• Tips gratefully accepted here. Thanks!:

  • Recent Comments

    Sweet Sue on Manspreaders
    pm317 on Manspreaders
    pm317 on Manspreaders
    Zeeshan Manzoor on Manspreaders
    Earlynerd on Manspreaders
    pm317 on Manspreaders
    Gregory P on Manspreaders
    william on Manspreaders
    Gregory P on Manspreaders
    Earlynerd on Manspreaders
    JMS on Manspreaders
    Earlynerd on Manspreaders
    Sweet Sue on Manspreaders
    pm317 on Manspreaders
    Gregory P on Manspreaders
  • Categories


  • Tags

    abortion Add new tag Afghanistan Al Franken Anglachel Atrios bankers Barack Obama Bernie Sanders big pharma Bill Clinton cocktails Conflucians Say Dailykos Democratic Party Democrats Digby DNC Donald Trump Donna Brazile Economy Elizabeth Warren feminism Florida Fox News General Glenn Beck Glenn Greenwald Goldman Sachs health care Health Care Reform Hillary Clinton Howard Dean John Edwards John McCain Jon Corzine Karl Rove Matt Taibbi Media medicare Michelle Obama Michigan misogyny Mitt Romney Morning Edition Morning News Links Nancy Pelosi New Jersey news NO WE WON'T Obama Obamacare OccupyWallStreet occupy wall street Open thread Paul Krugman Politics Presidential Election 2008 PUMA racism Republicans research Sarah Palin sexism Single Payer snark Social Security Supreme Court Terry Gross Texas Tim Geithner unemployment Wall Street WikiLeaks women
  • Archives

  • History

    December 2018
    S M T W T F S
    « Nov    
     1
    2345678
    9101112131415
    16171819202122
    23242526272829
    3031  
  • RSS Paul Krugman: Conscience of a Liberal

  • The Confluence

    The Confluence

  • RSS Suburban Guerrilla

  • RSS Ian Welsh

    • The Rule of Alienation and Stability
      One of my favourite sights is to see people complaining that marginalized people don’t understand that their support for Bad Politician-X results in fucking themselves. “Sure,” runs the line, “their lives suck now. But they’ll suck even worse if this guy gets into power.” This is often (but not always) true. It is also irrelevant. […]
  • Top Posts

  • Advertisements

Takin’ a break today

It’s rainy and yucky today.

Anyway, this one goes out to all those chemists out there who have been freed from wage slavery:

*********************************

By the way, Ezra Klein wrote something intelligent after a four year self-induced psychogenic fugue.  It appears that he has woken up to discover that he is a Democrat after all and that some of the people that Obama hangs with in Washington are not:

Of course, those who say we should raise the Social Security retirement age — either the age of eligibility or the age for full benefits — don’t get laughed at. It’s considered a very thoughtful, courageous effort to deal with our entitlement programs. People who mention it often make a joke of how brave they’re being. For instance, here’s New Jersey Gov. Chris Christie (R) at an American Enterprise Institute event:

You are going to have to raise the retirement age for Social Security! Whoa! I just said it and I am still standing here. I did not vaporize into the carpeting.

Big applause, of course.

This is one of Washington, D.C.’s more disagreeable conceits. The people wandering around calling for a higher retirement age will never feel the bite of the policy. Think tankers and politicians and columnists don’t retire at age 62, or even age 65. They love their work, which mostly requires sitting down in air-conditioned rooms. They stick around pretty much until they’re about to die.

Too bad this awakening comes too late to do anything about it but we must be grateful for small things.

But as Ezra says:

The courage it takes to call for a higher retirement age is the courage to say that other people who don’t have it as good as you do should be the ones to pay to shore up Social Security. It’s the same kind of courage as a poor person calling for higher taxes on the rich, or a sitting congressman calling for a war he’ll never have to fight in.

Or the courage of an A list blogger to defend future social security recipients after the blogger failed to pressure the Democratic nominee he helped get elected with threats of electoral suicide if he didn’t drop the Grand Bargain plans.

