Word: toyota
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...navigate their way across the Boulevard of Remorse to the safe shoulder of public forgiveness. But it's still a big enough deal that when men apologize, it's broadcast live on TV. For some, national coverage is not enough. On Feb. 24, Akio Toyoda, the CEO of Toyota, flew halfway across the planet to apologize in Washington: "When the cars are damaged, it is as though I am as well." (See the top 10 apologies...
...Toyoda won't be the only one in the crosshairs on Wednesday. Transportation Secretary Ray LaHood will speak on behalf of the National Highway Traffic Safety Administration (NHTSA), the regulatory body whose apparent lax oversight - since 2003 it opened and closed eight investigations of Toyota vehicles due to customer complaints - was pilloried on Tuesday. Accounts of NHTSA's failure to piece together a pattern of customer complaints have made the group one of the saga's twin villains. "Shame on you Toyota, for being so greedy, and shame on you, NHTSA, for not doing your job," said Rhonda Smith...
...Toyota, a company that built its reputation through its dogged commitment to reliability, that has plunged the farthest. Wednesday's appearance will mark the culmination of a brutal month for its chief, who has been battered by the media for his sluggish response to the crisis. Toyota surely hoped that the worldwide recall of its flagship Prius and other hybrid models earlier this month would close an ugly chapter in its storied history. But a series of damaging revelations has rekindled whispers that the automaker has valued profits over safety. In a document dated July 6, 2009, and obtained...
...same document cites as a challenge the "activist [Obama] Administration," which owns a 61% stake in competitor General Motors and an interest in Chrysler. Under questioning from Democratic Representative John Dingell of Michigan, Lentz denied that the company believed politics helped spur the inquiry. Other reports, however, suggested that Toyota - which has 172,000 U.S. employees and a well-oiled Capitol Hill lobbying operation that has spent nearly $25 million over the past five years - could just as easily be the beneficiary of government favoritism as the victim. (See "Who Benefits from Toyota's Recall Problem...
...Meanwhile, Toyota has revealed it had received a federal grand-jury subpoena over its management of safety issues, as well as a Securities and Exchange Commission subpoena asking it to produce documents related to its "disclosure policy and practices." As its president acknowledged, the company is speeding toward a reckoning. "I myself, as well as Toyota, am not perfect. At times, we do find defects," he said. "But in such situations, we always stop, strive to understand the problem and make changes to improve further." It's not clear the company has done that in this case, and in failing...