@@walkir2662 completely missed that, just remembered a connection to a political figure and on a separate thing some message saying ''Next time we see them we'll beat them up'' :D
TH-cam journalists have all of my respect at this point. I trust people like GN and Coffeezilla with truth any day of the week over mainstream media source.
There a few thing I like from other YT hardware reviewers. things that seem like GN doesn't cover to give room to other players. like Hardwareunboxed covers more the price / fps valuer of things in graph and their monitor reviews are god like.
@@lithelyjaine100%. i support them on floatplane ($2 not much) just bc of their monitor reviews. They really are amazing. Their videos on monitor tech i show people all the time to explain why I love IPS warmth and color spectrum for the price. Also highly recommend Level 1 techs with Wendel.
"EKWB (Edvard König Water Blocks), better known as EK Water Blocks, is a Slovenian company founded in 2003 that manufactures high-end computer water cooling, extreme cooling, and some air cooling components for CPUs, GPU, RAM, and SSDs."
Thanks for this, it was extra weird for me since EK stands for the European Championship (football tournament) in my language. Sorry for the random info dump and thanks for saving me the effort to Google it
Speaking as an Account Manager who handles the financials of several non-profit businesses in Texas. For them to have forfeited status would have taken at least two years of late franchise tax filings before they got forfeited.
wouldn't that be stealing and allow them to call the cops on you? the logic is that you sue when there are these problems, you have to pay legal advice in order to get paid, so we can't afford that and simply take it in the ass isn't it?
@@giampaolomannucci8281 Not at all. Last thing a company refusing to pay employees, and contractors, wants is police coming around and asking questions.
Well that’s where certain sort of jobs get evil. A lot of them make people sign contracts that states they have to stay with the company and cannot change jobs for a certain time or change to any jobs within a certain mile radius. Luckily, there is a bill that’s going to be passed in a few months that is taking that away. Or something like that. I might be a little wrong on the context but my main point is that hopefully soon jobs can no longer do this to people. When people sign those certain kind of contracts, the employer and the company basically own them and if they try to breach that contract, they can sue that employee. These contracts exist to help the rate of competition especially if the company you are working for is teaching skills that you can take with you to start up your own business similar to the company that hired you.
Usually CEOs can afford the top notch lawyers. It's easier to not pay somebody that lives paycheck to paycheck, as there won't be retaliation. In fact, they'll keep comming in to work, hoping...
This reminds me of a local construction company. They ran quite fine then one day suddenly collapsed. It turned out they brought some no name s#@t coins in the millions and when it collapsed, it took the company with it.
this is the reason why you put an intrest clause into your contract between two companies... so that if they fail to pay you, you start getting additional cash from them and if the amount grows large, you sue them and force them to liqudate their assets, be it buildings, company cars or stocks
So I wasn't able to pay you then. But I'm now able to pay you now but you decided to add another $3,000. So now I can't pay you then later I'm now able to pay you but then you added another $3,000 You're just creating infinite money then at this point
@@everythingpony So you don't pay for 30 years, now you've had an interest free loan for that entire time whats the incentive to pay it off the 31st year? A fee for non payment of a debt in a timely manner is preferable to most people to the alternative. 👊😴
@prospect2664 They just wouldn't sign the contract. No sane person should. You can't know ahead of time that you'll never make a late payment, but you can make sure all late payments are done in a timely manner. For example, in 2021 I did my back and was off work for a few weeks. So, all the paperwork at my job wasn't getting completed properly. Some did, some got missed. I got back to work, followed up on all the paperwork and paid everyone that day. Not wages, other businesses. Why should I be penalised because I was injured, that's stupid. And you can't say that wouldn't count, because a contract is what is meant to be set in stone.
^1 During a server upgrade event in Silicon Valley, Tech Jesus and his developers were present. ^2 Noticing overheating, his engineer mother remarked on the cooling issue. ^3 Despite the operations manager's horrified objections, Tech Jesus confidently poured water over the servers. ^4 He instructed, "Power them up now." ^5 To everyone's astonishment, the servers functioned perfectly, showcasing superior performance. ^6 The operations manager exclaimed, "You've revolutionized cooling!" ^7 This bold demonstration by Tech Jesus set a new standard for tech miracles in Silicon Valley; and his developers believed in Him.
That's not really what overtime shaving means. Employers "shave" overtime by manipulating overtime hours so that they can be processed as regular time hours. Say you work 30 hours one week and 50 the next... companies that shave will take those 10 overtime hours and switch them to the 30-hour week so you're left with two 40-hour work weeks. OT shaving can also be done by editing clock-in/clock-out times or lunch lengths to bring the weekly hour count down to 40 even. I've been in the workforce for about 15 years and I've had 2 jobs that tried to shave OT. While it is illegal, It's more common here in the states than people may realize.
Yeah that's pretty bad. Happened to me at Long Branch steakhouse lol dude had to buy shit from grocery stores vendors wouldn't touch him. I didn't know shit about restaurants I was 18.
Its tricky because the HQ isn't in the US - so it comes down to international laws, and trade agreements. However, holding companies are not typically allow in the US to use resources by the child company in which they are holding/managing said assets specifically due to trade laws set forth by the SEC. So in the US, if 1 company was selling assets to another part of their company and publishing that in earning reports to shareholders, that would most definitely be illegal.
it's not. They opertate in the US so they have to obey US law. Just because they aren't headquarted in the US doesn't mean they don't have to follow laws in the US
@@cademckenna863 Not really, some elements they have to abide by for their US side assets, and work force here, not for assets over-seas, those must obey international, and host country domestic laws. TikTok is a good example of this, it's parent ByteDance has assets here that must obey US laws. ByteDance itself has no legal obligation, which is why it took an act of congress to pass a national security bill into law that will require them to SELL off their stake in TikTok or face ban, ban... not legal repercussion for them themselves, but rather for the US based companies that go against the ban when it's in place. You can't exactly go to another country and arrest someone for ignoring US laws, the DoJ doesn't have that authority, you must enlist INTERPOL, and they only get involved if international law is violated, so then you are left with domestic police who will do absolutely nothing if their countries laws are not violated. You see this time, and time again with CopyRight laws broken in the US by Chinese companies, but no Chinese authority cares to enforce patent theft or intellectual rights theft against US or European countries. It's not how that works.
