Accident, accounting fraud, AP1000, conditions for criticality, criticality, dangers of nuclear, fraud, Hopkins SC, India, Japan, NRC, nuclear energy, nuclear fuel, nuclear fuel chain, Nuclear Fuel facility, nuclear industry, public hearing, risk management, Safety Culture, scrubber, South Carolina, Toshiba, Toshiba Accounting Fraud, Toshiba Westinghouse, uranium, US Ex-Im Bank, US NRC, USA, Westinghouse, worker safety
At the same facility within the last year: https://miningawareness.wordpress.com/2016/03/15/dangerous-alpha-radiation-surface-contamination-on-toshiba-shipment-workers-burned-at-toshiba-facility-in-south-carolina-same-facility-separate-events/
INDIA SEEKS US GOVERNMENT LOAN FOR TOSHIBA=WESTINGHOUSE NUCLEAR REACTORS
“EXCLUSIVE – India seeks loan from U.S. for nuclear reactors, snags remain
Posted:Thu, 22 Sep 2016 17:05:50 +0530
NEW DELHI (Reuters) – India is negotiating with U.S. Export-Import Bank for an $8-9 billion loan to finance six Westinghouse Electric nuclear reactors, two sources familiar with the talks said, although a lending freeze at the trade agency threatens progress
The $9 Billion loan would be ultimately guaranteed by the US taxpayer – apparently Obama’s attempt to give a parting present to Japan and its nuclear industry. Although it is unclear how many jobs are at Toshiba’s Westinghouse Cranberry Township PA site, it is millions of dollars per job retained. Job numbers seem to be in the 1,000 to 4,000 range. If it’s 4,000 then this would be $2.25 million per job.
Does it make sense for the US taxpayer to guarantee a loan for a company recently involved in accounting fraud?
Toshiba is apparently still under investigation by the US SEC and DOJ, though we can find nothing on its status. The following case was thrown out on jurisdictional grounds – they want the plaintiffs to sue in Japan even though they purchased stocks within the USA. But, it offers a summary of what the SEC-DOJ are supposed to be investigating:
“UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA
MARK STOYAS and NEW ENGLAND TEAMSTERS & TRUCKING INDUSTRY PENSION FUND, Plaintiffs, and AUTOMOTIVE INDUSTRIES PENSION TRUST FUND, Individually and on Behalf of All Others Similarly Situated, Lead Plaintiff,
Case No. 2:15-cv-04194-DDP(JCx)
PLAINTIFFS’ MEMORANDUM IN OPPOSITION TO DEFENDANT TOSHIBA CORPORATION’S NOTICE OF MOTION AND MOTION TO DISMISS
DATE: May 2, 2016 TIME: 10:00 a.m. JUDGE: Hon. Dean D. Pregerson COURTROOM: 3
This cases arises from a massive, worldwide accounting fraud perpetrated by Toshiba over a period of at least six years, by which it inflated its pre-tax profits by more than $2.6 billion and concealed at least $1.3 billion in impairment losses at U.S.- based Westinghouse Electric Co. See, e.g., ¶¶1-10, 79-98, 155-241. Toshiba’s accounting fraud was subject to an investigation by an “Independent Investigative Committee” (“IIC”) selected by the Company, which memorialized its findings in a detailed report that Toshiba issued in both English and Japanese. ¶¶40-62 & Cpt. Ex. 1. Toshiba has admitted that it has “validated the facts contained in the [IIC] report” (¶68), and also has repeatedly acknowledged responsibility for the misconduct detailed therein. E.g., ¶¶63-69 & Cpt. Exs. 2-8.” https://www.unitedstatescourts.org/federal/cacd/619926/
Moral: Don’t invest in-deal with foreign companies, especially not Japanese ones (except, of course if you are Japanese), unless you have time and money to hang out there suing them. TEPCO is trying the same trick to get out from under responsibility for the American military personnel (USS Ronald Reagan) who were exposed to radiation during what they thought was a routine help mission for an earthquake tsunami. Also, don’t invest in-deal with unethical companies. The nuclear industry is, by definition, unethical.