r/news Jan 14 '22 Silver 19 Gold 1 Helpful 19 Wholesome 18 Evil Cackle 3

Shkreli ordered to return $64M, is barred from drug industry

https://apnews.com/article/martin-shkreli-daraprim-profits-fb77aee9ed155f9a74204cfb13fc1130
54.9k Upvotes

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3.6k

u/Ffffqqq Jan 14 '22 Silver

2.1k

u/WishIWasOnACatamaran Jan 14 '22

36M for 7 years is still a helluva deal

982

u/_mach Jan 14 '22

I wonder how much money that 100 million has made him in the interim, too...

the absurd fact is that money makes people richer, which is part of the inequality equation here.

233

u/CptTurnersOpticNerve Jan 15 '22

If he wasn't the kind of moron that spends money on exclusive albums he should easily be able to live off interest

242

u/hardknockcock Jan 15 '22 edited Jan 15 '22

That album is legitimately a better investment than more things you would think.

-This is a sponsored message from Wu-Tang financial-

103

u/cfetzborn Jan 15 '22

Protect yo goddamn portfolio! Shit was basically the first NFT

45

u/Juicepit Jan 15 '22

You need to diversify yo bonds

2

u/purplppleatr Jan 15 '22

Protect ya got damn neck

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u/Nord4Ever Jan 15 '22

Diversify yo bonds!

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u/295DVRKSS Jan 15 '22

Well cash rules everything around me

2

u/koreanjc Jan 15 '22

PleasrDAO is goin to be releasing it.

2

u/BaldOrzel Jan 15 '22

Smith Barney? Buncha bitches

2

u/ommi9 Jan 15 '22

Diversity yo bonds…..

2

u/Finklax31 Jan 15 '22

WU-Tang is for the children…

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u/iVirtue Jan 15 '22

His investments were spot on. Just look at REGN. It probably did better than he even expected thanks to covid.

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u/timisher Jan 15 '22

Stocks damn near doubled since he was in jail.

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u/bubumamajuju Jan 15 '22

And the biotech stocks he played went up a lot more. If he could actively trade through the pandemic I’m sure his portfolio would be up massively.

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u/Most_Association_595 Jan 15 '22

Lmao this is poor people mentality right here You can have your playthings, just make sure you’re on top of your game. You really think a 1 million album is a drop in the bucket compared to his nw? Plus you’re still taking about it like 6 years after this happened

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u/Barkwits Jan 15 '22

You're the moron dude. Scarcity creates value.

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u/gearnut Jan 15 '22

Not quite, demand relative to supply creates value until the market cannot pay the cost.

There is a limited amount of demand for an exclusive record which was initially valued at a high cost.

4

u/youdubdub Jan 15 '22

One would think everyone has lost interest in that conveniently-scapegoated bag of dicks by now.

2

u/Lost4468 Jan 15 '22

Dude's a massive prick, but from what I have seen of him he lives well within his means. He does weird shit like the albums, but that's about it.

In reality though I think he's just lying about half the shit. Dude's pharmacy knowledge is flakey as fuck yet he would stream hours of himself trying to design new drugs and shit.

I don't know how much money he really has. I'm sure it's a lot, but $100m I doubt.

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u/GoodLordShowMeTheWay Jan 14 '22

Risk that resolves favorably makes people richer.

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u/[deleted] Jan 14 '22

[deleted]

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u/airrivas Jan 15 '22

So risky it seems everyone with more than a few mill seems to benefit. They’re so brave and brilliant, all of them!!

6

u/dizao Jan 15 '22

Risk is only a problem if you don't have enough money to keep paying your bills when shit hits the fan. At that point it just becomes opportunity.

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u/bubumamajuju Jan 15 '22

The risk isn’t any fundamentally different for either. Maybe less risk for congresspeople who can legally make insider trades but you can buy an index and do just a well as most hedge funds

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u/slimb0 Jan 15 '22

May the road rise up to meet you, and may all of your risks resolve favorably

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u/my_girlfriend_sucks Jan 15 '22

On a 5% return he could’ve made…some pretty huge amount of money I’m sure

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u/lubbin604 Jan 15 '22

5% ? The SPY 500 was up 25% last year. 5% does not even beat inflation in this current crazy world we live in

1

u/[deleted] Jan 15 '22

[deleted]

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u/varrock_dark_wizard Jan 15 '22

You're insane if you don't think he's 60/40 equities and bonds, dude probably made atleast 20% last year. Just holding spy and bonds.

