I read this opinion piece on InvestorPlace.com by Jim Woods about the media frenzy surrounding the Toyota recall. As many of you know, Toyota CEO Akio Toyoda will be appearing before the United States Congress to testify at a hearing next week. There are a certain number of politicians that will be biased against Toyota because of the government’s ownership in General Motors. But Toyota has many production facilities across the United States which account for nearly 18,000 jobs, including the states of Indiana, Mississippi, Alabama, and Kentucky.
The governors of these states wrote a letter last week to the heads of the two house committees. The governors “described Toyota as a victim of an overly aggressive press and said the company had responded to its safety problems in a more ’emphatic manner” than any other car company under scrutiny by the Department of Transportation.” These governors asked federal regulators to be fair because of their obvious conflict of interest due to financial stakes in GM and Chrysler.
There’s some interesting comments floating around. What are your thoughts?