@erikhendrickson59 I'm partially anti union myself. Mostly because every union worker I've ever worked with was entitled, brats who were playing the system to get as much money and do as little work as possible. I'm only in my 20s so I could be stupid but all the unions I know are a pain to deal with. if you want to work in a unionized place you have to join the union, even if you don't want to.
@@samcords7389 The US has a weird union system tbh. I'm very pro-union, but unions in Scandinavia is something else completely. The system can work for the benefit of both employers and employees, but it seems to be beyond saving in the US.
In 2021 I bought: EK-Quantum Vector TUF RTX3090 Front and Active Backplate: A$227.75 + A$234.00 EK-Quantum Velocity² - AM4: A$224.40 CoolStream XE 120, CoolStream XE 240, and CoolStream XE 360 Radiators: ~A$700ish All the fittings, tubing, D5 pump, reservoir, fluid, etc: ~A$500ish I was mining on my gaming PC so the waterblocks kept my gear from hitting 110C (maintained 50C max with 3 radiators), and I made the money back on crypto, but until today I would have 100% gone EK for my next build when 5000/6000 launches even though mining is dead. Now I don't know... I hope they're still a company and sort their crap out by the time 6000 series launches, their stuff is so good.
Geat video , for the people asking EK Water Blocks, is a Slovenian company founded in 2003 that manufactures high-end computer water cooling Part 2 will be even more in-depth
It's literally impossible to _just_ be a liquidity problem. If it were an honest case of "our growth potential out-paces our turnover and we can't re-invest fast enough to maintain our growth rate _and_ pay our bills" they would have zero issues getting loans or attracting investors to cover their liquidity. The issue is more likely that they tried to speed-run a bubble on their company, didn't get the valuation they had assumed and are now hung out to dry. Basically another Embracer corp except EK never even had the promise of more liquidity.
Making custom computers is just a really really terrible business. And they make their markup on selling overprice coolers during a time when GPUs are ridiculously expensive and in short supply due to the AI and crypto boom in the last few years. Not many people can afford to spend $1800 for the Nvidia 4090. And people who don't have the 4090 are not going to spend tons of money on expensive coolers (they rather save that money to get the 4090).
I knew a manager who made his team work overtime but refused to let them claim the hours. He'd intimidate them into only putting down 40 hour weeks even though they were working 50-60. A lot of bosses have this inflated sense of power and it's actually insane.
In Australia on the second week, you'd send a report off to the ombudsmen and they'd send a letter on your behalf that will basically say they'll get audited if they get more complaints. Then you have everyone else affected send in a complaint, and the company will be sent for audit. Keep personal track of your times, ideally use software for payroll that tracks changes, but just take a photo of your roster and your physical start and finish time. They'll either close down, and there was no money for you to get because they were already bankrupt, or you'll get paid and then you can choose to leave. They couldn't even fire you cause in Australia that's an even bigger punishment.
Whenever this shit happens I'm just baffled wtf no one is reporting this shit to the gov or filing lawsuits, if your employer isn't paying you why are still going to work everyday, this isn't victim blaming, it is stupid blaming. The corporation is entirely in the wrong, but their employees and partners are idiots.
because its easier living the lie. The people working for no money have very little social skills most likely. They don't have the confidence to leave and "start over". They feel stuck because how are you going to explain in an interview why you are out of work. They don't want to be embarrassed.
@@coreytrevor3910and when you're in a vulnerable position like this, you just hope things turn out well, and the more desperate you are, the more logic you're willing to put aside. Same reason why people get scammed.
I worked for a company that was forced to pay people back wages due to a policy requiring call center employees to be logged into their PCs and have all necessary apps loaded 15 minutes prior to the start of their shift. relatively minor issue but the department of labor took it pretty seriously.
@@toxicgood9687 for sure. I was just highlighting that the government has taken action for far less egregious acts than what seems to be going on at EK.
The company I work for had a similar thing a couple years ago. They required you to clock in 7 minutes before the start of your shift and it was unpaid. They back paid everybody all that time a couple years ago. Got a couple thousand dollars.
When I worked as an independent contractor, not only did I sign the company's contract that they wrote, but I made them sign a standard contract that I wrote (a very good friend who had been an independent contractor for +10 years gave me the blueprint to start from). Standard payment schedule was 30-60-90 from the date of my submitted invoice. Basically, on or before 30-days (from invoice date), they had to pay in full, the amount involved. 31 to 60 days they would pay 110% invoiced amount. 61 to 90 day, 125%. After 90 days, it would go to small claims count for 125% amount invoices + legal fees. Everyone usually paid between 2-4 weeks, no problem.
when it comes to contracts, and take this with a grain of salt, as I am not a contract lawyer: All employees, contractors, and vendors have contracts for services rendered. Even if those contracts include NDA, original breach of contract was caused by EK as they were not paying for services performed AS PER CONTRACT (employment contracts, contract agreements with contractors, vendor contracts etc) so an NDA wouldnt be able to be enforced, as the contract had already been broken thus no one would be contractually obligated to fulfill their end of the NDA anymore. unless there was a stipulation in the NDA contract that even if EK were to violate their terms of contract the NDA would be upheld, I dont think there is a court that would render a verdict in their favor if the initial break of contract was EK's fault. Thats the thing about contracts. They are entered into to protect the one presenting the contract initially, but they are also to protect both parties. if an employee/contractor/vendor breaches contract, then they are liable for the stipulated penalties within the contract. But if the presenter/issuer of the contract breaches/defaults on the contract, they can't hold the other party for any liability for breach of contract as the contract has already been rendered void by the issuers breach of contract.
Dude I've never had a job not pay my O/T. I've always worked crazy hours. I go to a job and they tell you ahead of time, this job is one you're gonna be married to, we pay damn good, but it's not an easy schedule, this ain't no 9-5. And the checks always lined up and cleared. EK has some major issues at the top and I encourage anyone working there to thoroughly document your time, pay, and interactions with your superiors.
