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What About Martin Shkreli, to prison now? (Warning: It's another capitalism question.)

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Mar 18 in News & Informations ⌨ by Virginia (6,461 points)
edited Mar 18 by Virginia

Martin Shkreli got notoriety when, as a Big Pharma CEO, he raised the price of an old drug helpful to AIDS patients from $13.50 per pill to $750. (The pill became vital in AIDS epidemic when compromised immune systems left them vulnerable to toxoplasmosis...Shkreli's justification was the huge financial benefit to stockholders...)

https://www.fiercebiotech.com/biotech/why-would-martin-shkreli-hike-an-old-drug-price-by-5000-only-a-moron-would-ask

Now I read Martin Shkreli has just been sentenced to 7 years in prison for securities fraud, and he is only 34 years old...

* * *

I am still thinking we need to rein in capitalism somehow...for those with questionable scruples, capitalism still gives too much freedom to plunder others. 

Give 'em a monopoly board, and let 'em all play THAT together and cut EACH OTHERS' throats? No more *free market* to go after those who are more vulnerable and less competitive?

 idk...rather a sticky wicket, here...don't want to end up like Stalin, what can we do? Here is Martin Shkreli photo...

image

4 Answers

Dan Mar 22
Virginia Dan Mar 22

Dear Dan,

My computer was able to open your first article, it's from 2015, and I am SO glad to learn about this; India's commitment is very poignant, heart-rending...the US is one of the countries pressuring India; that is HORRIBLE, I am ashamed...here is something else I copied...

"India, which is facing intense Western pressure to stop making generic drugs, has reaffirmed its determination to continue providing affordable medicines to everyone with "

And here is what the Indian representative said at the UN: "It would be most callous if we were to allow narrow considerations of commerce to deny the most basic and the most fundamental human right -- the right to life".

Here is the link yours led me to, just  in case Rooster, Kninjanin and Tink want to take a look...http://www.business-standard.com/article/current-affairs/india-says-it-will-continue-providing-affordable-aids-medicine-115060901165_1.html

Kninjanin Mar 18

State should control what rich people and company owners do.

I don't know who is this man but Shkreli sounds as Albanian surname. Maybe he is Christian Albanian. Some Albanians sell drug in Serbia.

Virginia Kninjanin Mar 18

Kninjanin, yes Shkreli is an interesting name; you are recognizing it as possibly Albanian, and I had never heard it before! 

Virginia Kninjanin Mar 22

Kninjanin, I am leaving a note for you, Rooster and Tink, to take a look at Dan's thread; he gave some interesting information about India's commitment to make life-saving HIV drugs affordable.

TheOtherTink Mar 18

Shkreli seems to have borderline personality disorder, among other things.

https://www.cnbc.com/2018/03/16/martin-shkreli-bragged-about-iq-and-having-no-overt-psych-issues.html

As for his profiteering on drugs, yes there should be controls on that sort of thing, which are matters of life and death. It seems to me that if antitrust laws don't cover it, it would only require a small modification to prevent gouging by a firm that has a monopoly on a drug.

O'Tink I was unable to open your link so went Internet prowling to see if I could find a parallel article - and there seems to be lots of suggestion that Shkreli is a bit off his rocker! This comment just below was close to my own heart, the disillusionment that America is so wonderful and will always self-correct...

"Weird that this dude ripped off thousands of regular Americans. Nothing happens. But as soon as he goes after hedge fund investors...now we bring down the righteous hammer of the law. I understand the law, but it just seems un-American to me somehow."

I also found this link, defending what Shkreli did! Fairly confident, however, this view is in line with Ayn Rand and her objectivism...I saw an e-mail address with Howard Roark, as you prolly know her hero in Fountainhead? ...btw, if you see a 'nutshell' paragraph in the link you found, do lift it for me, if you would be so kind? http://justicebuilding.blogspot.com/2015/12/in-defense-of-martin-shkreli.html

Ok, Virginia, here it is:

"Convicted "pharma bro" fraudster Martin Shkreli boasted before being sentenced that a psychological examination would show "I have a 150 IQ and no overt psychological issues," a new court filing reveals.

But it turned out that the psychologist, Dr. David Salsberg, found that Shkreli suffers from "generalized anxiety disorder, major depressive disorder and unspecified personality disorder," the court filing notes.

The exam also found Shkreli's actions were "consistent with a narcissistic outlook," "faulty judgment," "a sense of entitlement," and "denial, and rationalization in order to preserve his self-image."

"Also salient is a seeming preoccupation with thoughts of success and a rather undisciplined imagination that takes liberties with reality at times," the psychologist wrote, according to the court filing.

And, in a sharp footnote, prosecutors wrote, "Dr. Salsberg's report does not state that Shkreli has an IQ of 150."

The damning comments are coming to light now because prosecutors un-redacted sections of the original sentencing memorandum they had filed last week.

Shkreli, who turns 35 on Saturday, was sentenced March 9 to seven years in prison for securities fraud related to a drug company he founded and two hedge funds he had run.

The crimes were unrelated to his raising the price of the drug Daraprim at another drug company, an act that gained him widespread notoriety.

