Korea and LGE need our help.
Zenith investors will recall that it was LGE who stepped in during Zenith's darkest hours and rescued our company. Since then, they've guaranteed many of Zenith's loans, provided management and technical assistance and in many other ways have been an exemplary partner/majority shareholder.
The US, led by Robert Rubin, Secretary of the Department of Treasury, has adopted a 'market strategy' ("those who heed the market's rule will thrive, while those who don't must take their lumps") in dealing with the Korean financial crises.
If Rubin was calling the shots concerning Zenith and Chrysler, to name just two, they'd both have disappeared. Thanks to LGE, Zenith has a very good opportunity of not just surviving but thriving and thanks to the US taxpayer, Chrysler turned around.
Korea has a special politically strategic and economic relationship with the US. Korea offers an excellent checking balance of power in Asia to both China and Japan and uniquely is the only industrial power which buys considerably more from us than we buy from them.
We reached out to help Mexico, another close friend, in its time of need and certainly were instrumental to the rapid recovery of Western Europe with the Marshal Plan.
Rubin, apparently, is putting pressure on the Japanese to refrain from giving Korea needed short-term financing. With Korean 'friends' like Rubin, who needs enemies?
We need to help Korea and LGE in its hour of need, also. Suggest that ZE shareholders send an e-mail to The Honorable Secretary Robert E. Rubin at: dale.servetnick@treas.sprint.com.
Let Rubin know that the US needs to support our Korean friends in their hour of need and point out how LGE stepped in to save Zenith.
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My read, however, is that LGE will emerge this storm even stronger and better focused. No danger to Zenith but more pressure on every Zenith employee and dealer to achieve for ZE a rapid profitability status. |
