If you ever wonder, as many have during this election cycle, whats wrong with our system of market capitalismhow far removed Wall Street is from Main Streettake a look at Valeant Pharmaceuticals. I hesitate to write that second word of the companys name, because Valeant looks much less like 【新今晚开奖期跑狗图 】a drug research and development company than a private equity firmthe kind that comes in, buys up other firms, strips their assets, then uses dodgy accounting methods to make the whole process look appealing to i【2016香港蛇蛋玄机图 】nvestors (on paper at least). Valeant
has been in the news since last fall, when it shares fell sharply on claims that it was not only jacking up its drug prices in egregious ways (something that Hillary Clinton complained loudly and threateningly about) but also booking phantom sales via a now defunct distribution company called Philidor. After ferociously denying all this, Valeant announced yesterday that it would actually have to restate its earnings for the last two years because $58 million worth of sales to Philidor were wrongly booked when drugs were delivered to the vendor, not to patients, as they should have been. Related Stories 【今期跑狗图挂牌 新版 】 【六开彩119期什么时候开始 】 【白小姐挂牌玄机图 】 Health 【ab另版东方心经 】 Pharmacies Ignorant Over Safe Drug Disposal: Poll
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Health 【三头六臂擒恶人 打一生肖 】 A Cautionary Tale About Antibiotics 【六码复式二中二几组 】 Amazingly, the stock actually rallied on this news. Why does this 【次元风社区APP破解版 】company and this story matter so much? Because it illustrates so many things that are broken in our capital marketsthe things that have created the kind of populist rage that have resulted in Donald Trump becoming the likely Republican nominee for President, not to mention Democratic socialist Bernie Sanders giving Hillary Clinton a real run for her money. Nothing has changed, really, since the financial crisis of 2008. The capital markets are supposed to serve【采富网赛马会 】 business, and more importantly, the public at large, not the other way aroundthats what Adam Smith, the founding father of modern capitalism, envisioned. They are supposed to let wealth flow to the companies and people that deserve it, in order to help them create real economic growth. Valeant shows that our system is no longer doing that. The companys crazy style of accounting is amazingly becoming the rule rather 【万料堂主论坛坛 】than the exception at many companies, as Gretchen Morgenson explained so well, but its basic business mo【六开彩开奖现场直播铁算盘 】del of buy not build isnt uncommon in the pharma【第006期跑狗图 】ceutical field either. 【爱彼皇家马会复刻 】 【正版四不像解一肖图 】 For years now, many large and important drug research companies have been decreasing the amount of money they spend on actually inventing new drugs and instead going deep into debt to buy other firms, prefer【六开彩201636期开奖 】ably ones with established, branded drugs and few competitors, and then hiking up their prices, which is easy in this country since the gove【后居者上是定律打一肖 】rnment cant, as in European nations, negotiate directly with such companies to keep prices (and profit margins) at a reasonable level. 【今期的太子报图片 】 【四肖免会期期准 】 Get The Brief. Sign up to receive the top stories you need to know right now.
【2020年012期老板跑狗图 】 【52凌波微步专解跑狗图 】 Thank you! For your security, we've sent a confirmation email to the address you entered. Click the link to confirm your subscription and begin receiving our newsletters. If you don't get the confirmation within 10 minutes, please check your spam folder. One resonant 2010 Morgan Stanley report called for the pharmaceutical industry to exit research [meaning the search for new drugs] and create value, by throwing cash back to shareholders or buying up companies that could create short-term revenue streams, if not longer-term profits. Of course, the term value has a different meaning for shareholders than for patients. Drug company CEOs will say that they need 100%-plus price hikes (which more than 200 drugs, and not just those owned by Valeant, experienced in 2014) to innovate. But the truth is that innovation hasnt been their business models for years now. While the decoding of the human genome has presented incredible new opportunities for breakthrough drugs and therapies in everything from cancer to dementia, investment into early-stage biotech and pharmaceutical research and development has been decreasing for many years now. The number of new firms being started is declining. And the number of venture capitalists investing on the area is going down, toofrom 201 firms in 2008 to a mere 137 by 2013. Investors and drug company CEOs alike know 【马经救世报2018官方 】its hard, risky work to come up with a new blockbuster drug, so they choose to bolster their stock prices buy purchasing something already on the market, or to sit o【2020年香港跑狗132期图 】n the cash altoget
her. The result? The really innovative stuff doesnt get funded, says Andrew Lo, an MIT finance professor that has studied the dysfunctional【四码中特内部公开 】 business model of pharma. 【2016年32期跑狗图 】 So why does 【2020跑狗图56期图片 】our market system which, remember, is in theory supposed to send capital where it deserves to go, where it can create the most economic value allow this? Because of 40 years of small changes to the system that favor financiers and shell game firms like Valeant rather than true innovators not only accounting standards that led to firms like Enron and clearly havent been cleaned up since, but al【王中王一句猜特码150 】so a model of shareholder value that says a stock price is the bes【必中李白猜一肖 】t reflection of corporate value, and a tax code that favors debt rather than equity. Valeant currently has $30 billion in debt on its balan【2017年141期管家婆彩图 】ce sheet, but a good chunk of that is tax-deducti【2020年四不像图资料35期 】ble, so hey, why not? 【香港马会二中二倍数 】 【香港老板跑狗图自动更新 】 【51期闲情暗语图 】 【香港2020新跑狗网图库 】 【六开彩大图 】 【跑狗图怎么来的 】 【谁能胜得真君面打一肖 】 Spotlight Story Kobe Bryant Had a Singular Impact on His Game and the Worl【婚礼拍摄过程1979 】d
Bryant died in a helicopter crash near Los Angeles on Sunday, along with his daughter Gianna Of course, all that debt will ultimately make the companys risk of default much higher, as Wells Fargo pharma analyst and former whistle blower David Maris pointed out in a scathing 40-page research report on Valeant recently. As he put it, we believe that Valeants self-proclaimed new business mode【64期跑狗图彩色 】l for pharma has been reliant upon low-cost debt for deals, cost cutting for acquired companies, price increases, and based on recent press reports, specialty pharmacy practices that are now under scrutiny. We believe that following recent intense scrutiny of its practices, Valeants growth may be impeded. Ill say. Of course, the big investors like Bill Ackman whove helped buoy the stock over recent years will likely 【2016太子报全期 】have taken their profits by the time the com【十月份说说大全带图片 】pany goes bust. It will be Main Street investors left holding the bagagain. Most Popular on TIME 【找他谈着3d字谜玄机图 】 1 Coronavirus Death Toll Rises to 170 in China 2 【四肖四码网站 】 Americans Trapped in Wuhan Angry With U.S. 3 【四肖中等期期准 】 We Can Only Process Kobe Bryant's 【香港正版四不像图99期 】Death by Being Honest About His Life Contact us【2020跑狗图94期四不像图片 】 at firstname.lastname@example.org.