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u/yourmomlurks Jan 15 '22

I am a very small time investor and my returns are pretty consistently better than 5%. Think more 30+%. Thats how someone like lance armstrong can return all the money hes ever made. Because it doubles and doubles and doubles very very quickly. By the time of the refund it is nominal.

2

u/youdubdub Jan 15 '22

Here, have this complimentary more money to go with your already money, sir. Would you care for a free foot rub or belly oiling?

2

u/Flaky-Illustrator-52 Jan 15 '22

Money actually becomes less valuable by the second if it just sits there doing nothing (unless deflation). How your money makes you richer is you give it to other people in large quantities so they can build their grand ideas, then they give you part of their earnings in exchange for you helping them. That way it's worth your time to help them in the first place. It's pretty intuitive if you think about it since everyone deserves to be compensated for any work, risk, and time, but I guess it can be seen as absurd when viewed externally

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u/benfranklyblog Jan 15 '22

Money doesn’t make people richer by itself, but having a lot of money allows the vast majority of it to stay in investments and work for you. My investments grow about 30% a year between market growth and my contributions, it’s a healthy amount for me, but imagine if you have millions to work with.

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u/mmm_burrito Jan 15 '22

What you've said is a needlessly pedantic form of "money makes people richer."

Nobody didn't know that it took investments to grow the money, but hey, you got to brag on your 30%, so I guess you've got that going for you.

0

u/benfranklyblog Jan 15 '22

If you read most of Reddit it is very clear that no, people do not at all understand that the money of the rich is in investments and they aren’t swimming around in it like Scrooge McDuck all the time in a big bank vault.

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u/mmm_burrito Jan 15 '22

Been here very nearly since the beginning, bud.

There have always been the ignorant few and the condescending majority. Guess which group you and I belong in, sweet cheeks?

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u/Whiskey-Weather Jan 15 '22

The fact that access to resources of any kind makes access to further resources easier is simply an innate property of currency. That part of the system can't go, not for any philosophical or moral reasons, but because it's an opportunity that's inseperable from having any money at all.

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u/Alpha_Decay_ Jan 15 '22

That's $14k per day. I would certainly spend a considerable amount of time in jail for $14k per day, but not 7 years. At that point you're just missing out on too many life experiences that you can never get back. No amount of money can buy your 30s back.

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u/RehabValedictorian Jan 15 '22

Right, it scales down really well. Who wouldn’t spend 24 hours in jail for $14,000?

2

u/shwilliams4 Jan 15 '22

Every 8 days is a year of good salary. 40 years of salary for 1 year.

1

u/definetelynotsus Jan 15 '22

Not sure if you ever did time, but it isn’t exactly like hanging out drinking beers. Who knows maybe your first day a riot kicks off. “Prison is like dying with your eyes open”

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u/RehabValedictorian Jan 15 '22

I’ve done a solid year in county. It sucked. But I’d do it again for $5 Million. I wouldn’t do 7 though. Shit even in state prison I could pay a gang $50,000 to protect me for a year.

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u/TocinoPanchetaSpeck Jan 15 '22

Yes but you get to have 7 years of new experiences you would have missed out on if not in jail.

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u/Sietemadrid Jan 14 '22

For someone with no sympathy

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u/DJHalfCourtViolation Jan 14 '22

Shkreli did nothing that isn't already happening. I don't know why people pretend this guy is this big heartless criminal when the entire medical industry exclusively hires people to fuck your ass. Every single person that works for insurance execs is just as bad as shkreli at least this psychopath is funny

9

u/L4t3xs Jan 15 '22

He didn't go to prison for hiking the prices either. He got nailed with securities fraud.

3

u/bubumamajuju Jan 15 '22

His investors didn’t lose money either. That’s also conveniently forgotten. I believe he simply mislead them and misappropriated funds but ended up being able to make money elsewhere and was able to balance things up again… given that, his sentence is pretty egregiously over the top.

He’s been jailed as if he was Elizabeth Holmes or running some Madoff level scam.