Just sayin’.

Advertisements

Friday Science Horror Story

The title was suggested by Lambert at Corrente.  I’ll try to keep this short and sweet.

The site, Chemjobber, reported back in January 2012 that the unemployment rate among chemists was at 6.1%.  That’s much higher than the BLS rate from a year earlier when the BLS said it was about half that.  But it’s still nowhere near what we on the ground are witnessing.  I guess a better question would be how many chemists are practicing chemists.  From what I’m seeing, not very many.  The former colleague I met in the grocery store yesterday told me that the biotech my old company bought laid off all but 4 of the chemists they had.  That’s right.  Medium sized biotech laid off all but *4* chemists.

Chemjobber also has some less than encouraging words for the future of chemistry in this country from a candidate for the presidency of the American Chemical Society (ACS), Dr. Dennis Chamot:

Nevertheless, a global manufacturing enterprise with increasing international competition is here to stay. Unfortunately for chemical professionals, it’s not just shop-floor manufacturing and assembly jobs that have moved from the U.S. to Asia and other areas; in recent years the movement has included upper-level, sophisticated work such as chemical research, drug discovery, process design and development, and various levels of management. In addition, domestic capabilities have increased enormously in developing countries such as China, India, and Brazil, as has their output of homegrown scientists and engineers.

What does all of this say about employment opportunities for U.S. chemists? Well, we are probably producing too many chemists for the traditional academic and industrial research labor market, at least for the foreseeable future. To come to any other conclusion would be indulging in empty rhetoric. Note that I did not say we are producing too many graduates with chemistry degrees—more on that later—but we need to be realistic…

[snip] Growth in the U.S. will not be fast enough to make up for all of the lost positions in the pharmaceutical and chemical industries over the past few years, in part because many of these losses have not been solely determined by economic decline. Rather, there have been strategic shifts to place work in other countries, and there is no reason to expect those decisions to be reversed.

The keys for many chemical professionals will have to be imagination and flexibility. I am a firm believer in the need for all citizens in modern technological societies to have a strong grounding in science and math, so I would never discourage anyone from pursuing a chemistry degree. What one thinks about doing with that background, though, should include much more than just scientific research. Chemists develop lots of skills, and those skills can be applied in medicine, high school teaching, forensics, science writing, legislative work, policy analysis, quality assurance, regulatory support, and more—much more than just R&D in universities or industry.

Depressing.  We really love science but we won’t be doing it for a living anymore.

One other thing my former colleague told me was that upper management is now starting to pressure the remaining scientists to cut back on the amount of research they do.  She found this puzzling.  If you are in the research business, it’s going to take research to do it.  There’s no way to predict how many experiments are needed in advance so they can be entered in the spreadsheet in preparation for the next quarter’s numbers.  If costs are driving the move to China and the massive layoffs in America, then I will reiterate my prediction that drugs will not be discovered in either of those two places.  Research needs time, stability and continuity.  It takes as long as it takes and the cells are going to do what they’re going to do.  Any financial analyst who tells you otherwise has probably got a bridge to sell you too.

I’m placing my bets on western Europe where the government has an interest in maintaining the scientific infrastructure and where workplace protections are strong.  Those two factors lead to stability and continuity of research.

The unemployment rate among chemists is not due to structural changes or globalization.  As I have said before, there are so many discoveries in biology right now that there is more than enough work for every scientist in the world to be fully occupied and overwhelmed with work for the rest of his or her life.  The unemployment rate is the result of a calculated but naive set of decisions on the part of management and negligence on the part of our government.

They came for the chemists, but I said nothing

because I was not a chemist.  And why would I want to stick up for pharma chemists anyway?

Right?

We came behind the steelworkers, computer programmers and factory workers.  How many of us said anything?

This evening, I ran into a former colleague of mine in the grocery store.  She’s a chemist and one of the lucky few who has a job in Massachusetts.  She’s also Chinese but has been here for a long time.  Even though she has a job, she knows it could be temporary.  The lab she is moving to is much smaller and dingier than the one she is leaving.  She says she feels like a grad student again.

