TEPCO asks for Y700 bil in gov't aid to help cover compensation

Another company, another bailout. Something is seriously wrong with all of this. Is it not obvious to everyone? I'm sure the anger is at a boiling point. That area should be entombed in concrete and TEPCO should be dismantled brick by toxic brick. Let them fail and fall. That is fair. What is not fair is the treatment of those people up there. I do not want to see any tax money (VIA TEPCO) going to compensate anyone, but I would use tax money to help relocate them.

Let's take a more libertarian (or classical liberal approach): with freedom comes responsibility. There shouldn't be any bailout or public aid for failed private companies. If the companies get bankrupt, then let's let them go bankrupt. Shareholders (banks, private owners, etc...) cannot be left out of it either. By buying shares and bonds from TEPCO, they also took the risk their investment to be lost. Therefore they shouldn't be protected for their bad investment.

What, are you just going to expropriate their bank accounts? Is this China or the Soviet Union?

Sure. Why not? They are the ones responsible for the issue, they have received vast amounts of government cash for not doing their jobs properly. Either that or allow these affected to personally sue for their loses and have these guys pay from the money they have stashed for nothing doing their jobs over decades. Seems pretty fair to me. What seems unfair to me is that I have to shell out more tax money because these guys didn't do the job they were hired for. If I don't do the job I am hired for, I get fired and have no income. Why has that not happened in this case?

Spidapig24, i just wish to say that i think GE has been deeply involved in the maintenance of the plants for the past 40 years, and that there are still some secret parts of the design which have not been revealed to the japanese side in spite of the J. request to do so following the quake/tsunami. sorry to say that i am too busy to talk too much.

Rarara,

Your choice, but when you make sweeping statements like blaming GE for whats happening now expect some reaction from people as your statements are ridiculous. Blaming the manufacturer for something made 40 years ago while allowing the company that maintained them for 40 years to get off the hook is silly at best.

Spidapig24, i simply do not agree with you. that's all.

Piglet, why do i need to "lie" ? it's just based on the reported remarks of the engineers who were involved in the GE-led project. The nuclear things had been banned in Japan since the occupation era, so japanese engineers knew very little in the 1960s. and, they were not in a position to rebut the GE position aggressively. I also think that as a matter of course, TEPCO should have replaced the crappy, old GE-designed plants with Japanese ones (like those in Onagawa) long, long ago.

I do not relish my taxes going up!

The get out plan is still in place-at a stage 2 alert level and holding.......

rarara

Spidapig, as a matter of course, TEPCO should have replaced the crappy, old GE-designed plants with Japanese ones (like those in Onagawa) long, long ago

Yep and we would still be having this discussion because it wasnt the plant that failed but rather the defenses against tsunami's, the operating plans, and TEPCO's attitude to the whole situation. You are trying to pin the blame on GE for something they installed 40 years ago when the facts remain it was and is TEPCO's sole responsibility to maintain, risk assess and modernize those plants to ensure that the latest measures for safety are in place.

@rarara

Trying to put the blame on the least responsible part of the chain is a well known tactic, but it won't change the fact that TEPCO bought the design from the late 60's and then refused to make any adjustment and modification. You are also lying about the fact that local companies "tried" to implement security measures but it would be "refused" by GE. Anyway, GE/Toshiba/Hitachi were responsible for the reactor design, not for the remaining installations (buildings, etc...).

Spidapig, as a matter of course, TEPCO should have replaced the crappy, old GE-designed plants with Japanese ones (like those in Onagawa) long, long ago.

rarara

actually, the basic designs are GE's for ALL of the Fukushima-daiichi plants. Hitachi/Toshiba joined the GE team as a kind of sub-contractors for some of the plants. and, the GE had rejected the japanese proposal to consider the possibility of Tsunami when they built them. reportedly, GE has yet to reveal all the details of the design to Toshiba/Hitach in spite of the Japanese request following the Tsunami disaster. on the other hand, nuclear power plants of Onagawa (near Sendai) and Fukushima-daini (which survived the quake/tsunami) were really designed by the japanese companies.

Let me ask you this, who approved the siting of the reactors where they did? Who did the planning for things like the sea walls to protect from tsunami's, who operated the facilities for over 40 years? During that 40 years did any risk assessments get done for minor things like earthquakes, tsunami's etc (especially after the Indian ocean tsunami on would think a lot of lessons could be learnt there). Yes while GE may have built the reactors decades ago it was the operator (TEPCO's) responsibility to ensure that the plants and protective measures where kept up to date.

Piglet:

The design of the reactors was from Hitachi, Toshiba and GE

actually, the basic designs are GE's for ALL of the Fukushima-daiichi plants. Hitachi/Toshiba joined the GE team as a kind of sub-contractors for some of the plants. and, the GE had rejected the japanese proposal to consider the possibility of Tsunami when they built them. reportedly, GE has yet to reveal all the details of the design to Toshiba/Hitach in spite of the Japanese request following the Tsunami disaster. on the other hand, nuclear power plants of Onagawa (near Sendai) and Fukushima-daini (which survived the quake/tsunami) were really designed by the japanese companies.

My question is, what have they done to make any of the other reactors safer? I've not heard anything about that, and obviously an earthquake or tsunami isn't limited to Fukushima.

TEPCO is now lobbying to obtain a liability cap, which would mean that only a fraction of the demands for compensation would be paid by TEPCO.