Our justice system isn’t great and absolutely takes public opinion into account. The guy was an easy scapegoat for a shitty industry. Then he had enough notoriety to have interviews and so many people knowing about him that he grew insanely cocky and was way too brazen about his thoughts when he needed to just shut the fuck uo

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u/sandysnail Jan 14 '22

that's like saying you did nothing wrong murdering someone because there are guns for hire or terrorist groups. like i get that there are tons of people like him and many more ruthless but that doesn't make him not a big heartless monster. in that interview the first thing asked about the 100 million for jail time is "who do i hurt to get the money?" and he just acts like the situations are similar but taking out the who you hurt is the ENTIRE argument for him being heartless the fact that he makes arguments like that is heartless in itself

5

u/DJHalfCourtViolation Jan 15 '22

No it's like saying I don't give a shit about the next school shooting I care that there isn't systemic change surrounding the issue. This thread is useless, everyone jerking their dicks about this is useless the whole thing is so fucking dumb

2

u/sandysnail Jan 15 '22

no your saying "lets not call the next school shooter heartless"

11

u/UndBeebs Jan 14 '22

I don't know why people pretend this guy is this big heartless criminal when the entire medical industry exclusively hires people to fuck your ass.

... Does that somehow make him not? Tf kind of logic are you using here lmao

Just because there are others guilty of the same or worse doesn't discount his guilt.

1

u/DJHalfCourtViolation Jan 15 '22

I'm saying the amount of attention he gets is absurd for how common everything he does is. It's like convicting a manager at a pizza place in a big downtown city of fraud for taking servers' tips when like maybe half the restaurants I know pull shit like this

3

u/UndBeebs Jan 15 '22

Guess I'll reiterate:

Just because there are others guilty of the same or worse doesn't discount his guilt.

To add to that, he's pretty damn guilty. Not pizza tip fraud levels. His case deserves the amount of attention it's getting.

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u/Sietemadrid Jan 14 '22

Ah yes it's ok he was greedy casue everyone else is doing it too. He made himself a target and now he's suffering the consequences

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u/DJHalfCourtViolation Jan 15 '22

Yeah absolutely this guy should be let off because everyone else gets away with this all the fucking time.

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u/Sietemadrid Jan 15 '22

Yeah all crimes are ok cause that one guy got away with it that one time

0

u/DJHalfCourtViolation Jan 15 '22

That is literally how the fucking law works that's what I'm getting at

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u/webbsixty6 Jan 15 '22

Jesus, talk about whataboutism.

Just because other people are doing it… DOESNT MAKE IT RIGHT!!

0

u/DJHalfCourtViolation Jan 15 '22

Then talk about why other people do it instead of jerking off about this dickhead

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u/UndBeebs Jan 15 '22

Okay, but what you're doing in this thread is discouraging the condemnation of someone who absolutely deserves it. And your reasoning is "because other people are also guilty." How is that supposed to help with anything? Get over the fact that people are condemning the guy. If another person/company/etc gets caught doing something of that calibre, I'm sure the media will be all over them too.

Just because others are guilty doesn't mean this guy can't be discussed. You're making 0 sense here.

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u/Werowl Jan 15 '22

I don't know why people pretend this guy is this big heartless criminal when the entire medical industry exclusively hires people to fuck your ass.

neither of these concepts are mutually exclusive.

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u/DJHalfCourtViolation Jan 15 '22

Off the top of your head, name someone else involved with insulin price fixing or better a company

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u/unaffiliated-hellgod Jan 15 '22

Youre right he’s not the only one.

Doesn’t stop him being this big heartless criminal though.

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u/Dr_Singularity Jan 15 '22

His fine is much larger than his net worth, he now needs to sell everything he owns(company stocks, maybe even house etc) and probaly still will not have enough to pay $64M

So no, it was not a good deal in this case, he will waste 5 years of his life and will ultimately be left with nothing or very litte

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u/JTTRad Jan 14 '22

The years in your life are finite, I wouldn't spend 7 years in prison for any figure of money.

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u/indiebryan Jan 15 '22

But the years of your life are on average a lot less finite if you have $36 million. Not to mention the opportunities that would afford you in life you would never have otherwise.