She told me that Astra-Zeneca just closed a new lab facility.  Beautiful new labs, closed, and everyone laid off.  The CEO is walking away with $65,000,000.  She’s beyond disgusted.  But there was something even worse on the horizon.  She says that the industry is adopting the work habits of the Chinese.  In China, employees live away from their kids.  The grandparents look after them.  They might live halfway across the country.  It is expected.  In fact, there are a lot of things that the Chinese put up with that Americans are now going to have to put up with.

This is the way it is.  We’re going to have the lifestyle of the Chinese with none of the benefits.

And when I say we, I mean YOU too.  We are the high tech, educated, cutting edge life scientists and this is the way the new business model is going to treat us.  You’re next.

If you don’t say anything, they win.

Sacrificial offerings and pleasing aromas

Update: Novartis announced today that it is eliminating 2000 jobs.  1000 of those jobs will come from the US.  700 positions will be added in China and India.  It sounds like a lot of IT jobs will be moved, but the way things are going lately, it’s probably just the start of things to come.  Says a financial analyst:

“Job cuts are happening [note the verb conjugation indicating present, not past, tense] in almost all large pharma companies,” said Tim Race, an analyst at Deutsche Bank AG in London. “It’s a consequence of squeezing prices, squeezing profitability. Pharma companies are reacting to maximize profitability, which is something they should be doing anyway.” He recommends buying Novartis shares.

Yes, and when the profits are all gone, you can dump Novartis shares and all of the rest of your pharma sector shares and move on to the next big thing. After the research is gone, there won’t be any more profits to be made.  Well, it’s only medicine.  Let’s see that makes Amgen, Merck, Abbott and now Novartis.  Who’s next?  Anyone want to take a guess?  We haven’t heard from Glaxo Smith Kline for awhile…

Update 2:  I was pointed to this Scientific American blog post about how scientists are joining the occupy movement so clearly, I am not alone.  As one of the people in the accompanying video says, it doesn’t matter how many degrees you have, we don’t fund science in this country anymore.  Too true.  Well, there’s just no immediate profit in it.  Just ask any Wall Street analyst.  If you can’t get your research to pay off in the next quarter, what good are you??  If you are a labrat going to an occupy event, wear your labcoat and goggles so we can recognize each other.

************************************************

I think the Republicans’ game plan is obvious now, wouldn’t you agree?  The idea is to starve the nation of jobs, keep everyone in a constant state of anxiety and make sure that the government does little if anything to put the country on its feet.  I’m looking at my first COBRA payment and it is not pretty.  No, not at all.

The strategy is to make Obama look so weak (as if he needed any additional help), that the country will turn against Democrats next year and make Obama a one-term president.  And you know what, Republicans?  I am ok with that.  Making Obama a one term president would probably be the best thing to happen to this country, but I’ll get to that in a sec.

In the meantime, those of us in the middle class will continue to make sacrifices.  I’m going to go off on a tangent here.  In NJ, we have some of the highest salaries in the nation and also the highest cost of living.  The amount of federal taxes we paid was also among the highest.  This year, I will have paid more in taxes than it would take to keep a family of four above the poverty level.  So, I’d like the Glenn Beck viewers to STFU about how lazy and parasitical unemployed people are.  In the last year of work, my group worked our asses off and still didn’t have enough time in the day to get it all done.  And we still suffered layoffs.  It didn’t make any difference to the tax collector.  This is a heads up to all of the currently employed Republicans who think they have jobs because of their virtuous behavior: you will have to pay taxes on your severance and unemployment benefits.  No, no, don’t feel shame about accepting unemployment.  Think of it as you paying yourself.  For however long it takes.  And it looks like it’s going to take a long time.

