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Lumber Liquidators stocks drop after new '60 Minutes' video airs

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If you guys appreciate the quality of 60 Minutes' reporting, check out PBS Frontline. IMO this is the highest quality American investigative news program, always well-researched. You can watch full programs for free over the internet.
 
My talk radio station was tuned into 60 minutes live while driving home.

Disgusting practice but eh you got nutjobs who want to remove regulations
 

IISANDERII

Member
If you guys appreciate the quality of 60 Minutes' reporting, check out PBS Frontline. IMO this is the highest quality American investigative news program, always well-researched. You can watch full programs for free over the internet.
I love Frontline. Netflix recently got a bunch of episodes and I gobbled them up right away.
 

Abounder

Banned
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.

Ask the realtor, and hire reputable home contractors/inspectors although they'll probably try to sell you on a new floor.
 

Trojita

Rapid Response Threadmaker
Lumber Liquidators said that it believes the show used an "improper test method" that does not "measure a product according to how it is actually used by consumers." The company added that it has documentation to support every step of its production process.

The flooring retailer also alleged in a statement that its chairman had addressed the company's test methodology, but "60 Minutes" had chosen not to include that information.

lol

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.

About that.....

Lumber Liquidators’ founder and chairman, Tom Sullivan, told “60 Minutes” that the tests weren't valid and said the company isn't required by law to test finished products, as the program did.
 
I bought wood from them last year. One of the worst companies I've ever had the misfortune of dealing with. They lied to me four times about their install date. I spoke with the manager and his general attitude was, "I trust my employees more than you, sorry."

Talking to their corporate headquarters didn't accomplish a damn thing. Talking to the BBB did. Screw em.
 
What does it even matter as long as you aren't eating your flooring.

http://www.cbsnews.com/news/lumber-liquidators-linked-to-health-and-safety-violations/

it contains high levels of formaldehyde, a known cancer causing chemical.

Drury and Larson bought more than 150 boxes of laminate flooring at stores around California and sent them to three certified labs for a series of tests. The results? While laminate flooring from Home Depot and Lowes had acceptable levels of formaldehyde, as did Lumber Liquidators American-made laminates, every single sample of Chinese-made laminate flooring from Lumber Liquidators failed to meet California formaldehyde emissions standards. Many by a large margin.

Richard Drury: The average level in Lumber Liquidators products that we found was over six to seven times above the state standard for formaldehyde. And we found some that were close to 20 times above the level that's allowed to be sold.

Dr. Philip Landrigan: I would say long-term exposure at that level would be risky because it would increase the risk for chronic respiratory irritation, change in a person's lung function, increased risk of asthma. It's not going to produce symptoms in everyone but children will be the people most likely to show symptoms at that sort of level.

If you have children, you're supposed to be worried about it. Also, homeowners cover multiple floors/rooms with laminate hardwood. The exposure times the chemical results in a ton of formaldehyde being introduced into your home over long term exposure.

The issue I find interesting(where the short sellers making bank off of) is here:

Richard Drury: No, it is not. It is illegal to sell these boxes of wood in California. We hope that they will not sell these products anywhere in the nation, because they are above the health-based standards the state law has set.

Drury and Larson, who are backed by short sellers -- a group of Wall Street investors who are betting the company is overvalued -- have sued Lumber Liquidators, accusing them of violating California's toxic warning statute. Drury has also launched a class action lawsuit against the company.

It is legal for flooring to contain formaldehyde.

How much is inhaled by homeowners depends on how much formaldehyde is in the glue and how much ventilation is in the home.

Is it a plea for helping the general public or is it a nasty move by investors to intentionally short a stock?

California is either setting their standards too high or the Federal standards are too low.
 
What does it even matter as long as you aren't eating your flooring.

An article I was just browsing said that the chemicals could and would escape and mix with the air you breathe, this isn't something that is trapped inside the flooring, or something would require contact (such as bare skin).
 

Borgnine

MBA in pussy licensing and rights management
Everything about this is scummy. They shouldn't be selling this shit, but no one would care if it weren't possible for a small group of investors to make money by short selling. And then this new 60 Minutes reporter is trying to make a name for herself by berating a CEO on TV because that's what 60 Minutes reporters do. And the completely oblivious CEO couldn't care less because he'll be fine no matter what. Whole thing made me feel gross, the Larry David thing was cool though.
 
