This page has been archived and commenting is disabled.

TEPCO To Be Partially (For Now) Nationalized

Tyler Durden's picture




 

Well, as we first supposed three weeks ago when the stock was 80% higher, the CDS was in double digits, and the "situation was contained", TEPCO is about to be nationalized. According to the Mainichi newspaper Japan's government plans to take control of Tokyo
Electric Power Co , the operator of a stricken nuclear power plant, by
injecting public funds. However, it appears that Japan has learned a thing or two from Tim Geithner and the concept of partially pregnant: "
But the government is unlikely to take more than a 50 percent stake in the company, an unnamed government official was quoted by the daily as saying. "If the stake goes over 50 percent, it will be nationalised. But that's not what we are considering," the official was quoted by the paper as saying." To semi-quote Hans Gruber: you asked for miracles, I give you... the Japanese government. Nonetheless, how the government will deal with what is now an official groundwater spill of radiaction is beyond us.

More from Reuters:

The company, also known as TEPCO, has come under fire for its handling of the emergency at its Fukushima Daichi nuclear complex, triggered by a March 11 earthquake and tsunami that left more than 27,500 people dead or missing.

Mainichi quoted an unnamed government official as saying: "It will be a type of injection that will allow the government to have a certain level of (management) involvement."

A series of missteps and mistakes, combined with scant signs of leadership, have further undermined confidence in the company. Poor communication has led to some heated exchanges in media conferences as journalists demanded information.

TEPCO could face compensation claims topping $130 billion if Japan's worst nuclear crisis dragged on, Bank of America-Merrill Lynch estimated this week, further fuelling expectations Japan's government will step in to save Asia's largest utility.

Investor concern about the future of Tokyo Electric mounted after its president, Masataka Shimizu, was admitted to hospital and the company said on Wednesday that 2 trillion yen ($24 billion) in emergency loans from Japan's major banks would not cover its mounting costs.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 03/31/2011 - 19:06 | 1123238 Yen Cross
Yen Cross's picture

Radioactive AEG? Can't  wait to see the buy back bid on this one. Guess BoJ is going to print bonds. Can't wait to see the yield and maturity on that package!

Thu, 03/31/2011 - 19:12 | 1123270 Ahmeexnal
Ahmeexnal's picture

The question upon the japanese sheeple now is....why are you not revolting?

Someone should check Akihito's learjet when he leaves and make sure instead of gold bars it's loaded with MOX rods.

Fri, 04/01/2011 - 02:56 | 1124263 Ethics Gradient
Ethics Gradient's picture

'Cos there are two relevant types of Japanese currently.

The first are unaffected and therefore aren't disaffected.

The second, affected lot, are rather more concerned with things somewhat lower down Maslow's heirachy of needs.

That said, Tokyo is only a few windy days away from riots.

Thu, 03/31/2011 - 19:07 | 1123248 Catullus
Catullus's picture

The Government and TEPCO will pay for the damages with revenues from the sale of electric power.  Of course those electric power ratepayers are the same people who are receiving damages from TEPCO.  Taxing the living shit out of you to pay you back with your own money! 

There is no future for you if you're under 30 in Japan.  Don't rebuild.  Just leave.

Thu, 03/31/2011 - 19:16 | 1123298 cossack55
cossack55's picture

     There is no future for you if you're under 30 in ______.

 

a. Japan

b. US

c. Greece

d. Ireland

Thu, 03/31/2011 - 19:26 | 1123331 Sean7k
Sean7k's picture

Is this a trick question?

Thu, 03/31/2011 - 19:38 | 1123361 hambone
hambone's picture

Can we have an:

Option E - all of the above?

Actually - I do believe our kids may be better off than we...they may learn from us just as post depression generation learned from their elders follies?!?

Thu, 03/31/2011 - 19:39 | 1123373 cossack55
cossack55's picture

You win.

I redacted E. following the FEDs transparency policy.

Thu, 03/31/2011 - 19:51 | 1123409 nkktwotwozero
nkktwotwozero's picture

It's a list.

Thu, 03/31/2011 - 19:19 | 1123281 bob_dabolina
bob_dabolina's picture

I can't believe it. This is such a surprise.

Was it the thousands of radioactive corpses that are unable to be burned, burried, or biologically incapable of moving without exposing oneself to debilitating levels of radiation?

Where was the tipping point?

...and to think just 1.5 weeks ago they said this was a "small" leak.

Fri, 04/01/2011 - 07:40 | 1124390 Mentaliusanything
Mentaliusanything's picture

Bob three weeks ago I said Tepco was a dead man walking and I had my first Junk - ever - in 48 weeks.