You will never be safe, never secure again.  You should start thinking of your job as temporary.  Do not make vacation plans, do not buy a house unless you can pay for it cash.  Do not get sick.  Do not have children that you expect to raise for 18 years.  Do not buy a new car.  Buy hand-me-down cars from family members who you know maintained them well.  Never leave your parents’ house. Get comfy in your childhood bedroom.  Do not get married to a person who doesn’t have health insurance and at least 6 months salary in the bank.  Do not get old.

Your job is to work at whatever job you can get for as long as they will keep you and to pay taxes so that big banks and military contractors can squander it away.

This is not the American Dream, this is the Republican Dream.  No, I don’t know why they want to do this with their country.  I think they just get a taste for power, for being in the group with the most money, and they find it easy to adopt the values of that ascendent group and they don’t know when to stop.  It’s time to stop.  This year I pay taxes; next year, I wont.  The unemployment situation is also starting to have an effect on Main Street.  Lowes is closing some stores in the Northeast.  The economy is just not picking up.  That will affect 1,950 jobs.  Around my area, several major grocery stores have packed up and left, along with some specialty stores like Linen’s and Things.  Now we have brand new strip malls with big boxy stores that are either empty or newly occupied by holiday decoration stores and dollar stores.  In the mall, Bloomingdale’s closes at 8pm.  And this is not Nebraska.  This is central NJ, about 36 miles from New York City.  Suburban poverty is increasing here.  (This article was hard to read because one of the suburbs mentioned in it was where my grandparents lived and where I graduated from High School.  It used to be so well cared for.)

And here’s something new for the chemists who were laid off.  ChemJobber is running something called The Layoff Project.  If you are/were a chemist/researcher who was laid off (and what chemist out there hasn’t been laid off in the past couple of years?), head on over to The Layoff Project and share your experience, what to do, not to do, and whether you decided to bag research altogether.  Here’s a heads up for the corporate people who “separated” us: the outplacement firms you signed us up with?  Not very helpful for a researcher.  They are geared to help *business* people find new jobs.  They have virtually no idea how to help scientists. That’s why there is such an emphasis on “marketing plans” and “networking”.  For a labrat, it’s completely impractical, if not impossible, to just bop on over to your target company’s hiring manager and discuss your marketing plan for half an hour.  For one thing, in most lab settings, it’s harder to get on campus than it is to get into Fort Knox.  For every layer of security, there is an opportunity for the guy with the jobs to cancel your appointment.  For another, chemists loathe anything business related because a.) we know that business people have no idea what the f%^& they’re doing or we would still have jobs and b.) business people are the ones who fired us.  And don’t tell us we need to sell ourselves.  Our field requires us to be in the lab.  That’s what we do.  The researchers who “sell” themselves are not in the lab, are they?  No, they’re busily wheeling, dealing and deliberately making their lab working coworkers look bad.  But when you hire the ones who are professional salesmen, then you have hired a salesman.  How they will do in a lab or in a position where they actually have to do the analysis is a different question.  So, please, HR people, make the outplacement people get with the program or just give us the money you would have spent on them.  I’ve gotten better advice from my state’s Department of Labor that has been diligently setting up seminars and collaborations with local biotechs and has a pretty good online resume builder and jobs database.

Obama’s jobs bill is looking more and more like a strategy to make the Republicans look bad.  For many of us in this country, we have no problem identifying Republicans as the culprit for the last 30 years.  Now, the Democrats are starting to join them but it’s still the Republicans who are driving this race to the bottom.  I don’t know whether any of this will sink into the brains of the people who watch Glenn Beck.  They won’t get it until it happens to them personally.  But whatever the game is, I’ve just become sick of games.  Really guys, I’m tuning you out.  First it was TV and radio, now I’m getting tired of reading about the horse race and the strategy in the rest of the media.  And the more media outlets I shut down, the less chance you will have to influence me directly.

