TEPCO Troubles

[Greji]

(Added: his last gig was Director General for International Trade Policy and that was only about a year ago.)

The GF worked for him. Said he had a small johnson.....

[Jack]

With catone...shareholders/bondholders should be footing the bill. They were very happy to take TEPCOs very generous dividends for decades. Why should taxpayers rescue these people?

Easy for you to say but many of the said victims may also be shareholders you rely on the dividends for their income. Here is the way I asnwer all this nonesense about people thinking that everyone else but themselves makes too much money:

Do you think the prime minsiter of the country makes too much money?
Yes, I do.
Do you think the Queen of England makes too much money?
Yes, I do.
Do you think your neighbour makes too much money?
Yes, I do.
Do you make too much money?
Of course not.

[Coligny]

Have you tried being relevant in any sort of conversation lately ?

No, seriously...

Beside fatass trolling or ad hominems I mean...

[matsuki]

[color="Red"]The first spokesman was quickly removed from the job after he said during the March 12 press conference that the fuel inside the Reactor 1 was probably melted. [/color]The second spokesman was also quickly removed when he said on the March 13 morning press conference, "I don't want to do this but I was told to do it so here I am."

Well, Nishiyama is gone now. His successor is Yoshinori Moriyama.

So basically the first dude was fired...for telling the truth?

Easy for you to say but many of the said victims may also be shareholders you rely on the dividends for their income. Here is the way I asnwer all this nonesense about people thinking that everyone else but themselves makes too much money:

Do you think the prime minsiter of the country makes too much money?
Yes, I do.
Do you think the Queen of England makes too much money?
Yes, I do.
Do you think your neighbour makes too much money?
Yes, I do.
Do you make too much money?
Of course not.

Let me make it simple for you Jack...

The Shareholders own a stake in this PRIVATE company and just like and PRIVATE company owner, there is always the chance the company will go belly up. The company cannot survive this disaster due to their own incompetence and negligence...the J-Gov and banks are basically insuring this PRIVATE company from total collapse because we all need electricity, it's vital for the economy and well, for most everything these days. Artificially keeping this PRIVATE company alive with our tax money so they can turn around and pull the same amakudari bullshit and make the same mistakes all over again, putting us at unnecessary and unreasonable risk to make money off us, is just retarded...but that's apparently what's happening.

[Mike Oxlong]

...What went wrong? The key is to understand that Tepco wasn't operating in a vacuum. Japan's legal framework is not conducive to meaningful governance. For instance, there are no requirements for a minimum number of independent voting directors, a principle that is common elsewhere. The law also offers no mechanisms for boards to form special committees where such directors can act on behalf of the board in handling tricky oversight functions.

Indeed, the biggest indication that the Fukushima crisis represents a failure of Japan's governance system, rather than one mismanaged company, is that it comes after an intense nine-year effort by Tepco to reform itself from the inside. In 2002, a whistleblower exposed two falsified inspection reports regarding the Fukushima plant. This led to the uncovering of 27 other falsified safety reports, the shutdown of 17 reactors, and intense regulatory and public censure.

Tepco responded to the scandals by increasing the number of nonvoting external auditors. It also established a corporate code of conduct and an ethics committee to enforce it. Managers set as explicit goals to "reform the corporate culture" and "restore public confidence."

But in the absence of legal or regulatory changes, any single company trying to shake up its corporate governance culture is like a drug addict trying to go clean while still hanging around his substance-abusing friends: There are no role models and plenty of bad peer pressure.

So it's worrying that in the wake of the Tepco scandal, policy makers still are pretending the company at hand is simply one bad apple, while ignoring systemic problems. This is even more troubling given that Japan is now in the middle of amending its Company Law, a process that will become one big missed opportunity if policy makers don't learn from Tepco's mistakes...

WSJ Biz Online

[Jack]

So basically the first dude was fired...for telling the truth?



Let me make it simple for you Jack...

