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Toyota considers recalling Corolla after power steering problems
http://www.nj.com/business/index.ssf/2010/02/toyota_considers_recalling_cor.html
TOKYO — Toyota is considering a recall of its hot-selling Corolla subcompact after complaints about power steering problems — another blow to the world's largest automaker already reeling from a string of recalls for safety problems.
Company President Akio Toyoda, meanwhile, said he won't be attending the U.S. congressional hearing on the automaker's safety lapses, entrusting the job to U.S.-based executives — though he did say he would consider appearing if summoned. He said he wanted to focus his energies on improving quality worldwide.
"I trust that our officials in the U.S. will amply answer the questions," Toyoda told reporters today. "We are sending the best people to the hearing, and I hope to back up the efforts from headquarters."
He said Yoshi Inaba, who heads Toyota Motor Corp.'s North American unit, was more familiar with the U.S. situation and was the best executive to deal with the hearing. Toyoda said he was still making plans to go to the U.S. and dates have yet to be set.
But in an alarming disclosure that could widen Toyota's recall crisis, the Toyota executive in charge of quality controls, Shinichi Sasaki, said Toyota was taking seriously the complaints about power-steering problems in the Corolla, the world's best-selling car.
Sasaki said drivers may feel as though they were losing control over the steering, but it was unclear why. He mentioned problems with the braking system or tires as possible underlying causes of the steering problem.
There have been fewer than 100 complaints, the automaker says.
Speaking at Toyota's Tokyo office, Sasaki said it was still uncertain if a Corolla recall would be necessary but the automaker is considering one. The number of affected vehicles is unclear, he said.
The company was putting customers first in a renewed effort to salvage its reputation and would do whatever is necessary if a fix is needed, he said.
Toyota has recalled 8.5 million vehicles globally during the past four months because of problems with sticking gas pedals, floor mats trapping accelerators and faulty brake programming.
The U.S. House Oversight and Government Reform Committee is holding a hearing on Feb. 24 on Toyota's gas pedal problems. The House Energy and Commerce Committee has scheduled one the next day.
Inaba, Transportation Secretary Ray LaHood and NHTSA Administrator David Strickland are expected to testify at both meetings. The Senate Commerce, Science and Transportation Committee has scheduled a March 2 hearing.
Toyoda reiterated his promise to put customers first in beefing up quality controls at the world's No. 1 automaker.
He promised a brake-override system in all future models worldwide that will add a safety measure against acceleration problems that are behind the recent massive recalls.
The system is a mechanism that overrides the accelerator if the gas and brake pedals are pressed at the same time.
"We are not covering up anything, and we are not running away from anything," Toyoda said.
Toyota has also commissed an independent research organization to test its electronic throttle system, and will release the findings as they become available.
Toyota took full-page ads in major Japanese newspapers Toyota to apologize for the massive recalls, most of which affect cars outside of Japan.
"We apologize from the bottom of our hearts for the great inconvenience and worries that we have caused you all," the black-and-white ads say.
Toyota has published similar ads of apology in U.S. papers. Toyota has also stopped airing TV ads in Japan for models affected by the recall, although it has continued them for other models.
Toyota in Japan had no immediate comment on the order Tuesday from the U.S. Transportation Department to hand over documents related to its massive recalls. The department wants to know how long the automaker knew of safety defects before taking action.
Toyota's U.S. unit said in a statement that it "takes its responsibility to advance vehicle safety seriously and to alert government officials of any safety issue in a timely manner."
"We are reviewing NHTSA's request and will cooperate to provide all the information they have requested," it said.
Toyota must respond within 30 to 60 days or face fines.
Reports of deaths in the U.S. connected to sudden acceleration in Toyota vehicles have surged in recent weeks, with the alleged death toll reaching 34 since 2000, according to new consumer data gathered by the U.S. government.
Under federal law, automakers must notify the department's National Highway Traffic Safety Administration within five days of determining that a safety defect exists and promptly conduct a recall.
LaHood has said the government is considering civil penalties for Toyota over its handling of the recalls.
Hmmm, I will try Mr. Wirtz tomorrow and see if I can get us a answer to that question. I was never a PP but am still curious.
I believe he has restrictive legends from the PP of 2005, hence the opinion letter is required.
What company is that?
You said it best, lol. I have nothing to add to that explanation.
I understand what you are saying, annoying inconvenience, lol.
That is standard with all warrants. You always need an opinion letter regardless of the company. That is actually not that high, I have seen them in the thousand dollar range, that might be why they said to use that law firm.