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u/LeVeonwithBellsOn Jan 15 '22

Am I crazy for thinking I could do 7 years for 36 mil?

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u/MoocowR Jan 15 '22

So I'm approaching 30, the years I've spent 23-30 as fun as they are have gone pretty quick and I'm not that far into my life.

If I could go back in time and trade that for 36mil it might be pretty incising...

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u/HappyFamily0131 Jan 15 '22

You can do it for free if convicted of the right crime.

As for whether you could stay in prison for 7 years straight in exchange for 36 million dollars, while being able to leave at and time and get nothing instead, I would think that staying would be way, way, way fucking harder than it seems. It's not about walking into prison facing 7 years, it's about going stir-crazy 6 years and still choosing to stay for a 7th.

Maybe you could do it, but I don't think it would be easy, and I think even after getting the money, you might often regret it.

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u/indiebryan Jan 15 '22

It's on the cusp for me. That's a lot of time. I'd rather do 1/7 the time for 1/20 the money.

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u/Valyrian_Kobolds Jan 15 '22

You'd never have to work again in any city/place in the world with an amazing standard of living.

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u/Attention_Deficit Jan 15 '22

It’s like med school and a residence for never having to work a day for the rest of your life

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u/JTTRad Jan 15 '22

Except you're fed extremely poorly, you're brutalised by your peers, guards may or may not fuck with you and you're confined to a small cell for 23 hours a day. It's literally nothing like med school.

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u/Attention_Deficit Jan 15 '22

Voice of reason over here

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u/fudge5962 Jan 15 '22

100 billion dollars for 7 years of your life. You go in at 23, come out at 30.

At 30, if you weren't rich, you would work for a living. Assuming you work 40 hours a week until retiring at 65, that would amount to just over 8 years of your life. At 50 hours a week, it's 10 years of your life. If you were rich, you would get that time back.

Rich men live longer than the middle class. Average longevity of the bottom one fifth of Americans is about 76. Top one fifth is 89. About 13 years.

If you wouldn't trade 7 years of your life in exchange for 20 years of your life and 100 billion dollars, then you're really bad at managing both time and money.

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u/cilantro_so_good Jan 15 '22

I doubt any of the people commenting that they'd do it have ever even spent a night in jail. Fuck that shit

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u/Shep9882 Jan 15 '22

I've spent 21 years at a job I hate for much less

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u/Handleton Jan 15 '22

His net worth is estimated at $70 million. The hopeful side of me is thinking that his fine is basically everything he owns, but the realist in me is pretty sure this dickhead has offshore accounts.

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u/USeaMoose Jan 15 '22

Most would still take that, but it's probably starting to look a lot less attractive to Shkreli.

7 years is probably close to 1/10 of your life. And his $100 million figure was probably pretty rough (I think he is the type to round up generously in his favor). He's had legal fees, fines before this (at least the $7.4 million one), and now $64 million. He is barred from any participation in that industry for life, and he is probably too toxic to work his way into any other industry.

If he gets out with $25 million, and find himself unable to work any more for the rest of his life, he could probably live comfortably, but he is not going to be buying yachts or private jets, or starting up new companies.

And this is the kind of guy who I think will feel the need to show the public how wealthy he still is. Doing dumb crap like buying a $2million album.

We'll see. I think this is a pretty big blow to him that probably killed off any plans he had been making. I'll bet he thought he'd get out and use a chunk of his fortune to start a new pharmaceutical company. Or that he could get work as a consultant.

This will not send him to the poor house, but this fine is a pretty huge chunk of his assumed net worth.

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u/wingwang007 Jan 15 '22

He is also proof as many are in this shithole country that as long as you defraud normal people you’re fine. The second you defraud other rich people you go to jail.

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u/Kraz_I Jan 14 '22

I’m pretty sure he doesn’t have any of that money left. He was in prison for a completely unrelated fraud charge related to one of his other hedge funds. Basically he was running a Ponzi scheme.

Actually I’m surprised the district court is trying to levy civil penalties for the price gouging. I wouldn’t be surprised if this gets overturned at appeals. That is unless he doesn’t appeal at all because he can just declare bankruptcy.

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u/SSJZoli Jan 15 '22

Sounds like a sports contract

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u/Glowing_bubba Jan 15 '22

Agreed, most people would take it considering they work 50 years and make less than 1 million.

