Will Martin Shkreli have to hand over his Wu-Tang Clan album? | Business News

Will Martin Shkreli have to hand over his Wu-Tang Clan album?

23 Dec 2015 | Author: | No comments yet »

Explosion in Somali Capital Kills 1 Person, Wounds Governor.

French President Francois Hollande’s popularity declined in December while Prime Minister Manuel Valls’s ratings remained stable, according to a BVA survey for Orange and I-tele released Saturday. Amid public outrage and ridicule over drastically hiking the price of a life-saving drug earlier this year, pharmaceutical entrepreneur Martin Shkreli tweeted that he gave “millions” to charity.

America’s most notorious pharma exec spent the day after his securities fraud arrest playing online chess, scrolling through women’s dating profiles and chatting with supporters.President Barack Obama signed into law a measure easing a 35-year-old tax on foreign investment in U.S. real estate, potentially opening the door to greater purchases by overseas investors, a major source of capital since the financial crisis.Trenton, New Jersey: The pharmaceutical executive reviled for price-gouging resigned Friday as head of the drugmaker Turing Pharmaceuticals, a day after being arrested on charges of securities fraud related to a company he previously ran. Hollande’s approval rating fell to 30 percent from 33 percent in November just after the deadly terrorist attacks in Paris, according to the survey. Now with heightened focus on Martin Shkreli because of criminal securities fraud charges and questions about his finances, one of those charities said it is returning the money.

Clad in a purple PBS T-shirt and a pair of pajama bottoms, Martin Shkreli hosted a marathon live stream via his YouTube channel Friday night, hours after he stepped down as CEO of Turing Pharmaceuticals, the drug company infamous for its pill price gouging. Contained in the $1.1 trillion spending measure that was passed to avoid a government shutdown is a provision that treats foreign pension funds the same as their U.S. counterparts for real estate investments. The measures targeted the Environmental Protection Agency rule limiting emissions from new power plants and a second standard that covers existing facilities. He’s an unabashed self-promoter who livestreams his daily life and boasts he’s “the world’s most eligible bachelor” and “the most successful Albanian to ever walk the face of this Earth.” And he’s an equally unabashed provocateur who jousts online with his critics. Then, Alex Tabarrok, professor of economics at George Mason University, discusses with Ameera David why pharmaceuticals cost so much in the U.S. and how the FDA could be doing more to help consumers in need.

Federal prosecutors claim he ran two of his former companies — a biotech firm and a hedge fund —like a Ponzi scheme, looting one to pay off debts from the other. “I can’t really talk about business or anything. The regulations are a signature part of the president’s drive to combat global warming. “The Clean Power Plan is essential in addressing the largest source of greenhouse gas pollution in our country,” Obama said in his message to lawmakers. “It is past time to act to mitigate climate impacts on American communities.” The so-called resolutions of disapproval passed the House on Dec. 1 and the Senate on Nov. 17 with majorities well short of what’s needed to override a veto.

After the break, Ben Schlappig, blogger for One Mile at a Time, explains why travel service Skiplagged is surging in popularity and if the legal challenges it faces are a real threat. He pleaded not guilty Thursday to charges that he looted Retrophin, a pharmaceutical company he founded, of $11 million to pay back disgruntled hedge fund clients. Finally, in The Big Deal, RT correspondent Simone Del Rosario breaks down the potential security threats facing American train stations, which some claim are being neglected by the TSA. The Shkreli Foundation website says it is “dedicated to helping people facing a variety of adversities.” It lists several donations, including one to Community Solutions and a $1 million gift to New York’s Hunter College High School, where Shkreli was a student.

Turing also issued a statement that business would continue as usual and that no patient would be denied access to Daraprim, the drug whose price hike made Shkreli a pariah to both patients and other pharmaceutical companies. By Friday, he was out on $5 million bail and back on YouTube, ready anew for his self-created close-up. “Sorry I didn’t livestream yesterday,” he said. “I had a lot going on.” Over the next several hours, hundreds watched him play online chess, strum a guitar and talk about an ex-girlfriend — but not about the allegations, which he said he couldn’t discuss.

