Posted on 03/16/2011 3:36:49 AM PDT by tobyhill
Thanks to a nuclear-industry practice known as channeling law, General Electric (GE: 19.59, 0.00, 0.00%) doesn’t appear to be on the hook for liabilities related to the nuclear crisis at Japanese reactors designed 40 years ago by the blue-chip conglomerate.
Since the magnitude 9.0 earthquake that has paralyzed Japan, GE’s stock has slumped as much as 7.4%, in part due to worries about its legal exposure to the Fukushima Daiichi nuclear facility, which is said to be teetering near a nuclear catastrophe.
However, analysts believe GE has little to worry about from a legal perspective and its bottom line may actually get padded by a potential increase in demand for sources of energy it specializes in.
,,,,,,,,
It is worth noting there has been criticism about GE’s design of the boiling water reactor and containment system. Regulators in the 1960s and 1970s expressed concern the containment vessel would probably burst, spewing dangerous radiation, if the cooling systems ever failed.
(Excerpt) Read more at foxbusiness.com ...
“It won’t break my heart to see GE take a healthy hit of frivolous lawsuit reality.”
And the US taxpayers will foot the bill for it. No thanks.
I would hope taxpayer’s wouldn’t be required to bail them out but if that is the case then I’m with you, no thanks.
GE’s Immelt to receive first bonus since 2007
Isn't crony capitalism wonderful?
And, as usual, I'm left wondering what info the leakers are sitting on.
I won’t hold my breath while I wait. I’m just dang glad I’m not a shareholder.
“Inspectors from General Electric International Inc., the Japan unit of General Electric Co. of the United States, and TEPCO workers involved in the inspections had found the cracks and recommended the firm conduct an ultrasound examination to determine their depths.”
Now that’s going to hurt.
I think the questions are going to be what be what did GE know, when did it know it and, more importantly, what did GE do about it.
Well, we know GE is sort of in bed with 0bama.
So that puts 0bama in an interesting situation. His base is going to go one way and 0bama is going to need to convince them of the “assumed risk” argument. Which he might be acting like a stopped clock on this? He would be right.
That said, Germany’s reaction is sort of over the top as the situation in Japan isn’t happening without catastrophic trigger events.
If the New Madrid fault decides to let loose...we’re not prepared for it. And we don’t have the ocean right next door to pump and dump.
This situation should be the calling for the old designs to be retired and the new designs be brought on-line. Unfortunately, that isn’t going to happen.
What was GE authorized by Tepco/Japan to do about it?
Taken out of context:
“Inspectors from General Electric International Inc., the Japan unit of General Electric Co. of the United States, and TEPCO workers involved in the inspections had found the cracks and recommended the firm conduct an ultrasound examination to determine their depths.
‘’But the senior official at the headquarters gave specific
instructions not to do any ultrasound examination,’’ one of the TEPCO workers was quoted as telling the investigation committee.”
Don’t let you bias sway the facts. GE recommended the ultra sound. Tepco covered it up.
If TEPCO told GE to shut the heck up about a safety concern and/or violation, wouldn’t GE then be obligated to report the problem and TEPCO’s response to regulatory authorities?
GE, Westinghouse reactors get NRC review priority
It's good to have friends in high places. I wonder why the rush...?
No. It may be their design, but it is not their facility.
If I come in and do a fire inspection as a subcontractor of your office and find areas of concern, I report those concerns to you. Once reported to you, I am under no obligation to report you to authorities. I am not an enforcement officer. If you decide to cover-up my recommendations the fault for any damages is yours.
GE completed their contracted inspection and report to TEPCO. It is up to TEPCO to complete the recommended corrections.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.