I went to Barnes and Nobel on Friday and bought the latest edition of "See Spot Run" and I just finished it. I sure could use something else to read.
That would be great. If you could pull some strings at NASA and get EXBX a grant or at least in touch with those that could make it happen. Please let us know how that goes. A PR about a EXBX collaboration with NASA on the AV would be huge. You are also right about EXBX giving it to them for free. The benefit from the PR alone would be priceless.
Oh no, just when we thought it was safe to post again, B shows up, lol.
No it does not, time to buy some puts, lol.
What? That is the Pr from last week. I do not see it "re-released".
Your welcome, enjoy your weekend also.
About the PR, was not informative enough for some.
I just spoke with Mr. Kampa and good call Ott. I asked and he said they have been in contact with Eldorado But he was not willing to go any further. He said they have a meeting set up with OSR within the next 2 - 3 weeks. He said they have been talking to OSR and are going to have a live in person meeting now. Told me he has been having many meetings with many people and told me right now he is just trying to keep the doors open until they get funding. He told me he will get us funding one way or another. I told him I just finished this months popular Science and need something else to read, he told me to go to Barnes and Noble and buy another magazine to get me through the weekend.
Also he told me the PR's being put out are not for a PPS increase, they are for us, to keep us updated on whats happening behind the scenes. He has had some complaints about the recent sale and said he does believe in keeping everyone in the loop. He said he does not believe in a quick pop. He said when he puts something out that might increase the PPS it is material and not a quick fix for flippers.
He was very excited and said many things have happened in the past 24 - 48 hours.
He did not tell me this part: IMO they are either close to funding or already have a deal, I do not see any other reason to have a face to face with OSR otherwise. This is 100% on me and he has not even hinted that this might be true.
I asked if I could mention OSR and he said yes. I was not to mention the details.
I will say I am excited about next week though.
I have to ask you Ott, how did you come about Eldorado, just wondering? He only told me because I asked.
lol, I remember you also and have always known it. I was ucantfoolme (with 1 "E", lol). Ahhh the good old days. Difference between this and that is with this we are going to make money, lol.
Unfortunately I have just under $100K in this and I am down $40K. I do have more money in my account but I am waiting. Mr. Kampa announces funding, I am a buying SOB, LOL. I am not doubting him but I am more cautious now. IMO funding will make everyone more at ease. When they announce OSR look out. Still I have no doubt Mr. Kampa is going to make me a lot of money. This IMO is one of the best plays on the market right now.
I have done many reports also on EXBX, look at my previous posts on IHUB, ROTFLMAO :)
Look out Texas Hurrican Kampa is coming, lol.
I know I was a USXP victim also. I am very "skeptical" also, lol. Actually with USXP I bought just because ever year at the same time it went from .0005 to .05, I bought to late and only lost $700. EXBX is different though, they have white papers from OSR, Tony mason from OSR is a patent holder. OSR has them listed on the website. I checked, OSR does not take money to advertise on the OSR site. OSR really has done work for them and plans on it again. Biggest problem is Dillon PI$ED off OSR. I think Texas Institute validated them also along with a few other reputable entities.
IMO and I really have no doubt the AV is real along with the DLP / DLD. I am not worried about a product, I was worried about why funding could not be secured. It turns out I was right about Dillon and Regan. I thought Dillon was just a showmen, enjoying the spotlight, with no way to follow through. I said from day 1 Regan was NOT a CEO and had no right even being there. Mr. Kampa is without a doubt a CEO and knows what he is doing. He will secure funding and that I do not doubt. He is not flashy and tries to baffle you with BS, like "we are going to be the next GOOGLE, trust me". He is very down to earth and has a plan. Dillon was winging it and Reagan, well I am still not sure what he was doing, lol. Mr. kampa has some pretty big friends and like I said no worries here. I am sure those that are still a little "skeptical" will not be soon, JMO.
Sorry to hear about UFOG and what they did to you. I remember you from the USXP days and I was also attacked for thinking it was a scam and at least we can say we were right, lol. Eagle's proboard was ripping me and I know they chased you off. Lot of people lost money on USXP. I really am not skeptical of EXBX anymore, I was skeptical before Mr. Kampa, if you do not believe in the management that alone should keep you away from a stock.
