https://nickwang.blog/tags/poverty/Recent content in Poverty on Nick WangHugo — Starry Night themeenWed, 09 Mar 2011 08:18:00 +0000https://nickwang.blog/2011/03/09/the-rich-in-america-taking-advantage-of-the-r/Wed, 09 Mar 2011 08:18:00 +0000https://nickwang.blog/2011/03/09/the-rich-in-america-taking-advantage-of-the-r/<p>Just heard a terrible news, one of my wife&rsquo;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.</p> <p>This is the handbag &amp; 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!</p> <p>One of the companies is called M London Inc, and they designed handbags for Jay-Z&rsquo;s Rocawear brand. Since last year, they had delayed payments from 1 month, to 3 months and then to 6 months&hellip; and then finally, they declare bankrupcy and closed down.</p> <p>The fucked up thing is&hellip; 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&rsquo;s name! He has just used the same loophole to open another company and start afresh&hellip; leaving our friend broke and owing a bunch of manufacturers money in China.</p> <p>I wouldn&rsquo;t be surprised if these factories are also owing their workers money too&hellip; the tiny little USD $200 / month wages&hellip; meanwhile the owner of M London continue his luxurious live style in posh Manhattan.  :(</p> <p>Another evidence why this &ldquo;mass produce for cheap&rdquo;, modern type of predatory capitalism is immoral, obviously unsustainable, and we need to be conscious about it to break away from it!</p>