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...oppressiveness of the Buy American campaign is best seen by recent events in Los Angeles. Last December, the Los Angeles County Transportation Commission voted to buy $122 million in rail cars from Sumitomo, a large Japanese conglomerate. Following the President's trip, the Commission bowed to enormous public pressure to Buy American and reneged on the contract...

Author: By Gordon Lederman, | Title: Buying (Un) American | 2/8/1992 | See Source »

...women who sit on the Los Angeles County Transportation Commission had a simple, straightforward assignment: determine which of two competing bidders, Japan's Sumitomo Corp. or Idaho's Morrison Knudsen, would do the best job manufacturing rail cars for the county's new transit system. In mid-December the commission voted 7 to 4 to award $122 million to Sumitomo for the job. But that was before President Bush made his ill-starred trip to Tokyo to wrest trade concessions from the Japanese and a shrill chorus shouting "Buy America" began to drown out all others on the L.A. commission...

Author: /time Magazine | Title: Trade: Blame It On Japan | 2/3/1992 | See Source »

...details. If you're going to spend $25,000, I don't want something that looks like this. The Japanese have a better product." Similar reasoning led the Los Angeles transportation commission to authorize the purchase of 41 light railcars for the city's Metro Rail Green Line from Sumitomo, a Japanese builder, though a bid from an Idaho-based manufacturer was $5 million lower...

Author: /time Magazine | Title: Trade and Politics: Mission Impossible | 1/20/1992 | See Source »

Swiss Bank wasn't alone. Dozens of banks were left holding the bag. Among those with the heaviest exposure: Midland, Lloyds, National Westminister, Barclay's, Sumitomo Trust, Credit Lyonnais, Citicorp and Bankers Trust. While most banks were plain old gullible, some claim that they were duped. "We weren't wearing blinders," explains a banker. "But maybe we should start asking borrowers to take lie-detector tests...

Author: /time Magazine | Title: Scandal Maxwell's Plummet | 12/16/1991 | See Source »

According to Abe, an agreement establishing the post, which will be known as the Sumitomo-Foundation for Advanced Studies on International Development (FASID) Professorship of International Development, was signed on October...

Author: By Toyia R. Battle, | Title: Japanese Bank Endows Chair | 10/13/1990 | See Source »

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