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[ShadowKingpin]

"60 Minutes" just aired a brutal report outlining health and safety violations by Lumber Liquidators.
The report said Lumber Liquidators was selling laminate flooring made in China with levels of formaldehyde higher than those allowed under California law.

Formaldehyde is a known carcinogen that "60 Minutes" says can cause myeloid leukemia and nasopharyngeal cancer at high levels and respiratory issues as well as eye nose and throat irritation at low levels. Formaldehyde is also the chemical used to temporarily preserve human and animal remains.

http://www.businessinsider.com/lumber-liquidators-60-minutes-report-2015-3

Watch the full video here: http://www.cbsnews.com/news/lumber-liquidators-linked-to-health-and-safety-violations/

This is some shit. Hundreds of thousands of US homes have this crap in them. Man...

 

[terrisus]

I guess people are liquidating their stock.

 

[otapnam]

I have engineered hardwood from them.

Am i already dead?

 

[terrisus]

I have engineered hardwood from them.

Am i already dead?

You are already liquidated.

 

[jmood88]

I guess people are liquidating their stock.

>.>

 

[adj_noun]

I have engineered hardwood from them.

Am i already dead?

In your later years people may remark that you're surprisingly well preserved.

 

[otapnam]

You are already liquidated.

Can i get an assist for that? Lol

 

[Jarrod38]

Love their commercials.

 

[Sparkedglory]

You are already liquidated.

You've won everything

 

[Ninja Scooter]

I have engineered hardwood from them.

Am i already dead?

I'll engineer some hard wood right now

 

[Guzim]

Thanks for posting this. I wonder how the workers in China are.

 

[exmachina64]

You are already liquidated.

Masterful.

 

[ponpo]

Almost 2000% over the standard, dang.

"It's a level that the US EPA calls polluted indoor conditions"

"Would you want that in your home?" Anderson pls.

 

[Gentleman Jack]

Pristine Shipment Of Fish Product Laminated Flooring Contaminated By Filthy U.S. Inspectors

 

[ShadowKingpin]

You are already liquidated.

 

[DoktorEvil]

Watched the special last night.

Anderson Cooper was playing "gotcha!" with the CEO.

I wonder how that'll affect the other states who're not so strict with emission standards.

 

[Speevy]

The board is not going to be happy about this.

 

[Maxim726X]

I've really come to appreciate how awesome 60 Minutes is.

Some of the best journalism available on television, and they always have been.

 

[balladofwindfishes]

Makes me kind of glad I live in a very old house

Until I remember my ceilings are basically pure asbestos and there's probably lead paint beneath the 80 years worth of paint on the walls.

 

[Vyer]

the stock angle is interesting. LL is claiming this is all driven by investors who are short selling the stock. certainly they are going to approach that angle considering 60 Minutes featured such investors in their report.

seems like it would be easy to prove either way, though, once testing is done to confirm the show's findings?

 

[TheAbsolution]

Jesus, what a shitty company. Fuck them.
When they said that they had donated their flooring to schools, I was almost seething. Godamn.

 

[Bacon]

I've really come to appreciate how awesome 60 Minutes is.

Some of the best journalism available on television, and they always have been.

Yeah it's a great program. They also ran a piece on the hurricane sandy aftermath last night that was very illuminating.

 

[explodet]

 

[Trojita]

So apparently Stock Exchange trading has stopped for the company.

I understand they don't want a free fall of stocks, but if a company fucks up, that's the risk they and the shareholders take.

 

[King Cobra]

They deserve this.

 

[otapnam]

Haha yeah. I mean when u have a brand "Virginia mills" Thats made in china, there's some red flags.

I got my flooring cheap though oh well

 

[TxdoHawk]

Call me crazy, but I think the last thing I'd want to cut corners on is home remodeling.

 

[ElRenoRaven]

Always wondered how they were able to get shit for dirt cheap. Wonder if you will see them being used as much for these DIY and HGTV shows.

 

[poppabk]

the stock angle is interesting. LL is claiming this is all driven by investors who are short selling the stock. certainly they are going to approach that angle considering 60 Minutes featured such investors in their report.

seems like it would be easy to prove either way, though, once testing is done to confirm the show's findings?

Yeah, I hope 60 minutes did their due diligence on this, because it was pretty ballsy to have the investors on the show.

