Tweet of the Day: Contaminants Detected In Chinese Flooring
This just makes you wonder what else is filled with contaminants from China?
.@AndersonCooper reports that Chinese-made laminate flooring sold in Lumber Liquidator outlets across country contains toxic formaldehyde
— 60 Minutes (@60Minutes) March 1, 2015
Lumber Liquidators is the real villain here. In the 60 Minutes report, the CEO claims they were diligently inspecting their suppliers and products but they obviously weren’t. Their stock went through the floor today [pun intended], down 25%. The guy who blew the whistle on them was actually a market hedge fund guy who knew they were up to something when he saw their outsized profit growth within a few years. He shorted their stock so he wins big.
It must be clear by now that if you want to cut corners to reduce your costs, China is the place to go. It may technically still be a communist country but businesses there have adopted the worst parts of capitalism — profits at any cost.
Remember this classic?
There’s this too. From the land of fake eggs, sewage fried fritters and killer baby formula.
http://www.newsweek.com/2014/10/10/curious-case-chinese-chicken-import-export-business-273699.html