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u/girafa Jan 14 '22

This was how a lot of robbers would work. Jewel thieves/etc- they knew they'd get caught so the operation was to rob/steal, bury the loot, go to jail for 5 years, then come out and dig up their money.

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u/GorillaX Jan 15 '22 Silver

Saw a documentary about this called "Blue Streak". Martin Lawrence was in it.

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u/BNLforever Jan 15 '22

I also enjoyed his documentary with Tim Robbins "nothing to lose"

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u/Shalashaskaska Jan 15 '22

There’s a spider on your head

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u/triple_seis Jan 15 '22

I thought his documentary series about POC in the police force was very eye opening.

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u/f3ydr4uth4 Jan 15 '22

I also enjoyed his documentary series, “Bad Boys”. It really showed me the challenges of public service in Miami.

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u/Sun_Aria Jan 15 '22

I vaguely remember a show on TV about an American drug smuggler who would bury his cash. IIRC he went to dig it out when he got out of prison (or on the run). I think it was an episode of I Almost Got Away With It

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u/Feisty_Sympathy5080 Jan 15 '22

Absolutely thrilling documentary. Love the part where Dave Chapelle shows the protagonist thief how to rip someone’s nuts out through their mouth hole. Riveting work.

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u/sticky-bit Jan 15 '22

The problem with Shkreil's plan was that he didn't have a Senator as a father, like Heather Bresch does.

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u/JollyGreenGiraffe Jan 15 '22

In the states there was a BMV car full of people that would rob 24/7 grocery chains a few years ago in NC and worked their way around the east coast. Just completely disappeared.

https://greensboro.com/news/public_safety/harris-teeter-stores-in-charlotte-robbed/article_1f61cf11-45e7-5b41-a54f-32730a660f52.html

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u/pm_me_actsofkindness Jan 15 '22

The Silkroad guys did this for sure. Right around when their sentences were ending a lot of BTC in old wallets moved around lol.

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u/JayCroghan Jan 15 '22

Didn’t one of them get life?

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u/_TorpedoVegas_ Jan 15 '22 edited Jan 15 '22

DPR got life, but died in prison

Edit: no shit I had him confused with another darknet market admin. I hope to God we free that dude, he was an honest outlaw that doesn't belong in a cage

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u/Raton_X01 Jan 15 '22

Not dead yet...DPR/ Ross Ulbricht was sentenced to a double life sentence plus forty years without the possibility of parole

Still in prison. On Dec 09,2021 closed a NFT auction for 1447ETH,($6.27M at the time) which will allegedly fund efforts to relieve the suffering of the incarcerated and their families, as well as the fight to free Ross from a life in prison

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u/snakefinn Jan 15 '22

I think you are correct unfortunately. The US government used a widenet and seized (stole) a ton of Bitcoin.

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u/JayCroghan Jan 15 '22

I dunno about the Bitcoin stealing but the guy who’s in prison isn’t going to be using any buried stash anytime soon.

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u/chrisdab Jan 15 '22

2 years later

Commissary now accepts bitcoin

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u/Tenn_Tux Jan 15 '22

I wouldn't say "unfortunately". He got life for trying to hire hitmen to murder people. That's pretty fucked up

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u/[deleted] Jan 15 '22

Who knows if that’s even true. The Feds set up people all the time.

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u/xbearsandporschesx Jan 15 '22

yeah, there's so much loot and gold and diamonds and cash buried all over the world no one will ever find. Like all the hundreds of millions pablo escobar literally buried in forests and walls of buildings and underground etc. crazy to think about.

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u/Nord4Ever Jan 15 '22

Pirates too

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u/TheApathyParty2 Jan 15 '22

My grandpa did exactly this back in the 50’s. He robbed a bank, knew he would get caught, buried the cash, and did his time. His take was around $25,000US, so adjusted for inflation about $430,000 modern day. Not a bad take.

But he was an idiot and didn’t store it properly. He buried it next to a river which flooded while he was inside, and it was mush by the time he came back to it. 10 years gone and missing out on my dad’s childhood lost for nothing (my dad was conceived on a conjugal visit).

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u/squeevey Jan 14 '22

It's a fun theoretical question - but gah, top cringe.