Everything about this is scummy. They shouldn't be selling this shit, but no one would care if it weren't possible for a small group of investors to make money by short selling. And then this new 60 Minutes reporter is trying to make a name for herself by berating a CEO on TV because that's what 60 Minutes reporters do. And the completely oblivious CEO couldn't care less because he'll be fine no matter what. Whole thing made me feel gross, the Larry David thing was cool though.

Anderson Cooper is a 'she'? XD
 
Everything about this is scummy. They shouldn't be selling this shit, but no one would care if it weren't possible for a small group of investors to make money by short selling. And then this new 60 Minutes reporter is trying to make a name for herself by berating a CEO on TV because that's what 60 Minutes reporters do. And the completely oblivious CEO couldn't care less because he'll be fine no matter what. Whole thing made me feel gross, the Larry David thing was cool though.

the Larry David segment made my week-end, laughter is the best medicine
 

Mollymauk

Member
Red states still free to pollute their citizens all they want.
kLIJBRq.gif
 

kess

Member
Formaldehyde, like lead oxide, is going to cause problems because inevitably, dust gets around. I had a summer job working with formaldehyde sand molds in iron casting and it is nasty stuff. The company was very serious about ventilation, though.
 

Damaniel

Banned
My first thought before I read the article was 'oh, it was probably 1.1x the maximum allowed by the standard, and 60 Minutes is just jumping on that OMG YOU'RE ALREADY DEAD bandwagon that seems to be really popular with the media these days'. But 13x? Lumber Liquidators deserve all the scorn that's headed toward them. We should be inspecting the products of other companies too; I seriously doubt that LL is the only company engaging in shady practices.

There's a reason we need regulations - *this* is what companies will invariably do if you don't keep them on a really short leash. I laugh at the people who insist that the free market will take care of it; perhaps they'd change their tune if they got cancer from some 'free market' product stuffed to the brim with carcinogens.
 
Damn, that was a scathing report. Ignorance will never be a good excuse. If he didn't know, he should have known. If he did know, he may lose more than a bit of pride.

Also, this is not the right gif for Anderson. Not his style and it doesn't suit him well. CBS needs to talk Bryant Gumbel into doing this for his weekend job when he's not doing Real Sports.

Either that or they need to let Anderson make the show his own. Using the same bar stool and delivery that his predecessor used doesn't look right at all.

California is either setting their standards too high or the Federal standards are too low.

National standards will be required to match California's standards this year as part of a 2010 bill that passed congress, as discussed in the same video.
 

BobLoblaw

Banned
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
You and me both. Especially food. If you're buying food from places like Walmart, you better check where it's from. If it says made in or processed in China just expect that what you're eating doesn't have any enforced standards.

I have flooring from them. What should I do guys?
Burn your house to the ground. Be sure to conveniently have all of your valuables removed, though.
 

psychotron

Member
Pisses me off so much. Almost two years ago, in anticipation of our daughter being born, we removed our carpet and I installed flooring from Lumber Liquidators. This was done to keep her away from carpet that holds dirt and other nastiness. We now buy area rugs every so often so she has an area to play. Good to know I installed toxic shit for her to crawl around on.
 
Pisses me off so much. Almost two years ago, in anticipation of our daughter being born, we removed our carpet and I installed flooring from Lumber Liquidators. This was done to keep her away from carpet that holds dirt and other nastiness. We now buy area rugs every so often so she has an area to play. Good to know I installed toxic shit for her to crawl around on.

If you're concerned for her safety, I'd recommend soliciting an inspector to check the flooring in your home and make sure it isn't toxic.
 

Dalek

Member
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.

I want to know this as well. I had my flooring replaced last year-but it was done by Lowes. Does Lumber Liquidators sell their products to stores like Lowes or are they a store in and of their selves?
 

willow ve

Member
That animated bar graph is just laughable. It's hilarious how this kind of thing happens every day. Test your products.
 

kess

Member
motherfuck

Recent Diethelene gycol poisonings that originated from China

Ending September 2006, the Arnulfo Arias Madrid Hospital at Panama City was getting full with patients with contradictory symptoms. The symptoms seemed to match with Guillain-Barré syndrome, but these patients were also losing their ability to urinate, a symptom not related to Guillain-Barré. The death rate of this mysterious illness was nearly 50%...

The Panamanian Government made a nationwide campaign, collecting around 6,000 bottles of cough syrup and three other products with the tainted glycerin manufactured by Social Security Laboratories.[39] The 46 barrels of syrup were bought by Social Security Laboratories through a Panamanian middleman, Grupo Comercial Medicom, who bought the product from Rasfer Internacional, a Spanish company. In fact, Rasfer received the product from CNSC Fortune Way, which in turn bought it from the Taixing Glycerine Factory.

