A hedge fund manager in America has sparked fury among health experts and patients by buying the rights to a drug used to treat conditions related to Aids and cancer, and increasing its price by 5,000 per cent overnight.
Martin Shkreli, a bullish 32-year-old New York businessman, who revels in a lavish lifestyle, purchased Daraprim in August. The drug is used to treat treat toxoplasmosis, a parasite infection that can cause life-threatening problems for those with weakened immune systems, such as unborn babies, Aids sufferers and some cancer patients.
The pills were being sold for $13.50 (£8.75) each, but Mr Shkreli’s company, Turing Pharmaceuticals, increased the price immediately to $750. Treatment requires a course of 100 pills.
Don’t call it a scandal: Volkswagen corruption is a syndrome
Okay, so you will not buy a Volkswagen. A Chevrolet instead? Watch out for the ignition. Or how about a Toyota? Just duck as the airbag comes your way. Do you, by any chance, see a pattern? Have we been thinking?
In Europe, the United States, Japan and most everywhere else, something is going on. There is a level of sheer corruption that transcends the automobile industry.
How about banking in the United States and Europe? How about politics, most everywhere? Now Brazil is receiving a lot of attention, while the utter corruption of U.S. politics – private money in public elections, a level of lobbying out of control – carries merrily along.
A good deal of the corruption is criminal, and so can be prosecuted. So why don’t we prosecute corporate criminals, and not just corporate crimes? And why don’t we set the fines to indicate that corporate crime doesn’t pay?
Below is the denouement to a story I followed for some time and leads to my point… it pays to be a white collar collar criminal in Canada – Big Time.
BMO settles with most in Alberta mortgage fraud lawsuit
BMO says hundreds of people, mostly new immigrants, were recruited to apply for about $70 million in falsely inflated mortgages involving more than 200 properties between 2006 and 2007. BMO contended the alleged fraud was carried out by 325 people, including mortgage brokers, appraisers, realtors, bank employees and lawyers.
The bank’s investigators claim the scheme’s organizers ultimately wired money from the alleged fraud to several countries including Lebanon, India, Pakistan, Saudi Arabia and Dubai. The settlement does not mean a finding of liability.