Category Archives: fools ‘n frauds

SEC Gets Final Judgment Against Volkswagen on Dieselgate

The final judgment orders VWGOAF to pay $34.35 million in disgorgement and $14.4 million in prejudgment interest. Following the entry of the final judgment, the SEC dismissed its outstanding claims against VWGOAF’s ultimate parent company, Volkswagen AG, and Volkswagen AG’s former CEO, Martin Winterkorn. The Court had previously dismissed the SEC’s claims against VW Credit, Inc. on 20 August 2020. These actions have resolved the SEC’s case against Volkswagen in its entirety. Continue reading

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Heavy-Duty Emissions Standards – Missed Opportunity?

“The final rule also leaves more work to be done, and state legislatures should spur use of electric and other zero-emission trucks by adopting the Advanced Clean Truck rule. By delaying the final standards for sleeper cabs until model year 2030 vehicles, EPA missed out on the additional climate and health benefits that would have started accruing much earlier from some of the highest-polluting vehicles on the roads. Continue reading

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Toyota Cleans Daihatsu House Over False Tests

“President-to-be Inoue has for many years been working on structural reform of Toyota’s Latin American business, including a renewed regional management system involving Brazil and Argentina. Despite the many difficult decisions he has had to make, he is a leader who has moved reforms forward by implementing thorough dialogue with front-line members. Utilizing this experience, he will lead the revitalization of Daihatsu as the person responsible for ‘on-site management,’ Executive Vice President-to-be Kuwata will promote corporate cultural and organizational reform initiatives by leveraging his experience in human resources and on-site management,” Toyota said. Continue reading

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Cummins Diesel Penalties Finalized in $1.675B Settlement

“Cummins installed illegal defeat devices on more than 600,000 RAM pickup trucks, which exposed overburdened communities across America to harmful air pollution,” said Assistant Administrator David M. Uhlmann of EPA’s Office of Enforcement and Compliance Assurance. Continue reading

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Cummins to Pay $1.675B for Clean Air Act Violations

“Today, the Justice Department reached an initial agreement with Cummins Inc. to settle claims that, over the past decade, the company unlawfully altered hundreds of thousands of engines to bypass emissions tests in violation of the Clean Air Act. As part of the agreement, the Justice Department will require Cummins to pay $1.675 billion, the largest civil penalty we have ever secured under the Clean Air Act, and the second largest environmental penalty ever secured,” said Attorney General Merrick Garland. Continue reading

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Fossil Fuel Phase Out or Cop Out at COP28?

Nations at the COP28 United Nations Climate Conference in Dubai approved this week a roadmap for “transitioning away from fossil fuels,” a first for a UN conference. However, the agreement is without any apparent way to enforce it. Worse, in the view of the many, many critics of the United Nations actions or lack thereof on planet-killing Climate Change, it did not clearly call for an end of using oil, coal and gas. The latest edition of the annual UN climate conference had been running in Dubai, the largest city in the United Arab Emirates, since 30 November. UAE of course is a major producer of fossil fuels and used the conference lobbying among attending countries to further its own self-interests, according to critics. Clearly we need to do better, much better. Continue reading

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Tether Cyber Scam ~$9M in Crypto Seized by DOJ

The US Justice Department (DOJ) today announced the seizure of ~$9 million worth of Tether, a cryptocurrency pegged to the US dollar. These seized funds were traced to cryptocurrency addresses allegedly associated with an organization that exploited more than 70 victims through romance scams and cryptocurrency confidence scams, widely known as “pig butchering.” Continue reading

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Tesoro Refining to Pay Penalty for Consent Decree Violations

“Tesoro did not meet the consent decree pollution limit because it did not install adequate pollution controls,” said Acting Assistant Administrator Larry Starfield for EPA’s Office of Enforcement and Compliance Assurance. “As this settlement shows, EPA will seek substantial penalties when companies delay installing appropriate pollution controls to meet environmental obligations.” Continue reading

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Troubled Asset Relief Program Report – Same Villains

Lawmakers created the TARP in 2008 to stabilize the roiling financial markets. Given what appears to be universal Republican intransigence on guaranteeing US Treasury repayment of the huge amount of debt piled up considerably during the Trump Administration, and the ongoing Republican folly of tax-cuts for the wealthy and other forms of corporate welfare, it appears that the US is once again headed for a crash in the financial markets, a recession and perhaps a resulting global depression. If another bailout is needed to provide stability in financial markets by purchasing and guaranteeing “troubled assets,” let’s hope we learn from the past and awaken to the idea that bailed out banks and financial institutions will have to give taxpayers equity in the institutions commensurate with the amount of money given them. Continue reading

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Political Climate Change – Man Sentenced in Foiled Michigan Governor Kidnapping Conspiracy

A jury in an earlier trial was unable to reach a verdict. In my view, things have changed significantly in many people’s minds about the Big Lie and the associated, often violent, assaults against institutions and people as the January 6 Committee during the past year presented its devastating case of what went on and who was part of it. Call it a national warming toward protecting our Democracy after the melting of the last Republican ice age.  National security is also a critical issue in Trump’s case, of course, with his unexplained stolen documents. Continue reading

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Chinese Government Intelligence Officer Sentenced to Prison

Yanjun Xu, 42, was sentenced to 20 years in prison. According to court documents, Xu targeted American aviation companies, recruited employees to travel to China, and solicited their proprietary information, all on behalf of the government of the People’s Republic of China (PRC). The Justice Department and the FBI of course are involved in other grave national security matters that if indictments come won’t require extradition of the alleged offender and co-conspirators from Mir-a-Lago. Continue reading

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Nissan to Exit Russian Market. Maybe

The sale is expected to be formalized in the coming weeks following approvals from the authorities, which sure looks inevitable since it’s being sold to the Russian government. The terms of the sale are hedged. It would allow Nissan the option to buy back the entity and its operations within the next six years. It’s the latest example of global automakers shutting operation in a totalitarian state. Will China be next? Continue reading

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Auto Warranty Scams: FCC Acts Against Robocalls and Texts

“Billions of auto warranty robocalls from a single calling campaign. Billions! Auto warranty scams are one of the top complaints we get from consumers and it’s time to hold those responsible for making these junk calls,” said FCC Chairwoman Jessica Rosenworcel.  Continue reading

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FAA – Largest Fines Ever for Two Unruly Passengers

“If you are on an airplane, don’t be a jerk and don’t endanger the flight crews and fellow passengers. If you do, you will be fined by the FAA,” U.S. Transportation Sec. Pete Buttigieg said when he announced the fines. Continue reading

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EPA Fines Iowa, Missouri Sellers of Auto ‘Defeat Devices’

The U.S. Environmental Protection Agency said today it will collect civil penalties from two companies that allegedly sold illegal “defeat devices”  that are designed to make automobile emission controls inoperative, in violation of the federal Clean Air Act. Baillie Diesel … Continue reading

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