The Rich in America Taking Advantage of the Rest of Us

Just heard a terrible news, one of my wife’s close friend who own(ed) her own sourcing company in Hong Kong and a factory in China has just lost everything and declared bankrupt.

This is the handbag & accessories industry, it has never recovered from the economic crisis of 2008, apparently, 3 different licensee / design companies in America and Europe all disappeared at the same time, leaving them millions of dollars in payment and debt!

One of the companies is called M London Inc, and they designed handbags for Jay-Z’s Rocawear brand. Since last year, they had delayed payments from 1 month, to 3 months and then to 6 months… and then finally, they declare bankrupcy and closed down.

The fucked up thing is… the owner of M London handbags had started M London the same way more than 10 years ago! He moved all his money to some other accounts, declared bankrupcy on the old company, and then opened M London using a partner’s name! He has just used the same loophole to open another company and start afresh… leaving our friend broke and owing a bunch of manufacturers money in China.

I wouldn’t be surprised if these factories are also owing their workers money too… the tiny little USD $200 / month wages… meanwhile the owner of M London continue his luxurious live style in posh Manhattan.  😦

Another evidence why this “mass produce for cheap”, modern type of predatory capitalism is immoral, obviously unsustainable, and we need to be conscious about it to break away from it!


Just another guy trying to beat the system and be released from the Matrix

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