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DoJ fines Japanese parts firms $740M in massive automotive price-fixing scandal

Nine Japanese suppliers have pleaded guilty in US court over charges of price fixing in the automotive parts industry, resulting in the Department of Justice doling out a total of $740 million of fines, according to a report from Bloomberg. The scandal, which has resulted in General Motors, Ford, Toyota and Chrysler spending up to $5 billion on inflated parts and driving up prices on 25 million vehicles has sent the DoJ hustling into investigations. "The conduct this investigation uncovered involved more than a dozen separate conspiracies aimed at the U.S. economy," Attorney General Eric Holder (pictured above) said during yesterday's press conference.
As the investigation stands, the DoJ has issued $1.6 billion in fines against 20 companies and 21 individual executives, with 17 of the execs headed to prison. Deputy Assistant Attorney General Scott Hammond said, "The breadth of the conspiracies brought to light today are as egregious as they are pervasive. They involve more than a dozen separate conspiracies operating independently but all sharing in common that they targeted US automotive manufacturers."
Big-name suppliers indicted in the investigation include Mitsubishi Electric, Mitsubishi Heavy Industries, Hitachi Automotive and Mitsuba Corporation. A list of fines and other corporations named in the investigation is available at Bloomberg.

2015 Ford Mustang GT Line-Lock Burnout

In this brief Short Cut, Autoblog's Steven Ewing demonstrates Line-Lock on the 2015 Ford Mustang GT. Accessed through an on-screen performance menu, the feature temporarily locks the front brakes to help you heat up the rear tires for better traction, as you would for drag racing. The result? A 15-second smokescreen.

Ford hiring 800 more salaried workers than originally expected

Ford is on a roll this year, with excellent quarterly earnings and better-than-expected vehicle sales leading to 800 more job opportunities with the Blue Oval. In January, Ford announced that it wanted to hire 2,200 salaried employees, but, since then, that figure has been revised to 3,000, representing a 36-percent increase over original projections. About 1,500 of those jobs remain, 80 percent of which are technical professional positions.
"Engineers and technical professionals are in as much demand as our cars, trucks and SUVs," says Felicia Fields, Ford Group Vice President for Human Resources. Helping to spur this job growth are increasing market share on both the West and East Coast and robust demand for the Ford Escape and F-150.
To find job candidates, Ford is reaching out to them via Facebook, Twitter and LinkedIn, in addition to the company's corporate career site. The Blue Oval is also ramping up its presence on college campuses.