My favorite news story of the day… week… month… possibly forever.
From the New Yorker
DECEMBER 17, 2015
Lawyer for Martin Shkreli Hikes Fees Five Thousand Per Cent
BY ANDY BOROWITZ
ROOKLYN (The Borowitz Report)—A criminal lawyer representing Turing Pharmaceuticals chief Martin Shkreli has informed his client that he is raising his hourly legal fees by five thousand per cent, the lawyer has confirmed.
Minutes after Shkreli’s arrest on charges of securities fraud, the attorney, Harland Dorrinson, announced that he was hiking his fees from twelve hundred dollars an hour to sixty thousand dollars.
Shkreli, who reportedly received the news about the price hike while he was being fingerprinted, cried foul and accused his attorney of “outrageous and inhumane price gouging.”
“This is the behavior of a sociopath,” Shkreli was heard screaming.
For his part, Shkreli’s lawyer was unmoved by his client’s complaint. “Compared to what he pays for an hour of Wu-Tang Clan, sixty thou is a bargain,” he said.
At first, not being very familiar with Mr. Borowitz (I’m now a fan), I figured this had to be from the Onion. Such a pity it was satire.
The real story is nearly as good. I mean, you can’t make this stuff up.
A few months ago, Martin Shkreli, the thirty-two-year-old founder and former C.E.O. of Turing Pharmaceuticals, became a poster child for everything that’s wrong with American business when his company raised the price of its drug Daraprim, which is used to treat life-threatening parasitic infections, by a cool five thousand per cent. But, while Shkreli had to weather plenty of bad publicity, he had a ready-made defense: though his strategy for Daraprim may have been egregious, it was also perfectly legal. Unfortunately for Shkreli, the same cannot be said of securities fraud and wire fraud, the crimes with which he was charged on Thursday. The government’s indictment alleges that Shkreli deceived investors in hedge funds that he ran prior to founding Turing, and that he paid some of his hedge-fund investors back with money that he took from Retrophin, a biopharmaceutical company he started in 2011. (Shkreli denied the charges, and was released on a five-million-dollar bond. On Friday, he resigned as Turing’s C.E.O.)
I wouldn’t normally revel in someone’s misfortune – but this guy, who so heartlessly price-gouged a life saving medication seems, at least from what is reported, to totally deserve what he’s getting. Read the full article as I cannot hope to sum up the charges against him in a reasonable way. And I hope that I don’t get on Santa’s naughty list by doing a little dance.