Where Has All the Farfegnugen Gone?; Amazon’s Getting Crafty With It; Lumber Liquidators Liquidating to DOJ

Have you driven a Ford lately?

Image courtesy of emptyglass/FreeDigitalPhotos.net

Image courtesy of emptyglass/FreeDigitalPhotos.net

Execs at GM must be having a very good day as the recent auto industry-related scandal has nothing to do with them. The same can’t be said of Volkswagen and its U.S. CEO, Michael Horn, who had the dubious distinction of testifying before Congress in front of the House Energy and Commerce Committee’s Oversight and Investigations Subcommittee. His testimony was basically one big long apology over his company’s “emission’s scandal.” But he also said that he truly believes that American workers did not know a thing about it. Which seems kind of weird because would you now consider buying a car from a company whose workers didn’t know what was going on with the cars they presumably work on? Just wondering. But anyways, Horn said Volkwagen would fix the approximate 500,000 affected cars. So if you happen to have one of them, don’t expect a buyback. There’s no time-frame either so don’t hold your breath as the fix could take a couple of years. Horn did say that Volkswagen would take full responsibility and that responsibility could result in an $18 billion fine. And while that seems awfully steep, even for a car company, then consider that the affected cars were emitting pollutants at a rate that was 40 times more than the acceptable U.S. standards. So boo hoo for Volkwagen.

Craft cheese…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Because e-commerce dominance just isn’t enough, Amazon is even going after the little-er guys. This time the target is recent IPO’er, Etsy, who continues its rocky relationship with Wall Street. Today, Amazon unleashed Amazon Handmade a marketplace for artisans to peddle their wares. Translate: no factories allowed. And indeed, that is one of the reasons why it distinguishes itself from Etsy and might prove to be a big lure for those artisans irritated by fellow crafters who choose to outsource their manufacturing. Amazon thinks it has way more to offer the fiscally-driven yet crafty-inspired peddler than Etsy has. A much much bigger customer base, free phone and email support and a host of other tools are just some of the benefits of being an Amazon Handmade seller. But, first you have to qualify. Again: No factories! No major manufacturing. Check out Amazon’s site If you’re really curious to see if you’ve got what it takes (or what it doesn’t) to sell your crafty goods. But know this, fearless artisan, Amazon takes a 12% cut and, starting August 2016, a $40 monthly fee if you’re industrious enough to sell more than 40 items a month. If all that doesn’t scare you away, then come join the approximately 5,000 sellers, in 60 countries, who have already begun hawking their more than 80,000 items.

Unsettling…

Image courtesy of suphakit73/FreeDigitalPhotos.net

Image courtesy of suphakit73/FreeDigitalPhotos.net

Lumber Liquidators has finally reached a $10 million settlement with the Department of Justice. Except, this settlement has nothing to do with the still ongoing investigations into Lumber Liquidators’ formaldehyde-laced laminate flooring scandal. That’s a whole other fairly recent mess. This settlement is from allegations stemming from 2013 where Lumber Liquidators was accused of violating the Lacey Act. This U.S. conservation law basically protects plants, fish and wildlife and forbids companies, corporations etc. from hogging more than their share of mother nature’s not-so-abundant resources. Lumber Liquidators did just that when it was busted importing more than the permitted amount of timber from foreign countries. As part of the settlement, Lumber Liquidators is on probation for 5 years and must make generous donations to conservation charities. If the company violates the terms of its probation, then its toast. Heck, the company’s already is toast. However, shares of the company went up a smidge today on the news of the settlement. Of course that increase does nothing to mask the fact that the stock is down 75% over the last year

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