Artificially keeping this PRIVATE company alive with our tax money so they can turn around and pull the same amakudari bullshit and make the same mistakes all over again, putting us at unnecessary and unreasonable risk to make money off us, is just retarded...but that's apparently what's happening.

Thanks for the basic information and where you are fatass wrong is the gross assumption you are making that TEPCO will continue the same bullshit and make the same mistakes all over again. Are you some kind of a visionary and you can see the future?

You are so fucking wrong on all levels that I don't even know where to start. As far as I can tell, you are the retarded one.

[Jack]

Have you tried being relevant in any sort of conversation lately ?

No, seriously...

Beside fatass trolling or ad hominems I mean...

I am very relevant but you are way too constipated to see it.

[james]

I am very relevant but you are way too constipated to see it.

this coming from someone with verbal diarrhea..

[Coligny]

Thanks for the basic information and where you are fatass wrong is the gross assumption you are making that TEPCO will continue the same bullshit and make the same mistakes all over again. Are you some kind of a visionary and you can see the future?

They sure as hell did it everytime they could when the cash was flowing, and now that they are cash strapped, I can bet they will fuck up even more to save a buck...

[Coligny]

this coming from someone with verbal diarrhea..

And talking to a guy with irritabul bowel syndrome...

That Jack-boy is not just yer below room temp IQ'ed troll, he's also either psycho rigid or autistic(*)

(*) but this would count as a quality, so I think we can safely dismiss this diagnostic...

[Coligny]

I am very relevant but you are way too constipated to see it.

Said while covering his ears and shouting "lalalalala I can't hear you" i suppose...

[matsuki]

They sure as hell did it everytime they could when the cash was flowing, and now that they are cash strapped, I can bet they will fuck up even more to save a buck...

Exactly, there is a long history of BS from them that would lead any reasonable person to believe this type of crap can and will happen again. It's like putting a steak in front of a puppy that loves him some raw meat and telling us we can't predict the outcome one we look the other way.

[Coligny]

Exactly, there is a long history of BS from them that would lead any reasonable person to believe this type of crap can and will happen again.

and then we have to realise that we are talking to Jack...

[matsuki]

and then we have to realise that we are talking to Jack...

Yeah, I'm a bit too generous with the trolls lately

[Mike Oxlong]

Not likely any thought flickers in the minds of TEPCO execs, but here's one that should...
[yt]n8H7Jibx-c0[/yt]

[2triky]

[2triky]

Banks to discuss lending 1 trillion yen more to Tepco: report

Mon, Jan 9 2012

(Reuters) - Tokyo Electric Power Co Inc's (9501.T: Quote, Profile, Research, Stock Buzz) main lenders will begin talks this week to decide conditions to lend Japan's biggest utility, also known as Tepco, an additional 1 trillion yen ($13.01 billion), at the government's request, business daily The Nikkei said.

Sumitomo Mitsui Financial Group Inc (8316.T: Quote, Profile, Research, Stock Buzz) unit Sumitomo Mitsui Banking Corp and other financial institutions have already infused funds in Tepco, including about 2 trillion yen in emergency financing last spring, the daily said.

The government plans to inject 1 trillion yen in public funds to help Tepco pay for decommissioning reactors at the crippled Fukushima Daiichi nuclear power plant and have private sector financial institutions provide about 1 trillion yen in working capital financing, Nikkei said.

Tepco and the government-backed Nuclear Damage Liability Facilitation Fund have indicated to financial institutions that they plan to restart the Kashiwazaki-Kariwa nuclear plant in about two years, the daily said.

If nuclear plants that have been idled since the March earthquake and tsunami cannot be brought back online, Tepco's earnings would take a hit because it would need to rely more on fossil fuel, Nikkei said.

