Japan Three, Others Meet With President Over Supplier Aid Pledge

by Cameron Aubernon

Published: July 14th, 2014

japan three others meet with president over supplier aid pledge

A number of U.S. and multinational corporations met with President Barack Obama Friday to shine a light upon their pledge to pay their suppliers within 15 days as part of an initiative to help small businesses expand and bring on more employees.

Automotive News reports representatives for Nissan, Toyota and Honda, including Honda North America executive vice president Rick Schostek, were in attendance for the 90-minute meeting about the pledge, based upon a similar program with government contractors, whereupon the federal government promises to quickly pay its contractors if the latter does the same for the smaller suppliers that help them.

The original initiative affected 172,000 small businesses, bringing $1 billion for workforce investment since its launch in 2011. Friday’s meeting was to reaffirm the pledge, as well as to introduce the program to the public sector.

#BarackObama #GovernmentPrograms #Honda #JapanThree #Nissan #Pledges #RapidPayments #Suppliers #Toyota

Cameron Aubernon

Seattle-based writer, blogger, and photographer for many a publication. Born in Louisville. Raised in Kansas. Where I lay my head is home.

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14 of 25 comments

Johnny Canada on Jul 14, 2014

Even Canadians are hip to this inept civil servant.

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- Jeff Weimer on Jul 14, 2014
  
  Inept, malevolent; six of one, half dozen of another. YMMV.
  
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- VoGo on Jul 14, 2014
  
  Two Words, Johnny Canada: Mayor Ford.
  
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Thelaine on Jul 14, 2014

He is exactly what the American majority wants. Don't blame the symptom.

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- Highdesertcat on Jul 14, 2014
  
  Exactly!
  
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- 285exp on Jul 14, 2014
  
  Wanted, if you've seen his poll numbers recently I think it's pretty clear his expiration date has been reached. Even the clueless can learn.
  
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- Mike978 on Jul 14, 2014
  
  @285exp His approval numbers at this stage are not exactly bad. Most Presidents have a mid term drop. You are right, the majority did want expanded health care coverage (from an economic and moral case), economic growth with a project deficit by 2016 of just over 2%, no new wars.
  
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ExPatBrit on Jul 14, 2014

Usual ODS from the usual suspects here. Lot of under-employed RW folks I guess. What about some comments regarding what the post is about? I applaud this action , big business floating their operations at NET 60, 90, 120 is severely crimping small companies. Companies like this are nothing but parasites! I work for a small independently owned business and we see this kind of crap all the time, fortunately we build kind of a unique item and so mostly reject anything over NET 30 nowadays.

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- Psarhjinian on Jul 14, 2014
  
  I'll agree with this; a lot of larger orgs are stretching payables terms, and/or implementing some pretty harsh compliance rules (Walmart, ahem) that basically see their operations subsidized by their suppliers. It's pretty unpleasant, but there's no real alternative; either "sell now get paid later" or "sell never get paid never".
  
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- DevilsRotary86 on Jul 14, 2014
  
  Bravo, I applaud you sir. That was my first thought as well. I work for a small firm where NET 30 is pretty much standard practice. Your statement mirrors my own thoughts on reading this. Getting past the usual "Obama sucks" noise, I wonder if this will one day make NET 15 standard practice.
  
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- Schmitt trigger on Jul 14, 2014
  
  Either that, or add an extra markup to cover for the longer payment terms. Some companies go to extreme accounting shenanigans to "improve" their reported numbers. In a company I used to work for, there were payments blackout dates prior to end-of-quarter, to show a good cash flow number.
  
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- ExPatBrit on Jul 14, 2014
  
  @schmitt trigger If we receive an RFQ with longer payment terms clearly stated we will add a "additional terms" markup. It's the ones that try to sneak it under the radar in the T&Cs after pricing and delivery has already been set that tick me off. We pay all our suppliers by credit card or NET 15/30 just like the federal government. No exceptions!
  
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05lgt on Jul 14, 2014

Some of the other photos from this Denver event showed several women grinning away taking cell pic's of the Chief's backside while he played. It's a little late to run against him though, but ... par for the GOP course. Count me as a fan of whatever impact he's had on the improved market, economy, employment and fewer servicemen and women overseas. I doubt 8 years from now he'll be known for painting his feet in the bathtub.

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- El scotto on Jul 14, 2014
  
  Nope, the President; not Mr. Obama, Thank You and no I didn't vote for him either chance, and I are roughly the same age. Expect at least one book and a healthy career on the lecture circuit. President Bush was old enough to retire and slipped away to Crawford, TX. Bush is rich; expect Obama to retire rich.
  
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