Reich on what's wrong with capitalism

With Martin Shkreli, former CEO of Turing Pharmaceuticals, as a typical example. From Reich's FB post, quoting:

This morning, Martin Shkreli, former CEO of Turing Pharmaceuticals, refused to answer any questions asked him by a House committee looking into his decision to hike the price of Daraprim – used for a rare but severe infection that afflicts people with compromised immune systems as in AIDS and during chemotherapy, which had been on the market for decades before Shkreli bought it – from $13.50 to $750. Instead, Shkreli sat silently and smirked at the committee. Then he tweeted: “Hard to accept that these imbeciles represent the people in our government.”

Last year, when asked about the price hike, Shkreli argued the profits would be poured into research. “With these new profits we can spend all of that upside on these patients who sorely need a new drug.” Baloney. Yesterday, the House committee investigating him released an email from Shkreli to his board telling them of the purchase and his plan to hike its price. “$1bn here we come … a very handsome investment for all of us.”

Martin Shkreli represents everything wrong with the kingpins of American capitalism today – not just towering greed but a willingness to sacrifice anyone or anything for the sake of making more money, and an utter contempt for the public and our democracy.

For his antics this morning, Congress should hold Shrekli in contempt. For his price manipulations, he should go to jail.