Why is the CEO of the world’s largest automaker in jail?

I have been surprised at the paltry attention paid by the US mainstream media to the arrest and incarceration Monday last week of Carlos Ghosn, who is the head of the world’s largest automobile manufacturing group: the alliance of Renault, Nissan, and Mitsubishi, with 450,000 employees and 10.6 million vehicles annually produced. As Joe Biden would say without resort to initials, this is a BFD. [Mitsubishi was added to the group two years ago, as its failure to reach sufficient size has left it with a serious cost disadvantage. The cooperative purchasing and technology advantages of the combination presumably have kept it alive, but as a distinctly junior partner. This story is mostly about Renault and Nissan.] Of course, the Wall Street Journal and other business publications have devoted considerable coverage to the drama unfolding, but the average American news consumer has seen very little, if any, information on the affair that is roiling Japan, France, the EU, and...(Read Full Post)