Tuesday, April 17, 2012

Nuclear Extortion: Prospective Teco Lenders (and Shareholders?) Demand Re-Start of Nuclear Reactors


Majia here: Japan's Edano is still not ruling out restart of the Oi reactors:

[Excerpt from Mainichi article] "Edano did not elaborate but Goshi Hosono, nuclear accident minister, told reporters in Tokyo that Edano tried to say that possible restart of the Oi reactors will not take place as soon as before May 6 considering the importance of thorough work before obtaining local consent...

...In the speech, Edano reiterated that Japan will eventually reduce its reliance on nuclear power "to zero permanently.

But he also called for support for the reactivation of the Oi reactors as a way to avoid power shortage in the near future, saying, "We will realistically and steadily reduce the number of nuclear reactors through a process that would not cause concerns or confusion in society while thoroughly examining their safety."


Majia here: Yesterday I noted that it looks as if Tepco was trying to blackmail Edano into re-starting the reactor:

There seem to be a lot of backstage fights going on. I missed this back in March 2012:

Reuters - Shareholders of Tokyo Electric Power Co Inc, operator of the crippled Fukushima nuclear plant in northeast Japan, are suing the utility's executives for a record 5.5 trillion yen ($67.4 billion) in compensation, lawyers said.

Here are the stock listing of major shareholders
http://www.tepco.co.jp/en/corpinfo/ir/stock/stock-e.html


Most, but not all, of the major shareholders are Japanese. 

Two Tepco shareholders that are not Japanese in origin include:

STATE STREET BANK WEST CLIENT - TREATY (13,675 shares)
State Street appears to be American corporation headquartered in Boston: http://www.ssga.com/webapp/glp/about.jsp?tab=1
http://investing.businessweek.com/research/stocks/people/person.asp?personId=2863999&ticker=STT:US

SSBT OD05 OMNIBUS ACCOUNT – TREATY CLIENTS (15,116 shares)
This appears to be Chinese investment vehicle http://www.morningstar.com/topics/t/37234770/last-year-ssbt-od05-omnibus-account-treaty-clients-appeared-as-a-top-10-shareholder-in-several-major-japanese-companies-behind-ssbt-china-which-has-stealthily.htm

On Thursday, April 12, 2012 Kyodo reported that "Tokyo now top Tepco shareholder"
http://www.japantimes.co.jp/text/nb20120412a7.html
"The Tokyo Metropolitan Government became the largest shareholder in Tokyo Electric Power Co. at the end of March, the utility said Wednesday, after other top shareholders — Dai-ichi Life Insurance Co. and Nippon Life Insurance Co. — sold parts of their stakes..."


Majia here: Lenders and Shareholders want to Increase Tepco's stock value and future profits. Tepco executives want to retain their jobs and pensions.

What is ultimately good for Japan and the rest of the world is irrelevant to this collection of psychopaths.

Now we learn more about the nuclear extortion occurring in Japan.

Reuters provides more details about the demands of Prospective lenders to Tepco:

Japan lenders ready to back Fukushima operator Tepco, but wary. Reuters.
By Taiga Uranaka TOKYO | Thu Mar 8, 2012 3:24am EST

(Excerpted) - "Major creditors of Tokyo Electric Power Co are ready to lend the loss-making utility 1 trillion yen ($12.4 billion), but won't commit the money until they see if the firm's turnaround plan meets some key conditions, bank sources said on Thursday.

The lenders are concerned if two conditions -- raising power tariffs and the restart of the utility's nuclear power plants -- can be met in the face of public and political opposition following the Fukushima nuclear power plant disaster a year ago…."

Majia here: This is NUCLEAR EXTORTION by the lenders.

One wonders whether the shareholders are behind this as well?

The shareholders do not want Japan's government to nationalize Tepco because then they will lose their shares' value.

So the shareholders want private lenders to bail out Tepco.

And the lenders and shareholders only win in their zero-sum formulation of profit/no-profit by restarting reactors.

What selfish extortionists! They prioritize their profits over the very existence of Japan as a nation-state.

If humanity is to survive, elite profits cannot be prioritized over the sustainability of our ecosystem.

The people of Japan, in particular, and planet earth more generally, had better wake up and demand that human and eco-system welfare be prioritized over the profits of the world's most elite corporations, sovereign wealth funds, financial institutions, and billionaires. 




 



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