs, is also considering tapping the program.
According to the Nikkei, “the U.S. government is expected to deliberate several weeks before deciding whether to honor the debt held by the Japanese autoparts makers.”
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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Who would have guessed that shovelling out billions of borrowed dollars might involve difficult decisions?
Once the bailout bucks started to flow, this situation became just as inevitable as it will be unending.
Did everyone think only politically connected operations get our tax dollars? Surprised? AIG was used to funnel billions to overseas concerns already.
PeteMoran: Aisin is 22% owned by Toyota, and, after a quick Google search (to check the ownership percentage) I see that a Toyoda is the Chairman.