In Colorado the labor laws here state a buisness has 2 weeks to get you a final check or be in violation of the law. Here the company also can not deduct anything from the final check for Uniforms or equipment that must be handled seperately in form of a bill.
Definitely worth looking into part 2 of the coverage that GN have now published, goes a lot deeper into EK, it's structure and what's actually going on.
I'm sure some employees are afraid if they stop showing up that they might be forfeiting any money they're owed because they no longer have the ethical high ground.
This is how CVS internal has been the last few years, they keep cutting the store budgets (particularly urban stores) but increasing the goals so store manager get stuck in a spiral of endlessly chasing metrics they have no hope to reach unless you "fake" other operations to make the focus metric go up.
6:00 "tender payment of $70.000,00 EUR" ... hmm, malicious mockery, send them the $70 EUR they asked for and call it square. Making your punctuation in legal requests correct is very important and they messed up bad. Though I suppose that would be accepting it as a breach of NDA so screw that.
The weirdest part is they are from Europe and EU especially. How the fuck they are not out of business and how are their workers there still when it's absolutely illegal and controlled by a lot of institutions both from country and from EU. Especially not paying workers.
My question in all this is who would work for 5 to 6 months without getting paid that is just insane I would have leave if I don’t get paid in max 2 weeks.
The Moscow Mule Mug has an overall height of 4” (10.16 cm), diameter of 3.7” (9.4 cm), and overall width of 4.72” (12 cm). The Moscow Mule Mug holds a volume of 19 oz (56.2 cL). Standard size when it is a Moscow Mule.
I don't know a single human who uses the metric system who has ever used centiltres as a measurement of volume. Change it to millilitres for the love of god
They got a salary contract with the promise of stock when they went public but defy went under before that could happen. Ian and Anthony just did an interview with Colin and Samir about it.
point about sueing. between the US, EU, commonwealth countries and other strongly western oriented countries like Japan and SK, corporate lawsuits are not too difficult, as there are robust mechanisms and cooperation in place. As long as the laws broken are recognized in both parties, not paying wages being an obvious example, there are systems in place and in the case of the EU, a central governing body that can be approached if a company in a member country is liable. the moment you deal with 3rd party countries, you can pretty much forget about it
Most malice tends to spawn out of mismanagement. It's a response of greed, to see the results of mismanagement catch up to them, and then feel entitled to hold onto what they already have while throwing others under the bus in hopes of fixing the problem without parting away with secured profit/assets.
Selling from one subsidiary to another is not, in and of itself, problematic. In fact, this is a major part of what accounting teams work on because, while you are allowed to do this, there are just a ton of rules around how you have to do the bookkeeping and taxes
39:47 I completely disagree with that. Some days I just feel generous and will randomly give people money with literally no expectation of anything in return. I give them money to make them happy, which makes me happy. People that assume any money given ever is some sort of investment are crazy
A lot of companies have a variable delay up to 90 day account payable delay. Payroll is another matter. This is one of the reasons why gaming companies want good financial ratings. So they can get a good rate on their revolving cash loans. The financial companies like to see consistant income rather than big payoffs every few years or months. That is why the micro transactions took off. The consistent payments, even when they used to be smaller, was better than the AR on a game released 18 months from now.
to be fair, the market is so niche that it pretty much consists mostly of content creators (to show off), who received the product for free anyway. I'm surprised EK grew large to begin with.
There are plenty of computer techs who want to make their own custom loop. While it isn't a gigantic market, there is a significant market for that stuff, though it has been shrinking for years as AIO coolers have been getting better and more popular.
I must be missing something. How is strong arming on the basis of losing your job when you're already not getting paid effective? You're already not getting paid so aren't you worse of than being unemployed? Unemployed would technically be better because you would be not working thus no income rather than working with no income. I don't know about contractors or corporate partnerships, but as an employee wouldn't the logically step be to start looking for a new job as soon as the first check doesn't show up?
Shaving hours is rounding down on time clocks for punch outs and rounding up on punch ins. IE. Punch out at 9:28pm. Punch goes on time card as 9 or 9:15pm. "We don't pay partial hours" or overtime isn't paid at 1.5x. Very common in healthcare for things for hospitals to try.
I had a company wanting to place a 30k order net 90. I told them 15 k down the other 15k when you pick it up. They bailed and I avoided getting screwed.
when i worked at Biggest Tech Company, our different teams and departments bought from other teams and departments to move cash around within the company.
i did 42 hours in a month overtime at one place i worked at after they sacked someone. when i got my pay slip it only had 4 hours when i asked about it the manager said hes spreading out over months so it did not affect his monthly bonus figures so i never did anymore. after that he was on mission to get me sacked aswell
26:00 Oh this is VERY fucking common, it's one of the best ways to basically avoid a majority of your taxes as a business and it's not illegal. And almost every company does it, because if you don't you just fuck yourself over for no reason.
This is a common deficiency I think. A lot of startups and small businesses don't take finance seriously. They think finance is just bookkeeping and calculating profit and loss once a while. In a legit company, a good CFO can check the CEO on bullshit like this long before they become a problem.
I purchased an EK cooling kit which cost the same as my 4090, so how the f can they not afford to pay their employees/suppliers? Their prices are ridiculous
i have a big question , what about the government , in any country when this happen you just send your complaint to a guvernamental entity and they intervene , how is in the USA?
selling to other entities under your umbrella is not outright illegal. I think it is a tactic that is usually frowned on and will ensure a much more indepth audit in the long run.
I played like 120 hours of Starfield, level 170, even played through NG+ 1 time. I hated being around any of the Constellation people, and I got the solo perk and never had them as companions. I once took all the constellation people on my ship together and attacked a friendly ship and they all spouted the exact same disapproval dialogue in unison. I thought the special power perks where you had to level them up by visiting temples was stupid because not only do you lose all your ships, money, guns, and anything you built, but you have to do the exact same temple like 280 times in order to max all your special powers and the powers are useless unless max. Also, there no consequences to being a bad person inside the story, the constellation people with complain and threaten to get off my ship, but never do, and all outcomes lead to the same ending, so why even give me a choice?
Ive always wondered how EK was staying in business. Theyre way too spread out for such a niche product, add to the fact that loop parts can often be reused between builds. You only really need to replace the major cpu or gpu blocks. I guess they just *werent*.
