The $57 Million Shakedown of Buckyballs (VIDEO)
Brace yourself. The video below is a bit longer than the usual video you see here on FreeEnterprise.com. But the premise of this story—as well as the long-term implications of this case—are so shocking, we just had to dig deeper into this unprecedented overreach of a federal agency.
To refresh your memory, in summer 2012, the U.S. Consumer Product Safety Commission started a product recall proceeding for the small, spherical magnets sold as Buckyballs. This spurred a series of events that led to the company being put out of business and—despite the fact that the product was never found to be illegal—the CPSC going after former CEO Craig Zucker for an estimated $57 million. To make matters worse, if Zucker doesn't like the decision of the administrative law judge deciding his case and wants to appeal, it goes all the way back to the CPSC who will get the final say on whether it can even be appealed or not.
We sat down with Zucker and former CPSC Commissioner Nancy Nord to discuss the intricacies of this baffling case, and Zucker's newest product, Liberty Balls, which are sold on www.UnitedWeBall.org to support Zucker's legal defense.
In a hurry? Check out our 90-second recap.