MrOwl without a doubt your comments are always welcome and in no way would I disagree with you. Thing is not just comments from a CEO, most know Scott personally and are personal friends with him. Scott I know has been to many peoples houses on this board and many have been to his. He is actually a really nice guy (I know, do not invest off a personality) but he is actually very good and knowledgeable at what he does. Scott even agrees that he has been consumed with mismanagement in the past and has no issue saying so. He told me and many others that he was mad at Dillon. Dillon was supposed to step down years ago and let someone else take over(like Mr. Kampa). Dillon had a ego issue and decided he wanted to be A#1. I was mad at Dillon and now it is water under the bridge, we have Mr. Kampa now. I know many are still waiting to see what transpires. IMO everyone will feel much better after financing is secured and I have no doubt Mr. kampa will get it.
Point is I know Scott would not have his mom, brother, friends, etc... in this if he was unsure.
Hey MrOwl,
Little late for that advice, most have already put in their retirement in EXBX stock years ago. Actually I believe Scott's brother (Scott Copeland from EXBX) has his entire 401 at work in EXBX. I agree I would never put 100% in any one stock but I have a large amount after talking to Mr. Kampa, I have no doubts he will be successful. I also have Ford (long), been playing Disney on margin, Bought some options on Toyota (puts short term, calls long term), I have many options (puts) on a bunch of Bio Techs, etc... I did load the boat on EXBX over the years though. I am not worried about it anymore, great days ahead IMO.
Were you ever able to get that picture? I would at least like to see the boat, lol.
Well when EXBX hits maybe we can get the same realtor in a warmer climate, lol.
You got it worse than us, we lost power, phones, etc.. uggg.
Jersey and I do not plan on being here after EXBX hits. First thing I am doing is going somewhere warm.
And no that stupid show "JERSEY SHORE" on MTV is not what it is like here, lol.
Good job Vince, I must say you suck.
Great isn't it, Dillon almost never showed up. Sometimes Dillon would not show up in the office for weeks to months and he lived in Texas. Mr. Kampa is in the office everyday and commutes from another state.
well we are green today, maybe we need the CEO to commit some fraud and we could go to $20, lol
It is scary, the Govt screws up everything they get involved with. My new trading strategy is anything they touch I buy puts on, lol.
Absolutely, that was part of Obama's agenda, screw with the markets everyday he is here, lol.
Well we are snowed in pretty good, we got so much I could send you some if you would like, lol
I do not either. But I do believe it will take a little more time for that $2.00. However I can realistically see .50 to .80 in the not to distant future.
IMO we get funding this quarter, soon actually, very soon, like any minute, lol.
That "LOL" was just for you!
Oppps, I missed this, Looks like our ceo might have to pimp himself out on craiglist to help pay these, lol.
http://news.yahoo.com/s/nm/20100211/us_nm/us_toyota_lawsuits
Toyota faces lawsuits over shrinking resale values
Reuters
Is my Toyota on the recall list? Play Video AP – Is my Toyota on the recall list?
Toyota cautiously launches new model amid recall crisis AFP/Getty Images – The world premiere of the 2011 Toyota Avalon is shown during the first Media preview day at the Chicago …
By Steve Gorman Steve Gorman – Wed Feb 10, 8:32 pm ET
LOS ANGELES (Reuters) – Added to a wave of personal injury lawsuits stemming from Toyota's massive recall, the automaker faces a growing number of consumer class-action cases -- more than 40 so far -- over the shrinking resale value of its cars.
Consumer lawsuits seeking economic damages for diminished value or lost use of a recalled Toyota vehicle have been filed in at least 30 states, mostly in federal court, and could end up costing the car maker over $2 billion, Tim Howard, lead counsel for a team of law firms handling about half the cases, estimated.
All the federal suits would be consolidated into a single class action in the next three to four months, following a hearing before a panel of judges set for March 25 in U.S. District Court in San Diego, Howard said.
Toyota Motor Corp's U.S. operations are based in California. A company spokesman declined to comment.
Litigation against the cash-rich Japanese automaker has mounted quickly in the weeks since it began the biggest recall in its history for repairs to ill-fitting floor mats and sticking gas pedals it blames for instances of unintended, sudden acceleration in its vehicles.
This week a separate recall was announced for braking flaws reported in Toyota's top-selling hybrid car, the Prius, and U.S. regulators say they are reviewing dozens of complaints of potential steering problems in new Toyota Corollas.
Toyota has recalled some 8.5 million vehicles.
Lawsuits related to injuries and death are the most obvious cases being brought against Toyota. Up to 19 U.S. crash deaths over the past decade may be linked to accelerator-related issues at Toyota, congressional officials have said. An unknown number of injuries also are likely to spur legal action.
A class-action suit was filed in Los Angeles on Monday on behalf of U.S. shareholders accusing Toyota of misleading investors.