Shkreli wept openly as he asked Judge Kiyo Matsumoto to give him a relatively light sentence. Prosecutors had asked for 15 years in prison. Defense lawyers requested a term of no more than 18 months."

O'Tink that is perfect ty just so intriguing...noting the anxiety as well as depression...our dysfunctional society, where such distressed folk become corporate CEO's in their thirties? As for the boastful (supposed) 150 IQ, that does not even seem all that high to my way of thinking, I would hazard a guess your own is likely there, for example...IQ does not correlate with wisdom anyway...

Yes, Virginia, IQ and wisdom are not the same, as events last year at Evergreen State (for example) showed dramatically. 

But maybe they've learned a little something since then, with student enrollment down.

https://www.insidehighered.com/news/2018/02/22/evergreen-state-cancels-day-absence-set-series-protests-and-controversies

O'Tink (sigh) if inclined, will you lift out a paragraph about cancelling the Day of Absence? Could not open that link, although I found this one that predicts a prospective enrollment drop between 8% and 18%.

https://hotair.com/archives/2018/02/21/evergreen-state-college-warns-18-drop-enrollment-next-year/

I am very disappointed in Evergreen, I have always had a special love for its innovation...now it's more like disgust.

Here it is, Virginia:

A spokesman for the college confirmed that the institution will not hold the event this year.

The spokesman provided this statement: "With the fall 2017 arrival of the college’s first-ever vice president/vice provost [for equity and inclusion], Dr. Chassity Holliman-Douglas, the college is moving forward in the planning of a new equity symposium to be held this year. The symposium is not a replacement of Day of Absence/Day of Presence, but rather an opportunity for the Evergreen community to design a robust new equity event from the ground up." Asked to confirm that there would be no Day of Absence in addition to the symposium, he said that there would be no Day of Absence.

The Play and the 2017 Controversy

The Day of Absence was based on a 1965 play of the same name by Douglas Turner Ward. The play is about an imaginary Southern town in which all the black people disappear one day. The idea behind the play is that societies with deeply racist ideas in fact depend on the very people they subjugate.

For many years at Evergreen State, minority students and faculty members have observed a Day of Absence in which they met off campus to discuss campus issues and how to make the college more supportive of all students. Later a Day of Presence reunites various campus groups. While some have objected to the way the Day of Absence worked previously, it was the 2017 version that brought scrutiny on campus and national attention.

Last year, organizers said that on the Day of Absence, they wanted white people to stay off campus.

Bret Weinstein, a biology professor, posted a message on a campus email list in which he objected to the proposal to ask white people to avoid campus.

Weinstein went on to say he would be on campus on the Day of Absence and would encourage a similar stance by white people being asked to stay away. People should "put phenotype aside," he said. "On a college campus, one's right to speak -- or to be -- must never be based on skin color."

That email was widely shared, promoting threats against Weinstein and calls from student activists for Weinstein to be fired. While the college did not do so, he said repeatedly that Evergreen failed to forcefully defend his right to express his views.

Weinstein soon said that it was unsafe for him to be on campus, and he sued Evergreen for $3.85 million on the grounds of "hostility based on race," alleging that the college "permitted, cultivated, and perpetuated a racially hostile and retaliatory work environment … Through a series of decisions made at the highest levels, including to officially support a day of racial segregation, the college has refused to protect its employees from repeated provocative and corrosive verbal and written hostility based on race, as well as threats of physical violence." Weinstein and his wife settled the suit, agreeing to resign their faculty positions in exchange for $500,000.

Weinstein did not respond to a request for comment on the end of the Day of Absence. Nor did the First Peoples Multicultural Advising Services, which is listed as the contact for Day of Absence on the Evergreen website.

Got it Tink, that is what I was looking for.

Oh, and I meant to say up above, that twerp Shkreli has a quintessential Backpfeifengesicht.

image

Oh that is SO cool! One of them fine words I learned from you and/or Marianne, now we get to see it used in context!!!

I always TOLD you Solved is very fine educational site...;)  :P  :silly:  <3

That it is, Virginia.  :) <3 ;)

You are now ready for the advanced course on face-slapping in German, Virginia.  :) :D :D


Oh Tink! One (eine?) can find ANYTHING on YouTube... a slap to flatten your face until you hear the angels sing???

...and toward the end, I liked her evaluation that oh, the German language is SO poetic...:P  <3

Lol, Virginia, I also remember hearing a long time ago, the expression "G'scheite am Backen", which means (a) smart (slap) on the cheek(s), though it seems to be grammatically incorrect.  :D

Tink, you might like to take a look at Dan's thread; he gave some interesting information about India's commitment to make life-saving HIV drugs affordable.

Rooster Mar 19

This little prick deserves capital punishment. I don't know if anyone is ever going to step up and control the pharma companies and their owners. Wouldn't be that hard but someone else must be getting their percentage also!

image

Virginia Rooster Mar 19

Thanks Rooster...yes that percentage, it seems to become more important than human life now...tears...:(  <3

Virginia Rooster Mar 22

Rooster, you might like to take a look at Dan's thread; he gave some interesting information about India's commitment to make life-saving HIV drugs affordable.

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