Pharma Boy arrested

[Invictus Maneo]

Originally Posted by Etschell

lighten up.

Don't poke the Bear!

[cornerstore]

Originally Posted by Etschell

people are pretty ignorant as a mass.

they dont realize the cost to the end consumer was $10, up from $1. insurance companies, who rake it in hand over fist, took the brunt of the price increase.

Really dude, ignorant! Who pays for higher insurance costs when costs of meds go up, everyone and the end consumer ultimately. Ask Warren Buffet how that game works. After Turing's acquisition, a dose of Daraprim in the US increased from $3.50 (£8.70) to $750.

The pill costs about $1 to produce, but Mr Shkreli, a former hedge fund manager, said that does not include other costs like marketing and distribution, which have increased dramatically in recent years.
http://www.bbc.com/news/world-us-canada-34320413

[Ticknaway]

Guys the TRF is supposed to be fun these kind of issues sorta bring out to much animosity.
Let's stck to the fun stuff!

[SMD]

Smart take on it here:

http://www.bloombergview.com/article...-good-at-fraud

And for those with faith in the Feds conviction rate may want to revisit it in light of what the Second Circuit did to their broad (and incorrect) theory of insider trading. Lost (or had a lot overturned) a lot of cases recently in the SDNY.

[rr-nyc]

Originally Posted by Etschell

i read the entire indictment i am aware. the people laughing and saying he deserves it are the ones who are upset about the drug price increase. he deserves it because he misappropriated funds from RTRX not because he raised the price of the drug. his fraud was ongoing from 2009 through the present. it isnt karma, it was simply a matter of time.

He resigned today from Turning and will probably resign from Kbio.

You have a funny way using the term misappropriate when the much larger issue is he stole from Peter to pay Paul. The misappropriation of funds is a meaningless amount compared to the $7M+ he stole in his little ponzi scheme.

You're really splitting hairs over why people are screaming karma? He became famous and vilified for a greedy, nonsensical price increase and was caught stealing millions of dollars. Whether he ended up in jail or ended up with a condition requiring his own overpriced drug--- that's karma.


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[CDNWatchNut]

Originally Posted by rr-nyc

You have a funny way using the term misappropriate when the much larger issue is he stole from Peter to pay Paul. The misappropriation of funds is a meaningless amount compared to the $7M+ he stole in his little ponzi scheme.

You're really splitting hairs over why people are screaming karma? He became famous and vilified for a greedy, nonsensical price increase and was caught stealing millions of dollars. Whether he ended up in jail or ended up with a condition requiring his own overpriced drug--- that's karma.


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+1
And to add an opinion, what he did with respect to drug pricing isn't capitalism. It's outright unethical and evil. Karma.

[CDNWatchNut]

Originally Posted by Etschell

people are pretty ignorant as a mass.

they dont realize the cost to the end consumer was $10, up from $1. insurance companies, who rake it in hand over fist, took the brunt of the price increase.

The masses pay for individual greed in this case...insurance will certainly reflect it in premiums.

[Sperry]

Originally Posted by blah114

I predict nothing will happen and in 3 weeks, people will have forgotten about the story and him. I might be wrong.

Maybe four weeks. After he is discovered hanging from the coat hook of his hotel closet. Toes barely touching the carpet.

This guy ripped off so many people . . . He deserves to go to

[TripleB Boston]

Originally Posted by wantonebad

Couldn't disagree more, if you don't want to be ridiculed by the public stay out of the limelight!! Moreover don't take your cues from a woman who yes made a simple mistake that many woman her age do, however she didn't even have the sense to know the difference between making that mistake with a sitting US president and her English Lit professor? ML gets zero sympathy or respect from me and I wouldn't take ANYTHING she said seriously.

A public shaming in the right context is actually a good thing IMHO

I can't help reading wantonebad's posts in Ron Swanson's voice....

sorry for the thread hijack.
Back to your defense/onslaught of the PharmaBoy.

[Etschell]

Originally Posted by CDNWatchNut

+1
And to add an opinion, what he did with respect to drug pricing isn't capitalism. It's outright unethical and evil. Karma.

You guys didn't read the indictment he repaid investors 11 million and stole 11 million from rtrx to do it...

They got a 40 to 50 percent return on investment. They didn't lose anything.

[SMD]

Originally Posted by Etschell

You guys didn't read the indictment he repaid investors 11 million and stole 11 million from rtrx to do it...

They got a 40 to 50 percent return on investment. They didn't lose anything.

Yes, but he used the money from the public company to do it. So he stole from the public shareholders to pay the private LPs.

[123Blueface]

Originally Posted by wantonebad

Couldn't disagree more, if you don't want to be ridiculed by the public stay out of the limelight!! Moreover don't take your cues from a woman who yes made a simple mistake that many woman her age do, however she didn't even have the sense to know the difference between making that mistake with a sitting US president and her English Lit professor? ML gets zero sympathy or respect from me and I wouldn't take ANYTHING she said seriously.