Howard, a Northeastern University law professor, said the consumer class actions are based on the premise that for Toyota car buyers "if you went to sell your car today, it's worth a lot less than it was two weeks ago."
Major automobile valuation services like Edmonds and Kelley Blue Book have downgraded the resale value of Toyotas by as much as 3.5 percent, and further decreases up to 6 percent can be expected, Howard said.
Toyota has long boasted one of the industry's highest resale values for its vehicles, as well as a superb record of reliability and safety -- all major factors in the company's success in the U.S. market .
Class-action lawsuits are predominantly a U.S. phenomenon, involving a large group of plaintiffs who bring similar claims to court collectively.
Toyota is not the first car company to face such legal actions. In 2008, Ford Motor Co agreed to payouts of up to $500 per plaintiff, in the form of discount vouchers, to settle a diminished-value case on behalf of 800,000 customers after a tire recall prompted concerns about potential rollover crashes in its Explorer sport utility vehicle.
(Reporting by Steve Gorman, Editing by Dan Whitcomb, Leslie Gevirtz)
LOL, I did not hear from Mr. Kampa yet, however we got almost 18 inches of snow today and lost power, phones, etc...
I have my retirement, kids college, etc... riding on Mr. Kampa and I know he will make us rich otherwise I am moving in with him and his wife, I think that should motivate him, lol.
I hope it squeezes the shorts heads off, lol.
Anything on Diggles? I text him and nothing, I emailed him and nothing? He has not been around to wash my car like you said he would! I want my $2.99 back I gave you, lol.
That short interest has gone up a bit, lol
That's nice, can you buy me 2?
This just cant be good!
UPDATE 1-US says 22 in bribery case part of one conspiracy
Wed Feb 3, 2010 5:04pm EST
Stocks
*Defendants include Smith & Wesson sales exec (Adds additional pleas, judge's remark, case numbers)
By Jeremy Pelofsky
WASHINGTON, Feb 3 (Reuters) - Twenty-two people charged with violating U.S. bribery laws after allegedly trying to win arms deals from someone they thought was an African defense minister were part of a single conspiracy, a U.S. prosecutor said on Wednesday.
The 22 individuals, including Smith & Wesson Holding Co (SWHC.O) sales executive Amaro Goncalves, were caught in an FBI undercover operation. They were charged in 16 separate indictments, but they were not accused collectively in one indictment for conspiring with each other.
"We do believe it is one conspiracy," U.S. prosecutor Hank Walther told a federal judge during the first of two arraignment hearings where lawyers for 19 of the defendants entered not-guilty pleas for their clients.
The remaining three defendants are in custody and are expected to be arraigned next week.
While many of those charged worked for different companies, the common theme running through the indictments is that the defendants believed they were bribing an African defense minister. The unidentified African country was not involved in the sting.
The prosecutor's statement clearly surprised U.S. District Judge Richard Leon and many of the defense lawyers, who raised questions about consolidating the cases into one.
"It was news to me that they conspired with the others," Jeremy Margolis, a lawyer for Goncalves, told the judge during the first hearing.
Leon said the accusation that the group conspired even though they were charged separately was "novel in my experience too."
At a second arraignment on Wednesday afternoon for 11 defendants, the judge made it clear there were limits to case consolidation.
"I'm not going to try a case, no judge can try a case with 22 defendants," Leon said.
Two defense attorneys said that they believed their clients barely knew each other beyond perhaps an occasional handshake when their paths happened to cross in the industry.
The defendants are accused of violating the Foreign Corrupt Practices Act, conspiracy to violate the FCPAw and conspiracy to commit money laundering tied to the sale of guns, body armor and other law enforcement equipment.
As part of the FBI sting operation, an unidentified former executive for an arms manufacturer arranged a meeting between the arms sales representatives and undercover FBI agents who posed as representatives of an African country's minister of defense.
The agents told the sales representatives that to win a contract, they had to add a 20 percent "commission" to price quotes, half of which would go to the purported minister and the rest of which would be split between the others.
The investigation was continuing, the prosecutor said. Search warrants were executed when the people were arrested and there could be previous acts of bribery resulting in additional charges, he said.
The prosecutor also said there was a cooperating witness. The New York Times reported the witness is Richard Bistrong, a sales executive for Armor Holdings, now a subsidiary of BAE Systems (BAES.L). A plea hearing for Bistrong was scheduled last month, but was canceled without explanation.
The cases are in the U.S. District Court for the District of Columbia, Nos. 09-335 through 09-350. (Reporting by Jeremy Pelofsky. Editing by Robert MacMillan, Leslie Gevirtz)
I bought some more the other day, Green already.