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u/jml011 Jan 14 '22

Welcome to tomorrow’s top r/askreddit post

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u/MakesCakesEatsMud Jan 14 '22

Will also be in r/lifeprotips

LPT: trade a few years of your life in jail for millions of dollars by committing white collar crime.

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u/ajb32 Jan 14 '22

He def sounds like a sociopath. And of course he doesn't pay taxes. Fucker

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u/De3NA Jan 14 '22

His plan was pretty genius. Raising the cost of some medicine so that he could charge the insurance company an insane amount and also offer cheap medicine if you contact him directly. If someone were to do both it’s a win win lose for the insurance company.

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u/Thx002 Jan 14 '22

if you contact him directly.

It was for free if you contacted him.

However that was after the huge backlash so it's smart damage control.

I never understand why the guy went so public about everything, he was actively seeking the infamy. Doing a reddit AMA, doing livestreams... The Wu Tang thing.

If he had shut his mouth he would still be making millions and people would only only him by name.

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u/De3NA Jan 15 '22

I get it. He went crazy.

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u/Lost4468 Jan 15 '22

I watched a bunch of his livestreams etc when he was out. He also seems to live very frugally. He was living in a smallish apartment (in NYC but still) that just looked above average, outside of his suits etc his clothes looked pretty cheap, had cheap shit around his home, didn't buy fancy shit like cars etc from what I could see.

I think he lives for his ego. Doesn't seem like he really gives much of a shit about actually using money, just seeing it as a high score. Similarly he kept doing stupid shit to keep him in the news cycle. He ended up losing his bail because he couldn't resist writing a tweet about Hillary Clinton. Despite it being pretty clear he had an ok knowledge of pharmaceuticals, he'd still bullshit and pretend he knew way more on stream, which was ridiculous because there literally are plenty of things he legitimately knows about.

When you watch him on shows/streaming/podcasts/etc though he does come off as pretty down to earth, and even likeable. h3h3 was right in the video linked above, dude seems to have two personalities. It's so weird when you see him talking normally, and he's pretty courteous with the conversation, generally respectful, is fine with discussions that are critical of him, etc. It's weird because when you see assholes like this they're nearly always unbearable.

I guess it's some sort of borderline personality disorder thing? I guess he's pretty normal most of the time, then just absolutely has to blow his ego up randomly, or has to attack someone. Really fucking weird.

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u/bubumamajuju Jan 15 '22

I don’t think he grew up very wealthy which is pretty unusual for someone with his level of wealth.

I legitimately think some of the sentencing - outside of major external factors in public opinion and various investors he pissed off - was really influenced by frustration in NY over a similar narcissistic borderline personality disorder man who climbed even higher and never had any consequences at all.

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u/ashleyyspinelli Jan 15 '22

I watched a doc about him. At first I thought the apartment was small but at the end you get to see it and it was big imo.

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u/Interrophish Jan 15 '22

It was for free if you contacted him.

did he ever actually pay out on that

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u/ajb32 Jan 14 '22

Yeah. Except the insurers just pass the cost on to the people they insure. It's not like they're taking a loss. So yeah it's lucrative for him but he's just taking money from people playing insurance premiums.

The system in the US is beyond fucked. The fact we have a health insurance industry seems like a symptom of a problem to me. Insurers serve the shareholder first and the insured second.

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u/rephyus Jan 14 '22

Except that its the standard for the ENTIRE industry. Look up any life saving drug, be in awe at the cost and then look up if they have a subsidy program. They always do.

Its much easier to paint a target on an individual versus a faceless corporation. Big pharma shifted all the spotlight on Shkreli because he was an individual. Doesn't help that he also has a punchable face. Another example would be the Elizabeth Holmes from Theranos. Not only was she found as a fraud, she actively kept trying to get into the spotlight. The media gets its tributes, and Big pharma gets to run away with the profits and the general public lose.

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u/drumology2001 Jan 15 '22 edited Jan 15 '22

You’re right about the life-saving drug thing. I have Multiple Sclerosis, and I take Vumerity. I am on the manufacturer’s Co-Pay Assistance program…but if I wasn’t? They want FIVE THOUSAND dollars a month for those pills. It’s insane.

Also, Shkreli’s face is 1000% punchable. Smug AF.