Disney does something similar where their TV and streaming division pays their production division for movie rights and then they can announce they made more money than they really did on a given movie.
Gamer's Nexus is the best. They keep all the receipts and the hole they put companies in is so deep they can't dig themselves out expect by admitting fault and fixing it.
@@OfficialSamuelC awful because he presents like a human? he presents facts with miscellaneous filling commentary while he presents informative yet informal definitely a minority opinion
Does anyone have timestamps with analysis? I already watched GN video, so I tried to skip around it, but accidentaly ended up skipping the whole video. If somebody shared timestamps for the parts that weren't in original video, it would be much appreciated!
a lot of this might be "transfer pricing" within EK itself, we probably shouldn't broadly saying things are illegal when we are speaking of an HQ operating out of Slovenia b/c here is a wild guess, most of us here aren't experts on the Solvenia tax and business code.
39:00 that's typical way corruption worked all the way down to individual level in ex eastern block countries. Give money here to solve a problem, give money there to get something you are not supposed to. It is so ingrained in people now they would try this shit everywhere.
Our family dollar that i was a GM at, we had it closed for almost 3 weeks despite calling the energy company and corporate because we were out of power. We didnt get paid for 3 weeks
Did Asmon watch the 2nd video GN made ab EKWB? that one has a whole lot of information, this video makes you think EK might have a chance to recover, the 2nd one just buries EK 10ft under.
Fed ex locations in Connecticut are being sued for shaving hours too 😂 I worked there for 2 months last year and I keep getting class action lawsuits papers in the mail for it.
A company selling things to another subsidiary company is perfectly legal. Often done to reduce tax by having one enttity in a low tax country that makes the profit that the other company in the high tax country does. (IE Samsung Company 1 sell S24's to Company 2 for 1k, company 2 sells to the customer for 1.1k. Company 2 has approximately $100 of sales costs and makes no profit. Company 1 makes all the profit and pays very little tax. A company 'selling' things from 1 branch within the company to another is also perfectly legal, because its only internal accounting to keep track of branches that are 'profitable' etc.
EK: Rest assured that EK is not forcing any of our employees to keep quiet *shotgun reloading sfx* Responding to your emails is their prerogative. *Terminator music plays*
overtime law is governed by the Feds, and trust me when I say, they're SUPER nasty about it. They do try to encourage you to sort it out with the company yourself, but if push comes to shove, they drop the hammer. It's EXTREMELY expensive for companies that don't pay worked OT hours (or at least it was when it happened to me years ago). YMMV per state (which is taken into consideration when Uncle Sam figures damages - compound interest on the amount owed PER DAY in my case).
Gamers Nexus: Tech Jesus
Penguinz0: Internet Jesus
Asmongold: Cockroach Jesus
Hes bald jesus
how many are there
Forgotten Weapons: Gun Jesus
lol
Don't forget Jesus Jesus
> cant pay workers
> throws remaining chump change to try silencing reporters
STONKS
The part 2 Gamers Nexus did on this issue goes even wilder than this one, going into political corruption and threats of violence etc.
Also mentions Starforge.
@@walkir2662 completely missed that, just remembered a connection to a political figure and on a separate thing some message saying ''Next time we see them we'll beat them up'' :D
Imagine a youtube channel about computers having more journalistic integrity than major news corporations but thats a world we live in. GN GIGACHAD🗿
TH-cam journalists have all of my respect at this point. I trust people like GN and Coffeezilla with truth any day of the week over mainstream media source.
Whats new?
@@Lue1337 any
we dont call him tech jesus for nothing.
.
"The Americans aren't working they must be lazy!" ~ Employer who hasn't paid their American employees in 4 months
Gamers Nexus is the gold standard of hardware reviews & investigation pieces. They did a great expose of Artisian Builds as well.
And theeeeere's the Re-Roooll!
The information is professional but you can feel how pissed he is.
There a few thing I like from other YT hardware reviewers. things that seem like GN doesn't cover to give room to other players. like Hardwareunboxed covers more the price / fps valuer of things in graph and their monitor reviews are god like.
@@lithelyjaine100%. i support them on floatplane ($2 not much) just bc of their monitor reviews. They really are amazing. Their videos on monitor tech i show people all the time to explain why I love IPS warmth and color spectrum for the price. Also highly recommend Level 1 techs with Wendel.
I don’t like that gamers nexus continues to blame melting 4090s on user error instead of Nvidia for poor quality assurance
"EKWB (Edvard König Water Blocks), better known as EK Water Blocks, is a Slovenian company founded in 2003 that manufactures high-end computer water cooling, extreme cooling, and some air cooling components for CPUs, GPU, RAM, and SSDs."
Thanks!
Thanks for this, it was extra weird for me since EK stands for the European Championship (football tournament) in my language. Sorry for the random info dump and thanks for saving me the effort to Google it
Thanks. I had no idea who these guys are.
Speaking as an Account Manager who handles the financials of several non-profit businesses in Texas. For them to have forfeited status would have taken at least two years of late franchise tax filings before they got forfeited.
Meaning this isn't just happening but has been happening for a long time.
If my employer missed 1 pay and refused to pay me, I’d be gone and taking my paycheck in whatever isn’t nailed down. Ridiculous.
For real, I don't understand these people that let corporate use them like cattle
wouldn't that be stealing and allow them to call the cops on you?
the logic is that you sue when there are these problems, you have to pay legal advice in order to get paid, so we can't afford that and simply take it in the ass
isn't it?
@@giampaolomannucci8281 Not at all. Last thing a company refusing to pay employees, and contractors, wants is police coming around and asking questions.
Well that’s where certain sort of jobs get evil. A lot of them make people sign contracts that states they have to stay with the company and cannot change jobs for a certain time or change to any jobs within a certain mile radius. Luckily, there is a bill that’s going to be passed in a few months that is taking that away. Or something like that. I might be a little wrong on the context but my main point is that hopefully soon jobs can no longer do this to people. When people sign those certain kind of contracts, the employer and the company basically own them and if they try to breach that contract, they can sue that employee. These contracts exist to help the rate of competition especially if the company you are working for is teaching skills that you can take with you to start up your own business similar to the company that hired you.
