In a piece that The Truth About Cars' Frank Williams is calling "Memogate," some deep throat somewhere coughed up hardcopy evidence to Mr. Williams exposing the fact that Toyota's U.S. operations - especially those at its San Antonio, TX Tundra plant - are on a perilous road to unprofitability in the long term. The route of the cause? High labor costs plus to-be-paid benefits and pensions.

In an ironic twist, Mr. Williams parallels Toyota's current profitability to GM's position back in the 1970s before the automaker succumbed to United Auto Workers (UAW) unionization. Toyota management is now in the unenviable position of having to scale back workforce pay at a time when quality control (remember the Tundra and Sequoia recalls?) is a looming $600 million concern.

Read more about it.