31 October 2012, one of Japan’s electronics giants, Panasonic, announced massive losses by the end of their fiscal year.

Panasonic officials say they expect to have suffered a net loss of more than $9 billion USD by March 2013!   They already lost $8.6 billion from April to September 2012!

For the first time in 62 years it is suspending dividend payments to stockholders!  Company officials say they are now forced to “restructure unprofitable operations”.  That’s industry code for shut factories down and lay people off (they already laid off 39,000 people in 2011!).  But unlike greedy unAmerican Corporate America leaders, the boss of Panasonic said he was cutting his own pay by 40%!

Just like other Japanese electronics makers, Panasonic blames the huge losses on crashing TV and camera sales.  Panasonic lost $9.7 billion in 2011!