The United States federal government, owner of Toyota competitors General Motors and Chrysler, will seek a $16.4 million fine against Toyota over its recall of millions of vehicles. The Obama Administration’s assault against foreign competition continues…

Transportation Secretary Ray LaHood said the U.S. plans to seek a $16.4 million fine against Toyota Motor Corp., saying the auto maker “knowingly hid” safety problems from regulators.

The proposed fine, the maximum allowed under law against a car maker and far exceeding the previous record of $1 million, is the first linked to Toyota’s recall of more than eight million cars globally for gas-pedal and sudden-acceleration problems.

But all of those innocent people who died!

Investigators determined that Toyota failed to notify regulators of a “sticky pedal” defect in certain models for four months, the agency said. U.S. law requires notification within five business days. The defect, involving gas pedals that were slow to return to idle after the driver’s foot was lifted, led to the recall of 2.3 million U.S. vehicles in January. The defect wasn’t blamed for any serious accidents.

Ah.

So Toyota is essentially being fined $16.4 million by the owner of two of its competitors. This is why the federal government, responsible for regulation, shouldn’t be in the business of owning companies.