@@Ughwowwhy they know you are more than your worth but see how much sewage you can eat!
I bet their CEO ALWAYS gets paid on time!😂
Twice in fact!
"we have no money after paying all the dividends" :P
Usually CEOs can afford the top notch lawyers. It's easier to not pay somebody that lives paycheck to paycheck, as there won't be retaliation. In fact, they'll keep comming in to work, hoping...
*CEO is Edvard König, founder of EKWB.*
Yes. That is what they said in the video...@@blackrifle6736
Companies: Record Sales!!!
Also Companies: We can't afford to pay our employees fairly.
Or our taxes! 😂
This reminds me of a local construction company.
They ran quite fine then one day suddenly collapsed. It turned out they brought some no name s#@t coins in the millions and when it collapsed, it took the company with it.
Damn. Cant imagine gambling others livelihoods on fake internet money.
Me, looking at my PC full of EK watercooling parts: "Damn"
I got mine on 80% off
Thats tough buddy. I feel for you.
@@everythingpony I paid full price but like 8 years ago
May suck but hou have to admit it the product works
@@0-B1 works great, this parts have been cooling 3 different PCs over the years
Remember the whistleblower doesnt want to be unalived.
I don't think EK has military contracts so he's probably fine
@GHOSTSTARSCREAM this really is whistleblowing, tell that to the 2 whistleblowers that were unalived by Boeing
EK has a handful of smol buildings around the world they aren't one of the largest military contractors in the world ready to end someone.
He's not a whistleblower he's giving them a voice and painting a target on themselves so the whistleblowers are protected.
Boeing’s whistleblowers should’ve said the same thing
2 of them are already un alived lmfao
this is the reason why you put an intrest clause into your contract between two companies... so that if they fail to pay you, you start getting additional cash from them and if the amount grows large, you sue them and force them to liqudate their assets, be it buildings, company cars or stocks
So I wasn't able to pay you then. But I'm now able to pay you now but you decided to add another $3,000. So now I can't pay you then later I'm now able to pay you but then you added another $3,000
You're just creating infinite money then at this point
@@everythingpony i mean at some point it will become an forced liqudation, if you owe too much.
@@everythingpony So you don't pay for 30 years, now you've had an interest free loan for that entire time whats the incentive to pay it off the 31st year?
A fee for non payment of a debt in a timely manner is preferable to most people to the alternative. 👊😴
@prospect2664 They just wouldn't sign the contract. No sane person should. You can't know ahead of time that you'll never make a late payment, but you can make sure all late payments are done in a timely manner. For example, in 2021 I did my back and was off work for a few weeks. So, all the paperwork at my job wasn't getting completed properly. Some did, some got missed. I got back to work, followed up on all the paperwork and paid everyone that day. Not wages, other businesses. Why should I be penalised because I was injured, that's stupid. And you can't say that wouldn't count, because a contract is what is meant to be set in stone.
@@dr4gonstear yhea, but were you sick for multible months, so it was late for that long?
Tech Jesus indeed. lol
He turned water to whine by putting some pig blood in it when no one was looking. “See look! It’s red wine now!”
^1 During a server upgrade event in Silicon Valley, Tech Jesus and his developers were present. ^2 Noticing overheating, his engineer mother remarked on the cooling issue. ^3 Despite the operations manager's horrified objections, Tech Jesus confidently poured water over the servers. ^4 He instructed, "Power them up now." ^5 To everyone's astonishment, the servers functioned perfectly, showcasing superior performance. ^6 The operations manager exclaimed, "You've revolutionized cooling!" ^7 This bold demonstration by Tech Jesus set a new standard for tech miracles in Silicon Valley; and his developers believed in Him.
why did they change the title
That's not really what overtime shaving means. Employers "shave" overtime by manipulating overtime hours so that they can be processed as regular time hours. Say you work 30 hours one week and 50 the next... companies that shave will take those 10 overtime hours and switch them to the 30-hour week so you're left with two 40-hour work weeks. OT shaving can also be done by editing clock-in/clock-out times or lunch lengths to bring the weekly hour count down to 40 even. I've been in the workforce for about 15 years and I've had 2 jobs that tried to shave OT. While it is illegal, It's more common here in the states than people may realize.
It's almost like he's never worked a real job.
@@akirameru675 He worked at the IRS. Government jobs have a tendency to not shave overtime.
@@Ordoscc so why speak on it?
@@akirameru675why speak as if you know he’s never worked a real job?
@@charleswaggoner9467 because he hasn't.
When you can’t make payroll you are bankrupt.
Yeah that's pretty bad. Happened to me at Long Branch steakhouse lol dude had to buy shit from grocery stores vendors wouldn't touch him. I didn't know shit about restaurants I was 18.
part 2 is already out to Asmon, going way more in depth with lawyers etc etc.
Its tricky because the HQ isn't in the US - so it comes down to international laws, and trade agreements. However, holding companies are not typically allow in the US to use resources by the child company in which they are holding/managing said assets specifically due to trade laws set forth by the SEC. So in the US, if 1 company was selling assets to another part of their company and publishing that in earning reports to shareholders, that would most definitely be illegal.
it's not. They opertate in the US so they have to obey US law. Just because they aren't headquarted in the US doesn't mean they don't have to follow laws in the US
@@cademckenna863 Not really, some elements they have to abide by for their US side assets, and work force here, not for assets over-seas, those must obey international, and host country
domestic laws. TikTok is a good example of this, it's parent ByteDance has assets here that must obey US laws. ByteDance itself has no legal obligation, which is why it took an act of congress to pass a national security bill into law that will require them to SELL off their stake in TikTok or face ban, ban... not legal repercussion for them themselves, but rather for the US based companies that go against the ban when it's in place. You can't exactly go to another country and arrest someone for ignoring US laws, the DoJ doesn't have that authority, you must enlist INTERPOL, and they only get involved if international law is violated, so then you are left with domestic police who will do absolutely nothing if their countries laws are not violated. You see this time, and time again with CopyRight laws broken in the US by Chinese companies, but no Chinese authority cares to enforce patent theft or intellectual rights theft against US or European countries. It's not how that works.
