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Sunday, 29 November, 2020

Oh Happy Day (Part one of two)

Date: 01 January, 2016

By: Chief

Imageule was great. Christmas was fine. New Years was just that and I lived through another one. But what happened on 17 December, 2015 was far, far and away the best of the year.

A thief by any other name

You know of or at least must have heard of one Mr. Martin Shkreli? He is also known as the 'Poster Boy of Corporate Greed' or just plain old 'greedy' for short. He is the 30 something former hedge fund manager who founded "Turing Pharmaceuticals" and then (quoting AP):

"[S]pent $55 million for the U.S. rights to sell a medicine called Daraprim and promptly raised the price from $13.50 to $750 per pill."

You remember him now? I thought you would.

Oh, speaking of Turing Pharmaceuticals, 'Greedy' the CEO of Turing — no longer is. Quoting ABC:

"[H]is former employer, Turing Pharmaceuticals, announced [] he resigned and has been replaced.

"In its statement, Turing made no mention of why Shkreli resigned or his pending charges."

Well it brings me no end of pure unadulterated pleasure and joy to let y'all know that Shkreli or 'Greedy', call him what you will, and I mean that because he apparently calls himself, at least on Twitter (quoting AP):

"[T]he world's most eligible bachelor" —

was arrested 17 December, 2015, on various charges of securities fraud and conspiracy. If you want a chuckle you can read the grand jury indictment here.

Dear Mr. 'Greedy' was taken in handcuffs into a federal court in Brooklyn and arraigned. He pleaded not guilty (of course) and made the five million dollar bail. It may be a good thing he was able to do that — possibly on the backs of the people who must take Daraprim in order to survive — because as the self proclaimed "world's most eligible bachelor" I do not believe he would be having a good time in the local Brooklyn cross bars hotel once word spread to the other guests of the same institution that Mr. "World's most eligible bachelor" was just checking into the establishment.

Oh, before moving on with this lovely, lovely story, I must say that 'Greedy' was not the only person to be arrested and charged. Oh no. 'Greedy's' former lawyer one Evan Greebel was also wearing a nice pair of wrist bracelets just like 'Greedy' was. I wonder if they shopped at the same store. Wadda ya think? The only difference was the bail price — Greebel's was set at one million.

In his own defense

To show you that I do have some compassion even for the likes of 'Greedy' here, in his very own words, is why 'Greedy' dun it. Quoting the NY Daily News:

"I could have raised it [Daraprim] higher and made more profits for our shareholders, which is my primary duty," he said. "No one wants to say it, no one's proud of it, but this is a capitalist society, capitalist system and capitalist rules, and my investors expect me to maximize profits."

Profit is one thing and I have nothing against a business making a fair profit — price gouging is another. Secondly, there is no such thing as "investors" or "shareholders." There are however — gamblers. If you 'play the market' you are a gambler. Period.

Now, check out this jewel of malice, rigging the game, profiteering and utter contempt and arrogance. Quoting Seeking Alpha:

"['Greedy'] I have been short MannKind shares regularly for many years. This has generally resulted in fantastic profits for my partners and me. It is with some sadness, then, that I write that I believe that MannKind's existence is nearing an end. With a financial position only Lehman Brothers and MF Global could envy, MannKind is in dire financial and practical straits that I will walk through. I'm short MannKind stock, and believe you should be too. Similarly, I feel there is no reasonable framework whatsoever for being long MannKind stock.

"MannKind has one product, Afrezza, a branded inhaled insulin. I think inhaled insulin (including Afrezza) is a bad idea conceptually, with marginal theoretical benefits compared to regular insulin and no actual benefits. The world does not need Afrezza. In a series of letters to the FDA in 2010, I attempted to convince the agency that Afrezza's clinical trial package was lacking-in fact, I feel every single Phase III trial of Afrezza technically failed to succeed."

Wow. What an interesting and conspiratorial strategy:

Hence, in the case of MannKind Corporation — with a singular product was basically left to "run out of cash," wither and possibly die on the vine. As such 'Greedy' could swoop in and pick over whatever pieces are left of MannKind for a song and then sell or license the product(s) (once or if approved) for a whole lot of money. What an incredibly retched thing to do. By the way, just who is 'Greedy' to "feel" that inhalable insulin is not sound? 'Greedy' and Uncle Joe (Stalin) appear to have quite a bit in common. Well, maybe not. Stalin may have had a heart — somewhere.

Greed is evil.

It must be remembered that his company "Turing Pharmaceuticals" has no, as in zero products. The company, led by 'Greedy' simply raids others companies using the above described tactics and then raises the price of the product(s) they, shall we say, acquired.

Happy New Year.

Continue on to Oh Happy Day (Final part of two).

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