 

[DoktorEvil]

Yeah, I hope 60 minutes did their due diligence on this, because it was pretty ballsy to have the investors on the show.

Presumably, they took top selling lumber from LL and had it tested in 2 different labs compared to other top selling brands in Home Depot and Lowe's and had results come back very high for emissions about 20x the regular standard.

The CEO also looked stunned in the interview about the questionable tactics of Chinese manufacturers labeling lumber as meeting Calif. emission standards when they didn't.

 

[RockTurtle]

hence why i have been trying my best to avoid "Made in China" for anything i have to touch constantly or take near my mouth :c

 

[Cybrwzrd]

I love watching greedy shithead CEOs squirm when their wrongdoings come out. I hope that he is bankrupted by the eventual lawsuits.

Being "shocked" about Chinese business practices shows that you are too naive or stupid to run a business, or that you are turning a blind eye for profits. When ordering an item that has health regulations attached to it, one would think that you would perform receiving inspection for such specifications.

 

[Gentleman Jack]

Call me crazy, but I think the last thing I'd want to cut corners on is home remodeling.

It's happened before.

 

[The Last Wizard]

I'll engineer some hard wood right now

Aye

 

[Baraka in the White House]

Jesus, China just gives absolutely no fucks.

 

[kess]

Isn't this the company Rush Limbaugh always plugs in his commercials?

 

[IISANDERII]

Wow that would be an enourmous cost. To remove and replace all the flooring they sold, hundreds of thousands of homes. Their insurance company must be at Defcon 75.

 

[RumblingRosco]

If this is for real, then good on 60 Minutes and fuck you to LL for not doing their due diligence at their factories in China. It doesn't matter if the CEO truly wasn't aware of this, that just means they didn't regularly test/verify their shit and they deserve whatever happens to them.

 

[gcubed]

If this is for real, then good on 60 Minutes and fuck you to LL for not doing their due diligence at their factories in China. It doesn't matter if the CEO truly wasn't aware of this, that just means they didn't regularly test/verify their shit and they deserve whatever happens to them.

Yup, ignorance is not an excuse

 

[cirrhosis]

Wow that would be an enourmous cost. To remove and replace all the flooring they sold, hundreds of thousands of homes. Their insurance company must be at Defcon 75.

That would equate to 2, as the lowest Defcon level is 5. 1 is "the worst shit is happening".

 

[kms_md]

The short sellers long game finally pays off.

 

[EdwardTivrusky]

Jesus, China just gives absolutely no fucks.

If true, neither does the CEO of the company as he hasn't enforced quality control at the company. Although he might just be starting to give a toss now

 

[Randolph Freelander]

Note to self: Find out the source of the laminate flooring in my townhouse. :/

 

[DoktorEvil]

I love watching greedy shithead CEOs squirm when their wrongdoings come out. I hope that he is bankrupted by the eventual lawsuits.

Being "shocked" about Chinese business practices shows that you are too naive or stupid to run a business, or that you are turning a blind eye for profits. When ordering an item that has health regulations attached to it, one would think that you would perform receiving inspection for such specifications.

As much as I love watching posts like this armchair CEO, I'll wait for what LL responds with.

CEO claims that they hire independent inspectors(doubtful), but it'll maybe give them pause before continuing to do business with Chinese manufacturers that are affecting their credibility and/or are shipping products of dubious quality.

 

[fastmower]

I have flooring from them. What should I do guys?

 

[MrToughPants]

There truly is a Simpsons gif for any situation...

 

[terrisus]

Wow that would be an enourmous cost. To remove and replace all the flooring they sold, hundreds of thousands of homes. Their insurance company must be at Defcon 75.

That would equate to 2, as the lowest Defcon level is 5. 1 is "the worst shit is happening".

There truly is a Simpsons gif for any situation...

That's not a gif...

 

[sn00zer]

Just FYI in the future NEVER BUY BUILDING MATERIALS FROM CHINA... Chinese building materials are notorious for being dangerous

 

[LyleLanley]

Jesus, China just gives absolutely no fucks.

This is on Lumber Liquidators. Anyone who manufactures anything in China knows that you can't just take factories at their word, there should have been adequate testing of the product. Either there wasn't such testing or there was and LL ignored it.

 

[AstroNut325]

How would one know if you have flooring made by these people? I will be buying a home in the not too distant future and I want to make sure the wood used in the home isn't loaded with formaldehyde. Any advice is appreciated.