[matsuki]

Hmmmm

TEPCO to be effectively nationalized for at least 10 yrs: sources

TOKYO (Kyodo) -- Tokyo Electric Power Co. would be effectively nationalized for at least 10 years through 2022 and is intended to move into the black in fiscal 2013 under a plan currently considered by a state-backed entity for funding nuclear disaster compensation, sources close to the matter said Friday.

http://mdn.mainichi.jp/mdnnews/national/news/20120121p2g00m0dm010000c.html

[2triky]

[Coligny]

Note 1 for Tepco board: beggars can't be choosers
Note 2 for Tepco board: you guys should thank gods for not being in jail for the rest of your life, keeping low profile could be a good idea...

[IparryU]

Note 1 for Tepco board: beggars can't be choosers
Note 2 for Tepco board: you guys should thank gods for not being in jail for the rest of your life, keeping low profile could be a good idea...

Note 3 for New Tepco board: dont allow stinky gaijin to come on board cause it may trigger the Olympus like closet door to open.

[2triky]

Note 3 for New Tepco board: dont allow stinky gaijin to come on board cause it may trigger the Olympus like closet door to open.

And we all know that closet is a walk-in closet with more bones in it than the La Brea Tar Pits.

[2triky]

Japan government to take majority stake in Tepco

TOKYO (Reuters) - The Japanese government is set to take a majority stake in Tokyo Electric (9501.T: Quote, Profile, Research, Stock Buzz) in return for injecting about 1 trillion yen ($12.4 billion) in public funds, the Asahi newspaper reported on Friday, in what would be a political victory for the trade minister in his battle to reform the once all-powerful utility.

Trade Minister Yukio Edano, who oversees energy policy, and the operator of the tsunami-struck Fukushima nuclear plant have been fighting over how much say the government will have in the utility's management in exchange for what would be one of the world's biggest bailouts outside the banking sector.

The government is seeking to take about 51 percent of voting rights in Tokyo Electric Power Co (Tepco) to implement reform in the powerful but troubled utility that is saddled with trillions of yen in compensation costs, the Asahi reported, citing sources close to the government and the ruling Democratic Party.

In addition to that, the government will also obtain convertible non-voting shares which, if all are converted, will give the government more than a two-thirds stake in the utility, the Asahi reported.

Japanese law defines that shareholders with a majority of voting rights can decide board members, while those with two-thirds can decide on major management issues including mergers. A share of more than one-third carries veto power.

Tepco could not be reached immediately for comment on the report.

"This shows that the government is serious," said Takehiko Yamamoto, a professor at Waseda University in Tokyo.

"Through injecting public funds and obtaining voting rights, the government aims to handle issues that Tepco on its own cannot, as well as improve the utility's corporate governance."

Tepco has said it wants to keep its autonomy as a private firm, while Edano has been demanding a controlling stake that would match the huge amount of taxpayer's money likely to be injected.

Tepco is set to submit to Edano in March a business plan in which it is expected to outline how it aims to rebuild the company as well as ask for a public fund injection to keep the company afloat and supply power to some 45 million people.

Source

[2triky]

Tepco wants six-year 10% hike, then 5% cut


Tokyo Electric Power Co. and the fund helping it with nuclear disaster compensation might hike power rates once for six years before cutting them 5 percent in fiscal 2018, sources said Friday.

The utility's plan, which entails further restructuring based on additional loans from creditor banks, is designed to persuade creditors to give it more loans. But its feasibility is unclear because it depends on restarting now-idled nuclear plants and other unforeseeable factors.

The utility, which runs the crippled Fukushima No. 1 power plant, briefed creditors on the plan with the state-backed Nuclear Damage Liability Facilitation Fund. Tepco's earnings in the plan were projected over the next decade in a bid to win \1 trillion in additional loans.

Tepco and the fund are hoping to clinch an agreement on the loans by Wednesday, the sources said.

Under the plan, Tepco would first raise electricity rates by roughly 17 percent for corporate clients in April and by 10 percent for households as early as July, three months earlier than planned.

The utility would then use the additional loans to carry out restructuring and improve its balance sheets, while attempting to win public approval to restart the seven-reactor Kashiwazaki-Kariwa power plant in Niigata Prefecture in April 2013.