This story is so insane. Companies can be so stupid and greedy sometimes.
Sometimes?
@@jinraigami3349 ya is that guy rarted
Interesting that Asmongold is anti-union and anti-regulation as well.
What a coincidence
@erikhendrickson59 I'm partially anti union myself. Mostly because every union worker I've ever worked with was entitled, brats who were playing the system to get as much money and do as little work as possible. I'm only in my 20s so I could be stupid but all the unions I know are a pain to deal with. if you want to work in a unionized place you have to join the union, even if you don't want to.
@@samcords7389 The US has a weird union system tbh. I'm very pro-union, but unions in Scandinavia is something else completely. The system can work for the benefit of both employers and employees, but it seems to be beyond saving in the US.
Why should i ever go to work the next Month if i did'nt got Paid for the last one ? 🤨
Might as well run a few chargebacks, sounds like they can't afford lawyers to defend themselves.
In 2021 I bought:
EK-Quantum Vector TUF RTX3090 Front and Active Backplate: A$227.75 + A$234.00
EK-Quantum Velocity² - AM4: A$224.40
CoolStream XE 120, CoolStream XE 240, and CoolStream XE 360 Radiators: ~A$700ish
All the fittings, tubing, D5 pump, reservoir, fluid, etc: ~A$500ish
I was mining on my gaming PC so the waterblocks kept my gear from hitting 110C (maintained 50C max with 3 radiators), and I made the money back on crypto, but until today I would have 100% gone EK for my next build when 5000/6000 launches even though mining is dead. Now I don't know... I hope they're still a company and sort their crap out by the time 6000 series launches, their stuff is so good.
Geat video , for the people asking EK Water Blocks, is a Slovenian company founded in 2003 that manufactures high-end computer water cooling
Part 2 will be even more in-depth
It's literally impossible to _just_ be a liquidity problem. If it were an honest case of "our growth potential out-paces our turnover and we can't re-invest fast enough to maintain our growth rate _and_ pay our bills" they would have zero issues getting loans or attracting investors to cover their liquidity. The issue is more likely that they tried to speed-run a bubble on their company, didn't get the valuation they had assumed and are now hung out to dry. Basically another Embracer corp except EK never even had the promise of more liquidity.
Making custom computers is just a really really terrible business. And they make their markup on selling overprice coolers during a time when GPUs are ridiculously expensive and in short supply due to the AI and crypto boom in the last few years. Not many people can afford to spend $1800 for the Nvidia 4090. And people who don't have the 4090 are not going to spend tons of money on expensive coolers (they rather save that money to get the 4090).
We need his reaction to the part 2 of this saga.
Asmon is gonna lose his mind when he see the “Graphs”
I knew a manager who made his team work overtime but refused to let them claim the hours. He'd intimidate them into only putting down 40 hour weeks even though they were working 50-60. A lot of bosses have this inflated sense of power and it's actually insane.
In Australia on the second week, you'd send a report off to the ombudsmen and they'd send a letter on your behalf that will basically say they'll get audited if they get more complaints. Then you have everyone else affected send in a complaint, and the company will be sent for audit. Keep personal track of your times, ideally use software for payroll that tracks changes, but just take a photo of your roster and your physical start and finish time. They'll either close down, and there was no money for you to get because they were already bankrupt, or you'll get paid and then you can choose to leave. They couldn't even fire you cause in Australia that's an even bigger punishment.
Whenever this shit happens I'm just baffled wtf no one is reporting this shit to the gov or filing lawsuits, if your employer isn't paying you why are still going to work everyday, this isn't victim blaming, it is stupid blaming. The corporation is entirely in the wrong, but their employees and partners are idiots.
because its easier living the lie. The people working for no money have very little social skills most likely. They don't have the confidence to leave and "start over". They feel stuck because how are you going to explain in an interview why you are out of work. They don't want to be embarrassed.
@@coreytrevor3910and when you're in a vulnerable position like this, you just hope things turn out well, and the more desperate you are, the more logic you're willing to put aside.
Same reason why people get scammed.
Part 2 is the real killshot of this saga
Didn't expect a business lecture on Asmo's channel
The Part 2 for this is wilder 😅
I worked for a company that was forced to pay people back wages due to a policy requiring call center employees to be logged into their PCs and have all necessary apps loaded 15 minutes prior to the start of their shift. relatively minor issue but the department of labor took it pretty seriously.
That 15 min prior IS the start of the shift if they need you to do that, so I'm glad that the department if labor took it seriously
@@toxicgood9687 for sure. I was just highlighting that the government has taken action for far less egregious acts than what seems to be going on at EK.
The company I work for had a similar thing a couple years ago. They required you to clock in 7 minutes before the start of your shift and it was unpaid. They back paid everybody all that time a couple years ago. Got a couple thousand dollars.
When I worked as an independent contractor, not only did I sign the company's contract that they wrote, but I made them sign a standard contract that I wrote (a very good friend who had been an independent contractor for +10 years gave me the blueprint to start from).
Standard payment schedule was 30-60-90 from the date of my submitted invoice. Basically, on or before 30-days (from invoice date), they had to pay in full, the amount involved. 31 to 60 days they would pay 110% invoiced amount. 61 to 90 day, 125%. After 90 days, it would go to small claims count for 125% amount invoices + legal fees. Everyone usually paid between 2-4 weeks, no problem.
when it comes to contracts, and take this with a grain of salt, as I am not a contract lawyer:
All employees, contractors, and vendors have contracts for services rendered. Even if those contracts include NDA, original breach of contract was caused by EK as they were not paying for services performed AS PER CONTRACT (employment contracts, contract agreements with contractors, vendor contracts etc) so an NDA wouldnt be able to be enforced, as the contract had already been broken thus no one would be contractually obligated to fulfill their end of the NDA anymore.
unless there was a stipulation in the NDA contract that even if EK were to violate their terms of contract the NDA would be upheld, I dont think there is a court that would render a verdict in their favor if the initial break of contract was EK's fault.
Thats the thing about contracts. They are entered into to protect the one presenting the contract initially, but they are also to protect both parties. if an employee/contractor/vendor breaches contract, then they are liable for the stipulated penalties within the contract. But if the presenter/issuer of the contract breaches/defaults on the contract, they can't hold the other party for any liability for breach of contract as the contract has already been rendered void by the issuers breach of contract.
