Ronnie Moas Explains Ethical, Emotional Downgrades

Loading...
Loading...
Ronnie Moas of Standpoint Research discussed Apple's factories in Asia, specifically at a moral level, and claimed that the company's mistreatment of factory employees is a worthy reason for a stock downgrade on Monday night's Fast Money on CNBC. Recently, Moas released a research note that blacklisted Amazon
AMZN
, Apple
AAPL
, and Phillip Morris
PM
, and he
included
that while many could be added to the blacklist, he said that these three specifically are the worst culprits of human rights violations. “I'm disgusted that we have a company sitting on $150 billion and they're treating their employees in Asia like animals, and nobody's talking about it,” Moas shouted. Both Apple and Amazon are major costumers for Foxconn (TPE: 2354), the electronics manufacturer behind the iPhone, Kindle, and other major product lines. He target Phillip Morris as well, mainly fore their new line of cigarettes,
Hope
. His main target was Apple, stating that the low minimum wage their factory employees receive is disgraceful when compared to the revenue that the company generates. “You have CEOs making 1,000 times what their lowest paid workers are being paid, and nobody is talking about it. There are hundreds of millions of people in this world living like animals and the CEOs are driving $200,000 cars, living in $10 million mansions, and driving $3 million boats,” said Moas. “I did not have a nervous breakdown, I am very clear headed, and I am sure that what I'm saying is going to be a topic of conversation going forward. The Pope is bringing attention to this. Obama - this was the central theme of his campaign in 2008: that the wealthy people of the United States and around the world are not doing enough to wipe out the problem that we have with poverty. And it should be wiped out.”
Related
Loading...
Loading...
:
Analyst Pounds the Table on Wall Street Ethics; Adds Amazon, Apple, Philip Morris to Blacklist
In addition to his claim that many Foxconn factory employees are still being treated terribly after many human rights concerns and investigations for the better part of the past decade, Moas pointed his finger at working conditions as the cause of worker suicides in the past; an issue so prevalent that many Foxconn factories now have jumper's nets as a safety precaution amongst other forms of onsite suicide prevention. “If I'm not mistaken, Apple is looking to move some of their operations from China to Viet Nam because it'll be even less money for them over there to pay their employees than what they're paying now in China where there is pressure on wages because of what happened a couple of years ago with the suicides,” said Moas. “They're basically getting away with murder and nobody is talking about this as much as they should be. They're putting Apple and Amazon, and all of these companies on a pedestal and only looking at the bottom line and no one is looking at how the employees are being treated and it's disgraceful.”
Jason Cunningham had no position with the mentioned entities while writing this article. Visit Jason on Twitter at @JasonCunningham and @Benzinga.
Loading...
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: CNBCNewsDowngradesFuturesCommoditiesPoliticsGlobalHotMarketsAnalyst RatingsMediaGeneralCNBCCNBC's Fast MoneyRonnie MoasStandpoint Research
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...