A public shaming in the right context is actually a good thing IMHO

[CDNWatchNut]

Originally Posted by Etschell

You guys didn't read the indictment he repaid investors 11 million and stole 11 million from rtrx to do it...

They got a 40 to 50 percent return on investment. They didn't lose anything.

A modern day Robin Hood the indictment is a separate issue from the drug pricing practice his company engaged in. Given his altruistic intent to invest the profits from that venture into developing even better drugs to treat toxoplasmosis, he probably ought to get a Nobel prize along with a prison sentence. Again...Karma.

[~JJ]

The only copy of the new wu tang album may take awhile to be heard if he gets 20+ for being a scumbag... I guess holding for a listening party w/ T. Swift didn't work out. ��

[skprd13]

Originally Posted by GB-man

They in turn pass those costs on to the risk pools via increased premiums. No?



Bingo.

I'm more pissed about this clown buying a wu tang album all for himself and then bragging about not even listening to it.

Sao this is the guy that bought that album and cannot listen to it for 88 yrs!

[Kingair]

Originally Posted by skprd13

Sao this is the guy that bought that album and cannot listen to it for 88 yrs!

Probably . . . .

[rr-nyc]

Originally Posted by Etschell

You guys didn't read the indictment he repaid investors 11 million and stole 11 million from rtrx to do it...

They got a 40 to 50 percent return on investment. They didn't lose anything.

Who gives a rats ass if you read the indictment? I skimmed it because I have better things to do with my time. Bottom line is you're getting into the weeds on this for what?

If he stole from RTRX (whether in the form of stock, cash or cash equivalent) to pay back his MSMB investors. Shareholders in RTRX are investors so if you can follow this, you know that he still stole from investors.

Good grief. This is exactly the reason why I drink bottled water when in Florida.

[Watch This]

Originally Posted by Etschell

i read the entire indictment i am aware. the people laughing and saying he deserves it are the ones who are upset about the drug price increase. he deserves it because he misappropriated funds from RTRX not because he raised the price of the drug. his fraud was ongoing from 2009 through the present. it isnt karma, it was simply a matter of time.

He resigned today from Turning and will probably resign from Kbio.

Correct.

[bdex75]

Stealing is stealing. And Karma is a bitch.


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[bayerische]

Originally Posted by Star Ferry

My point is that he deserves a day in court.

In general I am against public shaming. It's haphazard and often unfair. Monica Lewinski and a guy named Jon Ronson gave great TED talks last year about public shaming and the mob mentality it brings out.

If you are for no reason upping a drug cost from 13,50 to 750 dollars, you deserve all the shaming you can get. No need for a courtroom.

I'm sure he will be judged fairly in court.
And the Fed's case has of course nothing to do with his drug price increase, their felony charge is much more serious.

[Star Ferry]

Originally Posted by bayerische

If you are for no reason upping a drug cost from 13,50 to 750 dollars, you deserve all the shaming you can get. No need for a courtroom.

I'm sure he will be judged fairly in court.
And the Fed's case has of course nothing to do with his drug price increase, their felony charge is much more serious.

That's a fair point. I don't know enough about his business practices to really take a view. He told me he was a "diversified entrepreneur" and I didn't dig much deeper.

[Etschell]

Originally Posted by rr-nyc

Who gives a rats ass if you read the indictment? I skimmed it because I have better things to do with my time. Bottom line is you're getting into the weeds on this for what?

If he stole from RTRX (whether in the form of stock, cash or cash equivalent) to pay back his MSMB investors. Shareholders in RTRX are investors so if you can follow this, you know that he still stole from investors.

Good grief. This is exactly the reason why I drink bottled water when in Florida.

Of course he stole. Rtrx stock went from 5 bucks to currently 21 bucks. Or 400 percent in 3 years.

Of course he will go to jail. Of course he wanted to get caught.

My main point was the twitter outrage over his drug pricing tactics isn't karma. Even if he never raised the price of the drug he would be in the exact same spot he is in now. Maybe more people would feel sorry for him but I doubt it. Anyone feel sorry for mr mum bernie madoff?

Thanks for the insult too. Class act.

[powerfunk]

Originally Posted by Star Ferry

My point is that he deserves a day in court.

In general I am against public shaming.

The dude is, in my opinion, an egomaniacal sociopath. Public shaming is important sometimes. He reminds me of a charismatic scammer who scammed hundreds of bitcoins from the dogecoin community; while red flags were abundant, people righteously defended the scammer's honor because it's so "wrong" to talk ill of somebody without irrefutable hard proof. By the time most people realized Alex Green really was a sociopath, it was too late.

A special agent called Shkreli the day he was arrested, presumably to let him turn himself in, and he just hung up on him. This was around the 1:22:00 mark in his last YouTube post.


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[beer]

it is true, the public as a whole are ignorant

however public shaming is usually initiated by or the result of the work of people who do have facts

so the masses, while they are just jumping on a bandwagon, are (usually) justified in conducting public shaming even though they may not completely understand why