Toyota Cited $100 Million Savings after Limiting Recall

Gee, here is a story about a business that appears to put profits in front safety and people’s lives. Are you surprised and shocked? We’re not and it would certainly make us think twice about buying a Toyota in the future!  (From the N.Y. Times) Toyota estimated that it saved $100 million by negotiating with regulators for a limited recall of 2007 Toyota Camry and Lexus ES models for sudden acceleration, the same problem that has since prompted it to recall millions of cars, documents turned over to a Congressional committee showed Sunday.

The estimate was in a confidential presentation from July 2009 listing legislative and regulatory “wins” for the company. The presentation was among thousands of pages of documents provided as a result of subpoenas by the House Committee on Oversight and Government Reform, one of three panels holding hearings in the next two weeks on Toyota’s safety problems.

The carmaker’s chief executive, Akio Toyoda, is set to testify before the oversight panel on Wednesday. The House Energy and Commerce Committee opens the round of hearings on Tuesday, while a Senate committee will meet on Toyota next week.

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