Three weeks ago I explained cause and effect of the tsumani on diesel generators and water pumps

18 days ago I said sand and special concrete was needed - like yesterday

16 days ago I said the fucking fools are pissing in a Volcano

12 days ago I said it was stupid to think that the seawater they are putting on the meltdown will not collect radiation and flow to the sea. 

I can't believe I sent Z hedge an email on March 11th.

I can't believe people think that this massive wealth destruction will be good for the World economy.

I can't believe the images I was getting 1 hour after the Tsunami and the following news "head count" started at SIX like it was a baseball match.

I can't believe the press releases from Tepco after we all witnessed a huge explosion at 3 saying it was just hydrogen build up blowing of a little pressure  -  BLOW me and make the stupid people go away at least for ten seconds or contact fucking Scotty because I've Checked and "Their is no Intelligent life on this planet"

If this is what a Corporation (BP + Tepco + GS + BOA + RBS + The Fed + .... add as many as you want... IS, then we can go to sleep confident we have more Intelligence in what we deficate than they have in total.

I hope to live to see the day when the people at the bottom of the pyramid walk away and tell the ones with the whips at the top - your on your own Bitch, fetch your own fucking rocks, food and water.

 

Thu, 03/31/2011 - 19:17 | 1123291 magpie
magpie's picture

Who would have thunk, the BOJ can print electricity
(and liquidators).

Thu, 03/31/2011 - 19:18 | 1123297 Sean7k
Sean7k's picture

Radioactive ground water and beef to go with that spinach! Yum!

Thu, 03/31/2011 - 19:26 | 1123332 traderjoe
traderjoe's picture

S7K - haven't seen u around lately - how ya been?

Thu, 03/31/2011 - 19:26 | 1123339 Sean7k
Sean7k's picture

Good thanks, hope all is well with you. I have been reading more and commenting less. Thanks for asking.

Thu, 03/31/2011 - 19:36 | 1123363 cossack55
cossack55's picture

You will never make it to the US CONgress with that attitude.

Fri, 04/01/2011 - 07:45 | 1124395 Mentaliusanything
Mentaliusanything's picture

I rarely laugh but that was very tear bringing and ball tighteningly, flat out, plain fucking Funny

Thu, 03/31/2011 - 19:38 | 1123378 traderjoe
traderjoe's picture

Staying somewhat busy preparing here. IMHO, there's no stopping this freight train, i.e. the economic/geo-political shit storm. Trying to keep up with Fuck-u-shima, but WTF there's no solid info. I hear ya with reading/commenting mix. The die is cast. See ya on the other side...

Thu, 03/31/2011 - 19:49 | 1123401 Sean7k
Sean7k's picture

I suggest seaweed pills like bladderwrack, reishi and cordycep mushrooms and a calcium/magnesium supplement. Best way to avoid a train is to get off the tracks?

I'm studying up on tax revolts during the depression. Hit 'em where it hurts.

I appreciate the note Hambone and your comments. 

Thu, 03/31/2011 - 20:00 | 1123441 traderjoe
traderjoe's picture

Yes, I am getting off the tracks. Made good progress, a few more items to go...

What do the seaweed pills do? Magnesium? Anything specific or just for good health?

Starve the beast...

Thu, 03/31/2011 - 20:13 | 1123485 Sean7k
Sean7k's picture

Excellent source of iodine (without the problems of over dosing). Calcium needs magnesium to be taken up in the body (why calcium from dairy is useless). For the radioactive breeze.

Thu, 03/31/2011 - 19:39 | 1123383 hambone
hambone's picture

S7K -

likewise glad to see ya round. 

Thu, 03/31/2011 - 22:25 | 1123848 Pez
Pez's picture

MMmmmm.....KoBe137

Thu, 03/31/2011 - 19:37 | 1123372 gridlocked
gridlocked's picture

Which goes first, TEPCO or the Irish Banks?

Thu, 03/31/2011 - 19:50 | 1123398 hambone
hambone's picture

Me.  I (others???) are struggling to maintain the facades of normality.  Interesting all the stress and angst with no natural outlet that would normally be there if rioting or fighting or at least generally acknowledging the issues.  This back page MSM and "lunatic fringe" blogs to deal w/ so many interrelated issues, one and all so awfully dark...as much as I excercise, try to maintain the family...shit is still tearing me down but w/ no outlet.  Fucking strange and awful.

Fri, 04/01/2011 - 08:01 | 1124406 Mentaliusanything
Mentaliusanything's picture

Thats an easy one - The Irish banks have 'passed on! This parrot is no more! He has ceased to be! 'E's expired and gone to meet 'is maker! 'E's a stiff! Bereft of life, 'e  rests in peace! If you hadn't nailed 'im to the perch 'e'd be pushing up the daisies! 'Is metabolic processes are now 'istory! 'E's off the twig! 'E's kicked the bucket, 'e's shuffled off 'is mortal coil, run down the curtain and joined the bleedin' choir invisibile!!

and Tepco Is a Norwegian Blue Parrot in a cage for sale by a dodgie Japanese salesman (GS -Japan were told to stay there you Know)

Is there a prize for the correct answer?

