The 32-year old pharmaceutical entrepreneur who became hated worldwide after buying a life-saving drug and jacking up the price from $13.50 per pill to $750 has been arrested by federal authorities at his home in New York on securities fraud charges. According to Bloomberg, Martin Shkreli is accused of taking stock from Retrophin, Inc., a biotech firm he started in 2011 and using it to pay off unrelated debts. Shkreli is accused of creating a complicated shell game after a hedge fund he created, MSMB Capital, lost millions in bad investments. He allegedly set up sham consulting agreements to cover up secret payoffs he made to investors. Shkreli's New York attorney, Evan Greebel, was also arrested and is accused of conspiring with Shkreli to commit the fraud.
Shkreli is the son of Jewish immigrants from Albania and Croatia. He cut his teeth in the world of Wall Street finance working for hedge fund manager, Jim Cramer. He held jobs at UBS and Intrepid Capital Management before launching his own hedge fund in 2006. His arrest follows a well-publicized lawsuit Retophin brought against him after he was ousted as its CEO in which he was accused of breaching his duty of loyalty to the company and violating securities rules. The company sought $65 million in damages from him, which he said "would not dent me." "I'm licking my chops over the suits I'm going to file against them," Shkreli said." It was his acquisition of the life-saving drug, Daraprim, that would bring him unwanted notoriety. News that he was raising the price of the life-saving drug 5,500 percent brought him worldwide condemnation.
 |
| Shkreli being arrested in New York (AP Photo) |
16 comments:
Good.
Now invalidate his patents.
Detestable scumbag, he’s a greedy little fuckweasel both on the inside and the out. I believe it was Glenda, the good witch of the north, who told Dorothy, “You know dear…Karma’s only a bitch, if you are.” And then there’s the German word schadenfreude, which means “My happy place is your happy place burning to the ground.” We need laws to prevent drug profiteering. Preying on the hiv and cancer communities is loathsome. Federal prison should wipe the snarky smile off his face. From all of us who care about our weakest, frailest people, fighting for their lives, I say et tu douchebag.
aren't these the same games that all mega wealthy people play, though? Is this negative exposure happening because of the toes that got stepped on, rather how it affected the 'little guy'?
The civil lawsuit and criminal investigation of the crimes underlying that lawsuit were already in play before the drug pricing blow-up so I don't believe the latter had anything to do with him being prosecuted. He was essentially robbing Peter to pay Paul to cover up the losses to his hedge fund investors. He may have been prompted to raise the drug price of the unrelated company dramatically to cover his civil liability though from the other case.
Has this blog been overtaken by the Libs?
WTH? Can we not celebrate capitalism?
Remember how former VP Dick Cheney profited by the billions on the war in Iraq? No one ever questioned him on that, so that's ok right?
George W Bush and Dick Cheney are what allowed Obama to be president, and like it or not, Hillary is probably next. Thanks Bush!!
His resume uniquely qualifies him to be the new mayor of Carmel or....
Dick Cheney was and is a war criminal, and the idea that we would celebrate his capitalism is nauseating. If you had a child suffering from toxoplasmosis and Shkreli jacked the price up on her medicine to the point where you couldn't afford it and your insurance company wouldn't pay for it, you wouldn't damn well be celebrating Shkreli's capitalism. So go ahead and troll the story with your stupid ideas. The whole world knows what this pharmadouche is, and cares about. Remember, goober, its harder for a rich man to get into heaven than thru the eye of a needle. Nothing wrong with capitalism, but we don't kill our children slowly to make an extra buck.
That's funny Anon 9:02. The entire healthcare system has become a corporate scam. This guy's crime is that he didn't make the right political contributions. Other than that, he's no different than J&J, Lilly and the rest of them.
Anon 11:50. So how do you feel about sucking them out of the womb, killing them quickly, so to speak? You okay with that? I'm guessing you probably are. I mean, guys who use words like pharamdouche...LOL So self righteous. So vapid. Spare us the contrived Hoosier anger.
Why make reference to his Religion?
Capitalism or Communism or any "ism" for that matter has no soul of it's own. It is the people who are in charge. Like the people who cheated on the Volkswagen emissions test. A manager I had once said the road to hell is paved with good intentions. If there is failure in good honest judgement then there must be the fear of getting caught and punished out weighs the risk of corruption or a fast shuffle.
America today few people at the top have any fear - The Feds took the approach with Wall Street - Too Big to Fail, Too big to Jail. The Company could pay a fine, not admit they did anything wrong and the people who made the decision walk away.
Because I can, and I wouldn't want someone to mistakenly think he's a Muslim since Albania is a predominantly Muslim country. That's the thing about PC. Damned if you do, damned if you don't.
So what does this have to do with abortion? For that matter, what does this have to do with political left or right? This is a securities fraud case. The guy is a thief. His artful use of federal securities to benefit himself ranks him right up there with Durham and Madoff. This isn't capitalism. And it isn't big pharma. This guy hurts people along the way, financially and by pricing them out of their meds, for no other reason than to enrich himself. Its a criminal path, he's in jail, the charges will continue to mount, just like the lawsuits from the trail of injured he's trampled and victimized; and jerkoffs like 3:26 who think its self righteous and vapid to call a duck a duck are just trolls. WAaaah waaaah, but what about abortion? Contrived Hoosier anger. That's what 3:26 calls honest adults who think Shkrelli is scum. Listen up dumbnuts. If you don't think what this guy has done is criminal, you don't even belong in the room with the adults. We don't celebrate criminals like this. And we don't protect them because we think they stand for capitalism. They don't teach you in the Kelley School of Business at I.U. to price medications so high that people die from the unaffordability. That isn't capitalism. And if you see a bit of big pharma like Lilly in that characterization, it means there's enough ugly truth to go around.
3:45 PM and Gary Shkrelli is a Goniff.
Unless his mother was Jewish then he's not Jewish.
Not reported in our local boosterism newspaper was this little nugget as reported in a real newspaper (also liberal) the WSJ, "Monthly Cost for Lilly Drug is $11,430". What did you need to know about tax farming, who farms? Uh, skeptics, it was their December 12-13, 2015 issue.
Anon 8:32 - I don't understand your comment. I was simply asking why the author felt compelled to list his religion (which he has since explained). One never mentions the religion of other con artists unless they are Jewish.
Post a Comment