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u/Helenium_autumnale Jan 15 '22

So everyone can get the subsidy?

These prices are not the industry standard. Drugs are far cheaper in Europe and Canada. https://www.nytimes.com/2015/10/20/upshot/to-reduce-the-cost-of-drugs-look-to-europe.html

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u/bubumamajuju Jan 15 '22

Europe and Canada ultimately get cheaper pricing because Americans are subsidizing them. There’s cost advantages to different systems of different countries compared to the US but it’s fundamentally as simple as: they can get pharmaceuticals for less if Americans pay more.

You have to apply for the subsidy. There’s generally income thresholds but the companies will work with your situation. And there’s lot of people who ultimately get life saving drugs completely free (even Shkreli’s company was offering patients financial assistance).

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u/Neps21 Jan 15 '22

Bread and circuses man. Or some sh*t about Rome.

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u/[deleted] Jan 14 '22

You’re not wrong at all, but he was doing what every other drug CEO does, and unluckily became the poster boy for our fucked up healthcare system. So many people in this thread think he was literally charging individuals hundreds of dollars directly, when, in fact, you could literally buy it directly from the company for like a dollar if you didn’t have insurance coverage. The masses just took the sensationalist headlines and ran with them.

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u/PM_PICS_OF_ME_NAKED Jan 14 '22

They gave out daraprim to people who couldn't afford it.

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u/[deleted] Jan 15 '22 edited Mar 07 '22

[deleted]

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u/bubumamajuju Jan 15 '22

Lol… you’re essentially asking for patient data which is illegal to give out.

Every company offers income-based affordability plans. Look at more popular drugs and you’ll find someone off insurance sharing their experience of how they get a necessary drug for a subsidized price or free.

I don’t know any pharma companies that plainly state the amount of drugs they give out free… presumably because there’s zero benefit to it. You could be pessimistic and say that’s because none of the companies want patients to know about the affordability of their drugs but honestly people like you will almost certainly be skeptical regardless.

The reality is the pricing was done in a calculated way for an obscure and rare disease with a very small patient count and most patients have insurance. I think there’s a lot of general ignorance about how this works because it’s so different than other day to day goods/services… it’s almost like Reddit implicitly has this understanding that going to a hospital with a rare disease will have your doctor and nurses asking you: “would you like to purchase an additional ibuprofen this morning for 12.99 a pill? We will start the primary treatment when we get a check made out to the hospital for 10k “

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u/Swamp85 Jan 14 '22

you could literally buy it directly from the company for like a dollar if you didn’t have insurance coverage.

I've never seen a source given for proof of this other than Shkreli saying it offhand once.

The masses just took the sensationalist headlines and ran with them.

And the reddit masses (i.e. you) took the bullshit excuses he constantly gave and ran with that because have to be a contrarian

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u/CommanderUnstoppable Jan 14 '22

You can go watch the documentary on him they interview a guy who got the medicine when he DMed him on Reddit.

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u/Swamp85 Jan 14 '22

Are you talking about the VICE one? Because they definitely don't interview anyone but Shkreli in that one and that's the only one I'm aware of.

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u/BigNastyMitch Jan 15 '22

There's another called Pharma Bro, they don't interview Shkreli at all and there is a guy who dmed him and got it free.

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u/digital_fingerprint Jan 15 '22

Do you mind composing a list of all pharmaceutical CEO reddit and Twitter handles just in case I might need something.

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u/Salamok Jan 14 '22

Definition of beyond fucked: A system of for profit healthcare where a single individual is capable of pulling $100m out of that system without contributing a single thing.

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u/[deleted] Jan 14 '22 edited Jan 15 '22

If he was doing it to show that the us healthcare system is shit, I agree with his message but not his delivery of it. You know a lot of people got hurt. It's like setting a building on fire to tell people it's not up to fire code.

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u/Thehealthygamer Jan 14 '22

This is a case of hate the game, not the player. The problem lies in how the system is set up to be exploited like this. Shkreli is certainly not the first and won't be the last person to pull this BS.

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u/ajb32 Jan 14 '22

I agree. I think it's fair to hate players of this game though.

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u/Thehealthygamer Jan 14 '22

Good point. Perfectly okay to hate the pharmaceutical and insurance industry and the individual players.