Dude I've never had a job not pay my O/T. I've always worked crazy hours. I go to a job and they tell you ahead of time, this job is one you're gonna be married to, we pay damn good, but it's not an easy schedule, this ain't no 9-5. And the checks always lined up and cleared.
EK has some major issues at the top and I encourage anyone working there to thoroughly document your time, pay, and interactions with your superiors.
I've built a few trade show booths.... 6 figures is often a minimum. And that's before they install gear (Monitors, Lighting, Moving parts) into them.
In Colorado the labor laws here state a buisness has 2 weeks to get you a final check or be in violation of the law. Here the company also can not deduct anything from the final check for Uniforms or equipment that must be handled seperately in form of a bill.
They made the mistake of going publicly traded. Doing so requires constant expansion, which is not wise to do for most boutique markets.
They aren’t actually public though. 85% is owned by the founder, and the other 15% by his friend.
Definitely worth looking into part 2 of the coverage that GN have now published, goes a lot deeper into EK, it's structure and what's actually going on.
5:26 Can't afford to pay the dude but can afford the lawyer to go after them.
I'm sure some employees are afraid if they stop showing up that they might be forfeiting any money they're owed because they no longer have the ethical high ground.
This is how CVS internal has been the last few years, they keep cutting the store budgets (particularly urban stores) but increasing the goals so store manager get stuck in a spiral of endlessly chasing metrics they have no hope to reach unless you "fake" other operations to make the focus metric go up.
6:00 "tender payment of $70.000,00 EUR" ... hmm, malicious mockery, send them the $70 EUR they asked for and call it square. Making your punctuation in legal requests correct is very important and they messed up bad. Though I suppose that would be accepting it as a breach of NDA so screw that.
Maybe EK is just hoping that their workers will be able to get tips? /s
The weirdest part is they are from Europe and EU especially. How the fuck they are not out of business and how are their workers there still when it's absolutely illegal and controlled by a lot of institutions both from country and from EU. Especially not paying workers.
My question in all this is who would work for 5 to 6 months without getting paid that is just insane I would have leave if I don’t get paid in max 2 weeks.
The Moscow Mule Mug has an overall height of 4” (10.16 cm), diameter of 3.7” (9.4 cm), and overall width of 4.72” (12 cm). The Moscow Mule Mug holds a volume of 19 oz (56.2 cL). Standard size when it is a Moscow Mule.
I don't know a single human who uses the metric system who has ever used centiltres as a measurement of volume.
Change it to millilitres for the love of god
Wanted but a cheap copper plating, and not even in the cup where you want the citrus to interact with the copper.
It's used in bottles and cans here, the smaller bottles that are 33 cL for example @@jacob-2271
Didn’t Defy do this to Smosh a while back? They basically said their contract money was in stock shares and never actually got their shares
They got a salary contract with the promise of stock when they went public but defy went under before that could happen. Ian and Anthony just did an interview with Colin and Samir about it.
point about sueing. between the US, EU, commonwealth countries and other strongly western oriented countries like Japan and SK, corporate lawsuits are not too difficult, as there are robust mechanisms and cooperation in place. As long as the laws broken are recognized in both parties, not paying wages being an obvious example, there are systems in place and in the case of the EU, a central governing body that can be approached if a company in a member country is liable. the moment you deal with 3rd party countries, you can pretty much forget about it
If a paycheck a day late, you need a very explicit reason/timeline, otherwise you down tools.
Most malice tends to spawn out of mismanagement. It's a response of greed, to see the results of mismanagement catch up to them, and then feel entitled to hold onto what they already have while throwing others under the bus in hopes of fixing the problem without parting away with secured profit/assets.
Selling from one subsidiary to another is not, in and of itself, problematic. In fact, this is a major part of what accounting teams work on because, while you are allowed to do this, there are just a ton of rules around how you have to do the bookkeeping and taxes
I couldn't fully understand what was going watching this by myself but somehow watching this with asmon made it easier.
39:47 I completely disagree with that. Some days I just feel generous and will randomly give people money with literally no expectation of anything in return. I give them money to make them happy, which makes me happy. People that assume any money given ever is some sort of investment are crazy
A lot of companies have a variable delay up to 90 day account payable delay. Payroll is another matter.
This is one of the reasons why gaming companies want good financial ratings. So they can get a good rate on their revolving cash loans.
The financial companies like to see consistant income rather than big payoffs every few years or months.
That is why the micro transactions took off. The consistent payments, even when they used to be smaller, was better than the AR on a game released 18 months from now.
I'm glad I stuck with air cooling instead of switching to a custom EK loop. Noctua DH-15 ftw.
Did he ever figure out ek u.s. was buying parts to put in pre-builts not just for inventory.
Depends but generally it is 30 days without good reasons unless invoice terms state otherwise
to be fair, the market is so niche that it pretty much consists mostly of content creators (to show off), who received the product for free anyway. I'm surprised EK grew large to begin with.
There are plenty of computer techs who want to make their own custom loop. While it isn't a gigantic market, there is a significant market for that stuff, though it has been shrinking for years as AIO coolers have been getting better and more popular.
I must be missing something. How is strong arming on the basis of losing your job when you're already not getting paid effective? You're already not getting paid so aren't you worse of than being unemployed? Unemployed would technically be better because you would be not working thus no income rather than working with no income. I don't know about contractors or corporate partnerships, but as an employee wouldn't the logically step be to start looking for a new job as soon as the first check doesn't show up?
Why does a company this Niche have 200 employees?
2:30 If there is copper plating on the inside of that mug DO NOT add acidic beverages. Not good for you.
Months with out pay? Bruh, let my job not get my most recent check in, they'll hear about it. The hell is wrong with these people.
I hope he watches the second part of this controversy which is even crazier
I was in a company that couldn't afford to pay the staff but some staff were being payed it was just the minimum wage workers that weren't.
YESSSSSS Asmon, I was waiting for you to watch this ! Make it go wild, everyone should know this, this scammy stuff needs to stop !
