Word: mitsubishi
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...national and perhaps global banking system. If Merrill Lynch had been left on its own to suffer huge fourth quarter losses, it might have faced a fate like that of the departed Lehman. Morgan Stanley (MS) nearly had the same set of problems until the Japanese financial house Mitsubishi UFJ agreed to honor a commitment to put $9 billion into the U.S. investment firm. Whether their presumption was right or not, it appears that Paulson and Bernanke believed that a failure at Merrill could have been an event worse than the banking catastrophes of the 1930s. This will remain...
...elected to Parliament. As Minister of Social Affairs she became known for refusing the official limousine and driver provided to all Ministers, opting to drive her Mitsubishi to work. "I don't think she's going to be the country's savior," says Einar Magnússon, a 34-year-old electrician, "but after the condescension and sheer arrogance we've seen in the outgoing leadership, it's refreshing to hear someone real talk to us." (Watch a TIME video, "In Iceland, Frozen Accounts, Boiling Assets...
Many foreign carmakers have already found that out. Auto executives estimate the demand for lithium could exceed supply in a decade. As a result, representatives from companies like Mitsubishi and Toyota have approached the Morales government to get in on the ground floor of Bolivia's lithium development. They've been routinely turned away. "All they wanted to do was carry away the raw lithium carbonate," says Echazu, "and that's not what we're after." (See the top 10 green ideas...
...However, another contract the union signed with Mitsubishi back in September could become the template for the union's next contract with Detroit automakers. The UAW-Mitsubishi contract, which covers roughly 1,100 workers at the Japanese automaker's plant in Normal, Ill., called for workers to take a 14% pay cut, rolling back wages to $24 per hour from $28 per hour...
...Vice President Jimmy Settles, who negotiated a $4 per hour wage cut in return for new investment at a Mitsubishi plant in Normal, Ill. said he wasn't sure the modifications to the Big Three contract should include major wage cuts. "Mitsubishi represents less than 1% of the U.S. market," he said. Gettelfinger, however, made it plain that the situation was dire. "Even if all of our members were willing to work for nothing, it wouldn't help the automakers out of the situation they are in," Gettelfinger told reporters after a union meeting in Detroit, also noting that...