I also found this in the Economist:

TEPCO faces claims for compensation that, in a worst-case scenario, could exceed its assets of ¥15 trillion ($186 billion). No one knows how much it will have to pay. (Oddly, it is the education ministry’s job to issue guidelines for nuclear compensation.) Estimates of TEPCO’s liabilities range between ¥4 trillion and ¥25 trillion. The firm also owes ¥7.8 trillion to bondholders and bank creditors. If TEPCO goes bust, these people take precedence over those affected by the disaster, a fact that is politically radioactive.

TEPCO has huge assets (including real estate property). I would like first TEPCO to sell most of their assets, ask the shareholders to take responsibility and go bankrupt before help is asked to taxpayers.

TEPCO is protected by the government (because it is deemed as "too big to fail" and because of intense collusion between TEPCO, the NSA and the government).

TEPCO enjoys a private monopoly in the whole Kanto area. It is time for this monopoly to end and competitors be allowed to join the market (with domestic or foreign funding).

@rarara

The design of the reactors was from Hitachi, Toshiba and GE (depending on the reactor). These companies were not responsible for the overall maintenance of the nuclear plant. Furthermore, GE published a long time ago the design flaw, which was corrected in US... but TEPCO and the Nuclear Safety Agency decided it was not worth implementing the corrections. Therefore legal (and possibly criminal) responsibility lies within TEPCO and the NSA.

[3 Bad * rararaOct. 19, 2011 - 09:15AM JST why don't they demand compensations from GE(General Electric) which has been responsible for the crappy designing/maintenance of Fukushima-daiichi nuclear power plants ?]

i am really curious why nobody demand compensations from the GE.

tmarie:

" How about the top managers, prez, VP, all give over huge chunks of their savings before this happens? "

It is an understandable emotional, feel-good, fuzzy-wuzzy demand. But it would not change financial picture. Drop in the bucket, nothing more.

This 700 bill is partly coming from the pockets of families like my own that 'voluntarily' evacuated with small children, in our case with severe respiratory issues. Child benefit is being cut to boot. We will receive nothing from these rounds of compensation!!

For house, land and business owners outside the 20km exclusion zone, there is a simple compensation method available to access this situation regardless of voluntary evacuation or not. Compare the market value of the home/land/business prior to the radiation release to the real market value today. For those renting, a percentage of that same value can be used.

Personal trauma, travel costs and resettlement expenses can then be added to that. Seems fair treatment to me.

The only thing TEPCO should be given is the finger.

The worst part is US. We'll sit back and let this go down. Too scared to go down there and block their driveway. Nobody goes home when an angry mob is at each exit of the building. These organized protests and demonstrations don't work. You have to get arrested. You have to be ready to take some cuts and bruises. You need cameras, reporters, photographers and everyone blogging live to take down a GIANT like TEPCO.

The best part is.....it has to be a surprise!!! YOu can't just let the police know there'll be a protest on this day at this time, going down this road. It's gotta be a flash mob, everybody in on it. Tweet Tweet and just show up at the door.

If NONE OF THE ABOVE ever happens then you can bet that your taxes will be higher and your electricity bill will be higher. Orbis cameras will be on getting more tickets. They will make US pay for their mistakes. Remember that when you see that black Mercedes Benz stretch with green plates going by while you're crossing the street.

It's a great time to go down there and crush em. You have the moral high ground and support. In a few months this window of opportunity will close as things get back to the norm.

but their going to pay it back!....out of our pockets when the raise electricity prices....

TEPCO has been in bed with the gov't from the beginning anyway. 700 billion yen? Pillow talk.

TEPCO asks for Y700 bil in gov't aid to help cover compensation

To cover TEPCO execs personal loss when they salaries were half cut. I'm sure a nice percent of this amount will find its way to their offshore bank accounts.

There's so many aid and so little monitoring on how these aids are used. Maybe better as at least we don't waste money on bribing the controllers.

Fukushima disaster is the business of the century.

How about the top managers, prez, VP, all give over huge chunks of their savings before this happens?

What, are you just going to expropriate their bank accounts? Is this China or the Soviet Union?

We all knew this was coming - the money has to come from somewhere. It sucks but everything about the past 7 months has sucked.

I don't want to pay for TEPCO. Let's them first sell assets, let the shareholders pay, and when there's nothing more let TEPCO bankrupt and other companies take over.

No bailout, no public aid to TEPCO. Let's TEPCO fail and reorganize the whole system by allowing competition !

why don't they demand compensations from GE(General Electric) which has been responsible for the crappy designing/maintenance of Fukushima-daiichi nuclear power plants ?

In return for 700 billion yen, will TEPCO volunteer to put their cooperation into public ownership and their executives resign enmasse?

This ruin's the government in the long run. Same happened in Russia, at the time people put afford and money, but now nobody can pay it anymore.

And idiots still support nuclear power... Just imagine all this amount of money invested into green energy technologies.. :(

So, we the people are going to pay for their incompetence and irresponsibility. If any of us acted so irresponsibly we'd be out of a job pretty quick. Those bad managers should have to take a 80% cut in salary until they die.

"Occupy TEPCO" You know what to do.

Till they clean out their coffers. Don't forget the "Heso Kuri" as wel.

How about the top managers, prez, VP, all give over huge chunks of their savings before this happens?

Sadly, it is going to be us, the taxpayers, that end up paying for this. We already are in terms of government housing, extra cash given to the farmers... just going to get worse while the fat cat managers maintain their jobs and their savings.

granted...shouganai :(