Shaving hours is rounding down on time clocks for punch outs and rounding up on punch ins. IE. Punch out at 9:28pm. Punch goes on time card as 9 or 9:15pm. "We don't pay partial hours" or overtime isn't paid at 1.5x. Very common in healthcare for things for hospitals to try.
I had a company wanting to place a 30k order net 90. I told them 15 k down the other 15k when you pick it up. They bailed and I avoided getting screwed.
Praise be Tech Jesus
when i worked at Biggest Tech Company, our different teams and departments bought from other teams and departments to move cash around within the company.
i did 42 hours in a month overtime at one place i worked at after they sacked someone. when i got my pay slip it only had 4 hours when i asked about it the manager said hes spreading out over months so it did not affect his monthly bonus figures so i never did anymore. after that he was on mission to get me sacked aswell
26:00
Oh this is VERY fucking common, it's one of the best ways to basically avoid a majority of your taxes as a business and it's not illegal.
And almost every company does it, because if you don't you just fuck yourself over for no reason.
This is a common deficiency I think. A lot of startups and small businesses don't take finance seriously. They think finance is just bookkeeping and calculating profit and loss once a while. In a legit company, a good CFO can check the CEO on bullshit like this long before they become a problem.
I purchased an EK cooling kit which cost the same as my 4090, so how the f can they not afford to pay their employees/suppliers? Their prices are ridiculous
i have a big question , what about the government , in any country when this happen you just send your complaint to a guvernamental entity and they intervene , how is in the USA?
selling to other entities under your umbrella is not outright illegal. I think it is a tactic that is usually frowned on and will ensure a much more indepth audit in the long run.
I played like 120 hours of Starfield, level 170, even played through NG+ 1 time.
I hated being around any of the Constellation people, and I got the solo perk and never had them as companions. I once took all the constellation people on my ship together and attacked a friendly ship and they all spouted the exact same disapproval dialogue in unison.
I thought the special power perks where you had to level them up by visiting temples was stupid because not only do you lose all your ships, money, guns, and anything you built, but you have to do the exact same temple like 280 times in order to max all your special powers and the powers are useless unless max.
Also, there no consequences to being a bad person inside the story, the constellation people with complain and threaten to get off my ship, but never do, and all outcomes lead to the same ending, so why even give me a choice?
Ive always wondered how EK was staying in business. Theyre way too spread out for such a niche product, add to the fact that loop parts can often be reused between builds. You only really need to replace the major cpu or gpu blocks. I guess they just *werent*.
00:03:17 why would i want a mug with good cunductivity for my drinks? It would only make them room temperature faster.
some drinks are made better by the cup.
Disney does something similar where their TV and streaming division pays their production division for movie rights and then they can announce they made more money than they really did on a given movie.
I've done Net 7 on my contracts since I've had issues with clients not paying for six or more months.
Imagine how awkward the press visits will be for the EKWB staff manning the trade booth at the next trade show…
Gamer's Nexus is the best. They keep all the receipts and the hole they put companies in is so deep they can't dig themselves out expect by admitting fault and fixing it.
Their beef with LTT was wild to watch 🍿🍿🍿
He’s just an awful presenter though. Should get a better presented and focus on doing the other work in the background.
@@OfficialSamuelC Seems to be a minority opinion
@@OfficialSamuelCwhat is so bad about his presenting style?
Articulate your thoughts fully please.
@@OfficialSamuelC awful because he presents like a human?
he presents facts with miscellaneous filling commentary while he presents
informative yet informal
definitely a minority opinion
Modern Jesus : "I bout to make your company dying for the sin comitted."
Steve is righteously fearless and brings receipts. This is what proper journalism looks like.
I only have 1 question: are the high level *executives* at EK not getting paid?
Also EK stuff is not that premium. You can buy the same stuff direct for pennies on the dollar.
Does anyone have timestamps with analysis?
I already watched GN video, so I tried to skip around it, but accidentaly ended up skipping the whole video.
If somebody shared timestamps for the parts that weren't in original video, it would be much appreciated!
Steve from Gamers Nexus is an absolute legend.
Charging someone 70,000 while actively making them work for you without paying them is insane
a lot of this might be "transfer pricing" within EK itself, we probably shouldn't broadly saying things are illegal when we are speaking of an HQ operating out of Slovenia b/c here is a wild guess, most of us here aren't experts on the Solvenia tax and business code.
39:00 that's typical way corruption worked all the way down to individual level in ex eastern block countries. Give money here to solve a problem, give money there to get something you are not supposed to. It is so ingrained in people now they would try this shit everywhere.
Our family dollar that i was a GM at, we had it closed for almost 3 weeks despite calling the energy company and corporate because we were out of power. We didnt get paid for 3 weeks
Did Asmon watch the 2nd video GN made ab EKWB? that one has a whole lot of information, this video makes you think EK might have a chance to recover, the 2nd one just buries EK 10ft under.
Fed ex locations in Connecticut are being sued for shaving hours too 😂 I worked there for 2 months last year and I keep getting class action lawsuits papers in the mail for it.
A company selling things to another subsidiary company is perfectly legal. Often done to reduce tax by having one enttity in a low tax country that makes the profit that the other company in the high tax country does. (IE Samsung Company 1 sell S24's to Company 2 for 1k, company 2 sells to the customer for 1.1k. Company 2 has approximately $100 of sales costs and makes no profit. Company 1 makes all the profit and pays very little tax.
A company 'selling' things from 1 branch within the company to another is also perfectly legal, because its only internal accounting to keep track of branches that are 'profitable' etc.
EK: Rest assured that EK is not forcing any of our employees to keep quiet
*shotgun reloading sfx*
Responding to your emails is their prerogative.
*Terminator music plays*
overtime law is governed by the Feds, and trust me when I say, they're SUPER nasty about it. They do try to encourage you to sort it out with the company yourself, but if push comes to shove, they drop the hammer. It's EXTREMELY expensive for companies that don't pay worked OT hours (or at least it was when it happened to me years ago). YMMV per state (which is taken into consideration when Uncle Sam figures damages - compound interest on the amount owed PER DAY in my case).
This story gets even more insane in part 2.
TL;DW: being an employee sucks, companies will exploit you 😉