Shame on You, Mitsubishi

...Not on the whole colony of the Three Diamonds but on that notorious, never-ever-learning group of automakers - Mitsubishi Motors.

Mitsubishi, of course, means "three diamonds" and Mitsubishi Heavy Industries created the legendary Zero Fighter of World War II. Don't forget, a subsidiary Mitsubishi Aircraft just came up with a 70-90-passenger regional airliner MRJ (Mitsubishi Regional Jet). Mitsubishi is still a big name.

Today, there's even football team with an emblem of the red diamonds. In fact, it covers "all walks of industry" from shipbuilding, trading house, real estate, paper mill, and you name it.

But then, the colony has an enfant terrible named Mitsubishi Motors that never learns from the past lessons. My readers might recall one of the "largest corporate scandals in Japanese history" involving Mitsubishi Motors Co. in 2000 through 2004 when the company had to twice admit to systematically covering up defects, having in the end to recall over 160 thousand cars for free repair.

Now, believe you me, Mitsubishi Motors fabricated data to make it look like their mini motor cars are just as good as or even better than other competitors in fuel consumption by bypassing official checking stages.

The company registered a staggering loss at the Tokyo Stock Market April 22, a down by 350 billion yen from 849.8 to 495.7 billion in three days from April 19 when the mischief was bared till today. It was a landslide of 42%. Meanwhile, 10 top motor companies including Toyota and Honda marked a 3.4% (1.27 trillion) gain over April 19 - a world of difference.

Mitsubishi Motors has now dropped from 8th to 10th in the list of the Top 10. Institutional investors continue to shy away from the crumbling three diamonds.

Serve you right, Mitsubishi Motors.