The New York Times reported that Taixing was closed by the Chinese government and CNSC Fortune Way was never sanctioned, which is also owned by the Chinese government.[41] In Spain, Rasfer International declared bankruptcy after the lawyer of Medicom filed a lawsuit of $400 million in July 2008.[43]

Wang Guiping discovered how easy it was to enter China’s pharmaceutical supply business and earn extra money. Records also revealed that to fool buyers, Wang falsified his license and laboratory analysis reports.

Wang declared that after making the first order of counterfeit syrup, he swallowed some of it. Once verifying that he was fine, he shipped it to Qiquihar No. 2 Pharmaceutical in 2005. Some time later, Wang found a reference to diethylene glycol in a chemical book. After manufacturing a second batch of syrup containing diethylene glycol for Qiquhar Pharmaceutical, no taste-test was performed. The counterfeit syrup ended in ampules of Amillarisin A, a medication for gall bladder problems; special pediatric enema fluid; blood vessel disease injections; intravenous pain reliever; and an arthritis medication.

In April 2006, the Guangdong Province Hospital of Guangzhou began administering Amillarisin A to their patients. Soon thereafter, patients died after receiving the medication. Mr. Wang was caught and Qiquihar was shut down by the authorities. Besides Wang, five employees of Qiquihar were prosecuted.[38]

In May 2007, a Panamanian named Eduardo Arias discovered a 59-cent toothpaste that was labeled containing DEG. Panamanian officials traced the toothpaste to a local company in the Colón Free Trade Zone. In fact, the company bought the product in China and had already re-exported toothpaste to Costa Rica, Dominican Republic and Haiti, making Panama kick off a local warning.[47][48][49] For the end of the month, the Chinese government committed to investigate the “supposedly” tainted toothpaste that had been recalled in Panama and Dominican Republic, but stated that, as per an essay written in 2000, a toothpaste containing 15.6% was not dangerous.[50]

This is one of the reasons the FDA has authority to regulate foods

1937 – The Massengill Incident

Elixir Sulfanilamide

In 1937, S.E. Massengill Co. (a Tennessee drug company), manufactured sulfanilamide dissolved with diethylene glycol, to create a liquid alternative of this drug. The company tested the new product, Elixir Sulfanilamide, for flavor, appearance and fragrance. At the time, the food and drug laws did not require toxicological analysis before releasing for sale. When 105 people died in 15 states during the months of September and October, the trail led back to the elixir, and the toxic potential of this chemical was revealed.[16][17][18] This episode was the impetus for the Federal Food, Drug, and Cosmetic Act of 1938.[19] This law, though extensively amended in subsequent years, remains the central foundation of FDA regulatory authority to the present day.[20]
 
Ask the realtor, and hire reputable home contractors/inspectors although they'll probably try to sell you on a new floor.

So a good home inspector will find the brand of lumbar used? Do they lab tests to check for hazardous materials?

And this is not directed at you, but the general GAF audience: Which brands of lumbar is considered safe?

Edit:
For anyone interested I found this in the comments of the article of the OP:
http://woodfloors.org/certified-professional-search.aspx

Basically you can find a certified wood inspector to see if you are affected. I wouldn't be taking this issue lightly.
 
So a good home inspector will find the brand of lumbar used? Do they lab tests to check for hazardous materials?

And this is not directed at you, but the general GAF audience: Which brands of lumbar is considered safe?

Edit:
For anyone interested I found this in the comments of the article of the OP:
http://woodfloors.org/certified-professional-search.aspx

Basically you can find a certified wood inspector to see if you are affected. I wouldn't be taking this issue lightly.

You can hire a certified indoor air quality specialist to check your homes air quality. Or you can buy a DIY kit to test the air quality. With a DIY kit, you test in your residence and then send it to a lab and get results online.

Hiring a specialist will be more expensive and probably more thorough than the cheaper diy kits.
 
If you guys appreciate the quality of 60 Minutes' reporting, check out PBS Frontline. IMO this is the highest quality American investigative news program, always well-researched. You can watch full programs for free over the internet.

This. I absolutely love what Frontline does.
 

The Llama

Member
My parents renovated their house back in like 06-07 and put in hardwood floors from Lumber Liquidators. Welp. Guess we're all gonna die of cancer.

Edit: Actually if this only affects laminate flooring I guess we're ok. Woohoo, no cancer!
 
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