Oo! Oo! I know how to fix this! Maybe we can take the fines from the banks like Chase, who now consider fines just protection money they have to pay so they can keep doing what they want, and use it to make Detroit solvent. Or would we hear whining from Wall Street that it is unfaaaaair to redistribute our country’s tax dollars to the unworthy?
Assholes
****************************************
In another story of bad deed doing, Glaxo Smith Kline (GSK) is creating an international incident in China where it has been accused of bribing government officials and doctors with about $500 million in order to raise the price of their prescription drugs. Note that it was probably the testosterone and amphetamine soaked sales department that came up with this brilliant idea. Now, China is forbidding GSK’s finance director from leaving the country. What a splendid idea! Maybe we should send all of our misbehaving finance directors to China. Derek Lowe has more on the story.
If I recall correctly, the GSK research site in Shanghai was also accused of some falsification of data that lead to publications being pulled from Nature. Hey, the management in China wanted to show it could get publications in Nature so it did- by lying. For a brief time there, the Shanghai site was probably held up as a model of research brilliance by the executive class to all of the other global, loser “centers of excellence” at GSK. That ought to give the King of Prussia, PA site a nice warm and fuzzy feeling. We shouldn’t be surprised by the China syndrome. One of my Chinese colleagues told me that China wasn’t like the US in terms of business infrastructure and relatively low levels of corruption but that only time would prove to the executive class that China wasn’t ready for a world class research industry.
It’s also GSK that proposed to pay their scientists million dollar bonuses if a drug candidate goes blockbuster. Read Derek Lowe’s post on the topic for a run down of why this is a phenomenally bad idea.
GSK, this week’s poster child.
Filed under: General | Tagged: bankruptcy, Detroit, insolvency, regulation, Wall Street |
The Confluence 
I wonder how much impact the foreclosure crises has had on city finances. I think I read somewhere that banks don’t pay property tax?? If that’s true, In a city like Detroit with HUGE numbers of foreclosed houses that could be devastating.
Belated congrats on landing a job, hope there are no MBA suits around to stink up the joint.
Where I work has a presence in China, wonder how many conflicts with our code of conduct there are?
I used sections of the code to have Fox News and MSNBC taken off the TV in our cafeteria.
I forgot that there was an incident where testing for heavy metal contamination in the paint and plating on children’s toys led one manufacturer to have all such testing done in the U S.
Then there was that incident a few years back where wheat gluten imported from China into Canada used in pet food was killing off house pets.
In the mind of Wall Street CEOS:
Banks = worthy
Everyone else = unworthy
Best wishes on your new job.
You can’t spell CEO without the O from Obama.