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u/egyeager Jan 14 '22

He was/is the type of guy to take a broken system and exploit the fuck out of it.

Another example with him, at one point he wanted to buy every single copy of the magic the gathering card "Black Lotus". Black lotus is very expensive and is part of a list of cards that are both very expensive, legal for tournament play (in certain formats) and wizards of the coast will never, ever reprint (due to alleged threat of lawsuit). That system is broken, and he was ready to absolutely ream it and fundamentally shape it around him. He would, in theory, be able to shape the fabric of magic the gathering at an economic level.

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u/NinjaLanternShark Jan 14 '22

This.

Please don't think any practice that "only affects insurance companies" is a good thing. I get that lots of people don't pay for their insurance and thus never see the high cost of premiums, but that high cost affects how much employers can pay workers, how likely employers are to offer insurance, and also affects millions of people who pay for all or part of their insurance themselves.

When you see a company charging one customer $1 and another customer $1000, there's massive corruption going on, pure and simple. Doesn't matter if you think you're on the $1 end, you're still getting screwed.

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u/TheOneWithThePorn12 Jan 14 '22 edited Jan 15 '22

The entire medical industry is an overinflated balloon because of the insurance companies.

Just like with anything else they will inflate costs, charge it to the insurer and the insurer passes it on to you. They just don't blatantly tell you to your face they are doing it

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u/NobleFraud Jan 14 '22

The medicine he increased thr cost is not so much in demand to the point raising its prices increase insurance premium. Stop spouting nonsense

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u/ajb32 Jan 14 '22

Ok. So where does an insurance company get the money to pay for that medicine?

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u/NobleFraud Jan 14 '22

As I said a small medicine with little demand won't affect the insurance premium, if it's a medicine with greater demand it will start eating up on actual profits of insurance.thats when they increase the price... We are talking about billions in profits so a few thousands for small customer pool won't be good enough reason to increase the premium and lose greater amount of people.

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u/boogersrus Jan 15 '22

Wait until the premiums go up from all those billions pharma made from vaccines and tests and the rest.

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u/Steve-O7777 Jan 15 '22

He didn’t actually get arrested for this as it’s 100% legal and there were other companies also engaging in the practice. His conviction was for taking profits from one of the hedge funds he ran and used them to fund a different hedge fund he ran in order to keep that fund solvent long enough until it stabilized.

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u/RedditStonks69 Jan 14 '22

Such a trash interview, they're so fucking judgemental and don't let him talk.

Fuck Ethan Klein

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u/Panzerjaegar Jan 14 '22

Tbh h3h3 hasn't been good for years.

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u/bdizzzzzle Jan 15 '22

Man I used to love it back when he would do the vape naish videos. It's just been downhill from there...

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u/lootedcorpse Jan 14 '22

Ethan always was trash tier

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u/beet111 Jan 14 '22

His podcast is so bad, I dont understand how anyone listens to it.

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u/lootedcorpse Jan 14 '22

new generation thinks cringe is humor

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u/Werowl Jan 15 '22

While the old generation just knows cringe as life?

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u/Copacetic_ Jan 15 '22

"They were judgemental about one of the biggest pieces of scum in the American Pharma Market"

Boo fucking hoo?

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u/Matsukishi Jan 15 '22

-have an intelligent conversation with someone who did a bad thing and try to get insight into him and his reasons for doing so.

OR

-meme him for your autistic followers

I see a solid argument for both options

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u/Copacetic_ Jan 15 '22

I see no reason to get any insight from someone who price gouged sick, dying people.

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u/OrangeBasket Jan 15 '22

Then why have him on in the first place?

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u/Copacetic_ Jan 15 '22

Why indeed

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u/gh0u1 Jan 15 '22

autistic followers

Ableism. Nice.

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u/Tier1Salsa Jan 15 '22

Ethan is judgmental and talks over every single guest on the show, he's a garbage interviewer and has been for years.

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u/WorkingContext Jan 15 '22

He's got a good point, fucked up, but good point

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u/DuskGideon Jan 15 '22

"nobody gets hurts" bitch this medical system hurts everyone except the people involved who don't need medical care.

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u/mochablendedfun Jan 15 '22

Was trying to think of his quote, good job

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