Word: sumitomo
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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...
...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...
...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...
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...
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...