Tuesday, September 22, 2015

Douche Bag Walking: Drug Company CEO Was Too Greedy and the Public Responded

MSMB Capital Management CIO Martin Shkreli

The smiling man in this photo is one of the biggest douche bags you’ll ever meet!

Let me introduce you to former hedge fund manager Martin Shkreli – fraud, cyber hacker, stalker, and all-around liar. 

Before reading his brief backround bio I want to point out why he’s in the news, and why a presidential hopeful is calling for legislation against people like him.

Shkreli made headlines this week when it was revealed that his current company, Turing Pharmaceuticals, boosted the price of Daraprim from $13.50 to $750 per pill (!) after buying the drug from Impax Laboratories in August.

Shkreli jacked up the price of Daraprim 5,500 percent overnight, claiming he had to in order to make money. The reaction was immediate;

Presidential wannabe, Hillary Clinton, responded to the move by calling Shkreli’s action "outrageous." Clinton's comment, and her vow to introduce a plan to control drug prices overall, sent biotech stocks plummeting Monday.

In response to the indignant public outcry, Shkreli changed course:

Drug CEO Will Lower Price of Daraprim After Hike Sparked Outrage

For the record; the average cost of brand-name medications rose 13 percent in 2013, according to a report from the Prime Institute at the University of Minnesota. New cancer drugs now cost over $100,000 a year.

In addition:

Read the affidavit claiming harassment by Martin Shkreli and see the related documents here.

Time for me to walk on down the road…

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