Thu, 03/31/2011 - 19:42 | 1123389 Homey Da Clown
Homey Da Clown's picture

"It will be a type of injection that will allow the government to have a certain level of (management) involvement."

 

That reminds me. I have to make that proctologist appointment.

Thu, 03/31/2011 - 19:42 | 1123391 usefuloutput
usefuloutput's picture

Don't worry
Japan is only going to be partial uninhabitable.

Thu, 03/31/2011 - 21:07 | 1123637 tekhneek
tekhneek's picture

Shouldn't be so sarcastic when the world's oldest nation basically just got relocated. Have some respect.

Besides... they built your computer, your car, your headphones, your monitor, your refridgerator, your stove and your microwave.

Thu, 03/31/2011 - 21:39 | 1123726 usefuloutput
usefuloutput's picture

Respect for Japan.
It just make me feel very cynical to see
another part of this planet becoming polluted.

Thu, 03/31/2011 - 19:47 | 1123405 Homey Da Clown
Homey Da Clown's picture

Good thing we have nothing to worry about here.

http://enenews.com/fukushima-forecast-radioactive-particles-to-be-concen...

April fool biatches!!

Thu, 03/31/2011 - 20:08 | 1123468 max2205
max2205's picture

Question. When my dog grows a second head, can I sue the japs?

Listening to ABC news tonight, it's ok to drink glow milk.

Thu, 03/31/2011 - 20:25 | 1123514 Homey Da Clown
Homey Da Clown's picture

Just don't drink the rainwater.. and where does our tap water come from.. rain perhaps?

 

 

Don’t drink the rainwater says State of Virginia

“As a result of the incident with the nuclear power plant in Japan, several EPA air monitors have detected very low levels of radioactive material in the U.S.,” says State Health Commissioner Karen Remley, MD, MBA, FAAP. …

“Recent reports of elevated levels of radioactive material in rainwater in Pennsylvania and Massachusetts have been expected, since radiation is known to travel in the atmosphere,” adds Dr. Remley, “however, we are not seeing that in any of the monitoring data for the state.” …

Although short-term elevations such as these do not raise public health concerns and are expected to be relatively short in duration, VDH is taking the following steps to resolve any concerns here in Virginia:

… VDH is advising residents that the state’s drinking water supplies remain safe, but reminds Virginians out of an abundance of caution they should avoid using rainwater collected in cisterns as drinking water. …

 

 

Thu, 03/31/2011 - 20:29 | 1123526 hambone
hambone's picture

UMMMM...all Portland, OR water comes directly from a place called Bull Run Reservoir...this is all collected in the Cascades directly from rainwater and snowmelt.  Phewwww, glad we aren't nearly as close to Japan as Pennsylvania?!?

Thu, 03/31/2011 - 21:51 | 1123756 High Plains Drifter
High Plains Drifter's picture

NEW YORK (Reuters) - As foreign assignments go this must be just about the most dangerous going.

A U.S. recruiter is hiring nuclear power workers in the United States to help Japan gain control of the stricken Fukushima Daiichi plant, which has been spewing radiation.

The qualifications: Skills gained in the nuclear industry, a passport, a family willing to let you go, willingness to work in a radioactive zone.

The rewards: Higher than normal pay and the challenge of solving a major crisis.

http://tinyurl.com/4b9mrvk

HA HA HA HA HA HA HA !!!!!!

Thu, 03/31/2011 - 23:00 | 1123911 wisefool
wisefool's picture

"NOT ROUGHNECKS"

"Ed Show ROUGHNECKS"

Would you like to know more?

Thu, 03/31/2011 - 22:05 | 1123799 SpeakerFTD
SpeakerFTD's picture

Just wanted to thank you for the Hans Gruber quote.  Excellent.

Fri, 04/01/2011 - 06:04 | 1124353 Singularity
Singularity's picture

While I have come to expect ZH to pat itself on the back for "calls" it makes that are either completely obvious or observations already made by other websites or market commentators, this time ZH is patting itself on the back for (I guess) an implied call.  Well played.  Short TEPCO after the earthquake? You don't say!?

Fri, 04/01/2011 - 09:42 | 1124823 Welfareisfraud
Welfareisfraud's picture

Next step: the Japanese government can call itself Shinra Corporation.

Do NOT follow this link or you will be banned from the site!