Concerns for Bearing Industry Direction

Resource from: CBCC Likes:3063

Feb 03,2009

The Bearing Industry Code of Conduct has been highly critical towards the corrupt activity of SKF and Schaeffler, however there's an even greater concern on the horizon. Firstly, the SKF-Schaeffler 'Price Fixing Cartel' conviction without apologising for ripping mega millions from global customers and more recently the 'Schweinfurt catch' Fake counterfeit fraud, currently under review by governing criminal prosecutors. Coupled with Schaefflers takeover of the Continental Group now in free-fall from 75 Euros to 19 Euros a share translating into a massive loss that could break banks and other financial institutions from lending to the Schaeffler family, an unprecedented fallout. Secondly, the severe downturn in the Automotive Industry caused by global warming, oil shortage, credit crunch etc. with people opting for public transport. And now with Thompsons Reuters report on the Industrial industry in decline illustrated by Timken and Kaydon shares losing ground. Thirdly, China's diminishing capacity for the thirst of commodities, Japan daunting double digit Recession, global population doubles over 15 years, world banks in turmoil and trading futures no where to go. The Boards of Bearing Corporations should take notice of these pending demographics and if necessary replace those Directors responsible for known illegal activity, speculative behaviour and corporate greed to a more conciliatory attitude to cope with current global concerns.

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