The news today that another huge batch of toys manufactured in China needs to be recalled due to lead paint levels is raising a lot of concern here in the U.S. Especially for Mattel, Inc. (NYSE: MAT)
But before your heard bleeds for the execs at Mattel, Inc., consider the plight of the toymakers in China at the center of the storm.
You think the penalty for failure is high here in the U.S.? Buddy, you ain't seen nothin' until you've spent some entreprenuerial time in China!
The head of the company at the center of the last recall controversy took the news hard...real hard, according to this report in Time Magazine:
Cheung Shu-hung, a Hong Kong resident and co-owner of Lee Der Industrial Co. Ltd., hanged himself in a warehouse in the southern Chinese city of Foshan on Saturday afternoon, China's Southern Metropolis Daily reported. Lee Der, which Hong Kong records say Cheung incorporated with a business partner in 2002, manufactured all of the nearly 1 million toys recalled by Mattel earlier this month.
The Chinese government has also been known to put failed or corrupt businessmen in front of a firing squad as a penalty for their incompetence or criminal activity.
Like I said, if you think it's tough to do business here in the U.S., you should try China! It's a killer.
Comment Preview