Shkreli — who previously refused to play it for the public, saying Taylor Swift could listen to it in exchange for sexual favors — played an R.E.M album instead. Turing also said it was sending a similarly worded letter to doctors stressing that it will continue to offer financial assistance to eligible patients needing Daraprim who are either uninsured or have commercial insurance. It treats a rare parasitic disease that strikes pregnant women, cancer patients and AIDS patients. (The criminal case doesn’t involve Turing or Daraprim.

Shkreli resigned as Turing CEO on Friday.) But it sparked outrage that resounded from medical centers to the presidential campaign: Hillary Clinton termed it price-gouging, while Donald Trump called Shkreli “a spoiled brat.” Shkreli grew up in Brooklyn, the son of immigrant parents who worked at janitorial jobs. In October, a Hunter alumna created a page on the website to raise money and “foster a discussion with the school.” No one from Hunter could be reached for comment on Friday. Amid a deluge of criticism from patients and politicians, Shkreli pledged to lower Daraprim’s price, but later reneged and instead offered hospitals a 50 per cent discount — still amounting to a 2,500 per cent increase. He has said he stopped going to class and didn’t graduate, though he evidently bears no ill will: His foundation recently gave the school $1 million. Despite a perception that FIRPTA was a response to the wave of Japanese buying of trophy U.S. property in the late 1980s and early 1990s, including Rockefeller Center and Pebble Beach, the act was actually passed in 1980 in response to international investors buying U.S. farmland.

Margaret Soltan, a George Washington University professor who gave Hunter $75 through Crowdrise on Friday, said schools should stand up to people who behave badly by returning their money. By his early 20s, Shkreli had his own hedge fund — and had a reputation as an outspoken short seller, or investor who bets a stock’s price will decline.

Photos of him, wearing a grey hoodie as he was escorted by authorities, spread on the internet like wildfire, generating social media posts celebrating his apparent fall. Some complaints about his management were oddly personal: An ex-employee at one of his hedge funds has said in civil court papers that Shkreli sent his wife and sons such messages as: “I hope to see you and your four children homeless and will do whatever I can to assure this.” The disclosure came in a suit — against the ex-employee, whom Shkreli had accused of theft. It was eventually settled. “I had two guys parked outside of his house for six months” watching him, Shkreli told the rap news site HipHopDX in a tough-talking, expletive-filled interview published Wednesday, the day before his arrest.

A music fan since his days in a high school rock band, Shkreli recently emerged as the $2 million buyer of the sole copy of what’s been called the world’s rarest album: the Wu-Tang Clan’s “Once Upon a Time in Shaolin,” which the group auctioned to only one person on the condition that it not be put to commercial use. “I’m staring at a Picasso in my living room right now that’s no different from the Wu-Tang box, except it’s about 20 times more expensive,” he told HipHopDX. Some rap aficionados lamented that the album was in his hands, and the group noted the sale agreement was made before the furore over Daraprim this fall. Tilles also thanked Shkreli “for helping us build Turing Pharmaceuticals into the dynamic research-focused company it is today,” a reference to Shkreli’s after-the-fact claim that he needed to raise Daraprim’s price so much to fund research on other drugs. Still, Shkreli mused to HipHopDX about delving further into the rap world: bailing out up-and-coming artist Bobby Shmurda, who is jailed in a drug-gang case, and even writing raps of his own.

KaloBios had announced plans to stop research programmes on two drugs and shut down the company shortly before Shkreli and an invested group swooped in on November 19, bought 70 per cent of its shares and promised a $3 million stock investment and $10 million in financing. I give millions to charity,” Shkreli wrote on Twitter in October. “When it’s so clear, like this, I think our position is that the right thing to do is obviously just to give that money back.

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