General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAG Eric Holder: Toyota is guilty of criminal offenses (only pays 6.4% of profit in penalty)
So now we know that Toyota's sudden acceleration issue was a real thing and not an aberration.
Toyota knew and did as little as possible to prevent actual deaths and even tried to mislead authorities.
AG finds Toyota guilty of criminal deeds, but puts them on "probation" for 3 years and punishes no company executives.
As a penalty, Toyota has to pay a penalty of about $1.2 billion.
A quick Google find that Toyota has a *profit* of $18.8 billion for the last year.
"Toyota said it would take a $1.2 billion after-tax charge for the settlement in the fiscal year ending March 31." (Sounds like a tax write off?)
frazzled
(18,402 posts)KeepItReal
(7,769 posts)"The lag between first signs of trouble with the switches and the recall has prompted ongoing investigations by the National Highway Traffic Safety Administration, the Department of Justice and two Congressional committees, which plan hearings late this month or early next."
http://www.usatoday.com/story/money/cars/2014/03/18/gm-ceo-barra-president-reuss-recalls-safety/6557865/
MineralMan
(146,192 posts)GM's sorry performance in the ignition switch thing has just come under review. Don't expect results soon. It can take years for these things to work their way through the system, sadly. Corporation lawyers can delay almost indefinitely, as we've all seen.
frazzled
(18,402 posts)Look, I'm just trying to fair-and-balance this OP. Attorney General Holder never said what the header suggests. Indeed, the article to which it links says the Justice Department made no statement. Furthermore, Toyota was not proved "guilty" of anything: the settlement was to end the probe. They weren't ever charged with anything.
I just hate imprecise, misleading postings, and I should have added a sarcasm tag to the GM retort.
KeepItReal
(7,769 posts)We can say for certain that Toyota intentionally concealed information and misled the public about safety issues, Holder said at a news conference in Washington, adding: Rather than promptly disclosing and correcting safety issues about which they were aware, Toyota made misleading public statements to consumers and gave inaccurate facts to members of Congress.
Read more: http://www.politico.com/story/2014/03/toyota-settlement-doj-104809.html#ixzz2wSH7lx00
Historic NY
(37,449 posts)I had this happen back with my 2000 GMC Yukon at the time. When traveling over a rough land surface all of a sudden a puff of smoke from the ignition and several major power componets died. I was in Canada at the time and GM wanted it repaired in the states. They discovered one of the large main fuses under the hood popped. I was given a couple of extras and sent on my way, it did it once more on the way home. The dealer discovered the switches internal wires wore and rubbed against each other. I used to carry quite a few keys on the key ring. The dealer found the wire insulation was bare perhaps from the keys or installation. They thought it was an isolated problem. I've had engines fail at high speed and always was able to maneuver them to the side of the road. Just because a an engine stops it can still be stopped and the wheel can still be turned. In my drivers ed days that was one of the things they taught you. The car manual explains it but, most people never read it beyond how to program the radio.
leftyohiolib
(5,917 posts)Blecht
(3,803 posts)The sociopaths who run these companies sleep well at night. They don't care about the deaths at all -- they've made billions!
Auntie Bush
(17,528 posts)my car suddenly took off as I tried to move it up about 10 feet to park in front of the garage. Instead it went right through the garage door and was only stopped by a big tractor. The tires were smoking and I thought It was going to catch on fire. I couldn't even get out of the drivers side door. Had to climb over the drivers seat with a bad back. It did $7,000 worth of damage to my car (only had it for a month) and about $7,000 damage to the garage and contents. I still don't have a garage door.
Toyota in California recorded my report of what happened so they have me on record for sudden acceleration. I hope they uncover my records and add me to their list of payments. I tried to sue but no one would take my case since I wasn't injured...so maybe only those that sued will receive any payments.
I sure could use that right now as my well pump died on me the other day and they had to dig through a 4' pile of snow from the plow and dig it up and replace in through a 4 foot pile of snow and down two feet into the ground. The pump was over 300 feet down. Just the new pump is over $1,000 plus a full days labor for three men. Haven't gotten the bill yet. My front yard is a muddy mess!
Wish me luck!