The higher rates would last no longer than about three years, and the rates might be lowered to their prehike levels in April 2015.

The utility would then compensate customers with more cuts in electricity rates once restructuring has been completed.

But the creditors pointed out uncertainties in the plan, such as the need for the utility to win the consent of trade minister Yukio Edano for household rate hikes and the consent of local governments to restart the nuclear plant amid widespread radiation concerns generated by the Fukushima disaster, the sources said.

The creditors are making adjustments to support the utility. They are considering accepting its corporate bonds for the time being with plans to switch to regular loans after the proposed rate hikes and the restart of the idled nuclear plant become foreseeable, the sources said.


Source

[Sa_Race]

Japan PM: 'No individual to blame for Fukushima'


No individual can be held responsible for the nuclear meltdowns at Fukushima, Japan's prime minister said Saturday, insisting everyone has to "share the pain".

Yoshihiko Noda told foreign journalists in Tokyo that the Japanese establishment had been taken in by the "myth of safety" around nuclear power and was unprepared for a disaster on the scale of last March's accident.

A week ahead of the anniversary of the disaster, the premier swatted away a question over criminal responsibility for the meltdowns that forced tens of thousands of people from their homes and polluted the land and sea.

"Of course, the primary responsibility under Japanese law rests with the operator" of the stricken plant, Tokyo Electric Power (TEPCO), Noda said.

"But the government as well as operators and academia were steeped too deeply in the safety myth and I think that is what we can conclude.

"Rather than blaming any individual person I believe everyone has to share the pain of responsibility and learn this lesson."

Noda's comments come just days after an independent investigation panel revealed the president of TEPCO had wanted to abandon the plant in the days after the tsunami swamped its reactor cooling systems.

A report compiled by private thinktank Rebuild Japan Initiative Foundation said it was only threats by then-prime minister Naoto Kan that had prevented TEPCO from leaving the plant to its fate as the accident spiralled out of control.

http://news.yahoo.com/japan-pm-no-individual-blame-fukushima-100343764.html

[Coligny]

Japan PM: 'No individual to blame for Fukushima'
http://news.yahoo.com/japan-pm-no-individual-blame-fukushima-100343764.html

Move straight out of a Tom Clancy novel... Declare everyone guilty so nobody goes to jail... Bad luck there is quite a big recorded backlog of mismanagement and tampering from Tepco...

BTW... since when the prime minister of the month have any judicial authority... isn't there some kind of power separation in this banana dictatorship ?

[cstaylor]

BTW... since when the prime minister of the month have any judicial authority?

Prosecutor's office would need to press charges before it goes to the courts. Considering how Noda is an industry shill, I expect nothing will come of it.

[Ganma]

Japan PM: 'No individual to blame for Fukushima'

Absolutely...Many individuals are to blame for Fukushima.

[Screwed-down Hairdo]

What do people expect? This entire cuntry is built on the premise of allowing individuals to avoid taking responsibility...unless they need a scapegoat to throw to baying wolves so they can hurry up and get things back to normal again.

[2triky]

Shareholders to sue Tepco executives for $67 billion

By Yoko Kubota

TOKYO (Reuters) - Shareholders of Tokyo Electric Power Co Inc, operator of the crippled Fukushima nuclear plant in northeast Japan, are suing the utility's executives for a record 5.5 trillion yen ($67.4 billion) in compensation, lawyers said.

The Fukushima Daiichi plant was wrecked by a quake and tsunami last March, triggering the world's worst nuclear crisis in a quarter of a century and swamping the firm with huge clean-up, compensation and decommissioning costs.

In the biggest claim of its kind in Japan, 42 shareholders filed a lawsuit in the Tokyo District Court on Monday accusing 27 current and former Tepco directors of ignoring multiple warnings of a possible tsunami and of failing to prepare for a severe accident, lawyers for the shareholders said in a statement.

They want the executives to pay damages to Tepco, which would then use the money to compensate those affected by the disaster.

Read more