But I do have one suggestion that I think would have a profound impact on the election next year.  I think Obama should make the greatest sacrifice and offer not to run again.  If he sincerely wants to do the right thing for the country, I don’t think there is a better way to do it.  And I’m not just saying this because he was a completely unscrupulous, unDemocratic bastard in 2008.  I’m saying this because he does not have the political skills to go up against the Republicans.  Four more years of inertia is not what the country needs or wants.  The White House pollsters and political operatives should start paying attention to the Occupy movement instead of just moving their mouths and making supplicating noises to it.  Four more years of Obama for many of us is just unthinkable right now.  It makes me want to not vote next year.  I will be so angry at the Democrats for forcing me to make another unpleasant decision that I might just punish the rest of the field for not standing up for the 99% who need a different political environment.  And no, I don’t think Obama is going to get any better in his second term.

If Obama doesn’t run, well, that just zaps the mojo out of the Republicans, doesn’t it?  I mean, isn’t that their whole reason for being this election season?  To get rid of Obama?  And that means they will have to work extra hard to make sure that all of his (half-assed, inadequate) initiatives fail, even the ones that will (presumably) help people.  That’s their goal.  But if you take Obama out of the picture, then all of the attention for the failure can be concentrated on the people who actually have the power to pass legislation, right?  What better way to expose the real movers and shakers in Congress from both parties.  Right now, Obama is a smokescreen that gives a lot of self-interested politicians cover for pleasing the rich and well connected.  Clear away the smoke and let’s expose them.

Who would be a replacement for Obama?  There are obvious answers but if the obvious don’t seize the moment, I’m sure we can find other vigorous candidates to defend New Deal policies that are necessary to pull us out of this slump.  And there’s no shame on Obama’s part.  He goes out as a hero for finally having the guts to do the right thing and call the Republicans’ bluff.  It says nothing about him as the first African-American president.  I mean, who cares at this point?  Is his family history really that important when people are losing their houses?  If he decides not to run, he leaves the bankers’ money kind of useless.  They could give it to Republicans but they would just be joining themselves to a very unpopular party.

Well, we know that the DNC will tut-tut any such suggestion.  Obama is their guy and they are going to stick with him regardless of what voters want because that’s just the kind of Democratic party they are.  No, don’t thank them.  They are doing it for YOU.  Going with Obama is safe.  It means no unpleasant disagreements within the party.  No distasteful primary battles or dinner party conversations about values and party platforms and all of that unseeeeemly stuff.

Hokay, suit yourselves.  It must be nice to have the confidence that you can shove another four years down our throats and we’ll just accept it because the alternative is sooooo much worse.  But as Daniel Kahneman wrote a few days ago in the NYTimes in Don’t Blink! The Hazards of Confidence, what you don’t know or don’t want to look at can come back to bite you:

We often interact with professionals who exercise their judgment with evident confidence, sometimes priding themselves on the power of their intuition. In a world rife with illusions of validity and skill, can we trust them? How do we distinguish the justified confidence of experts from the sincere overconfidence of professionals who do not know they are out of their depth? We can believe an expert who admits uncertainty but cannot take expressions of high confidence at face value. As I first learned on the obstacle field, people come up with coherent stories and confident predictions even when they know little or nothing. Overconfidence arises because people are often blind to their own blindness.

True intuitive expertise is learned from prolonged experience with good feedback on mistakes. You are probably an expert in guessing your spouse’s mood from one word on the telephone; chess players find a strong move in a single glance at a complex position; and true legends of instant diagnoses are common among physicians. To know whether you can trust a particular intuitive judgment, there are two questions you should ask: Is the environment in which the judgment is made sufficiently regular to enable predictions from the available evidence? The answer is yes for diagnosticians, no for stock pickers. Do the professionals have an adequate opportunity to learn the cues and the regularities? The answer here depends on the professionals’ experience and on the quality and speed with which they discover their mistakes. Anesthesiologists have a better chance to develop intuitions than radiologists do. Many of the professionals we encounter easily pass both tests, and their off-the-cuff judgments deserve to be taken seriously. In general, however, you should not take assertive and confident people at their own evaluation unless you have independent reason to believe that they know what they are talking about. Unfortunately, this advice is difficult to follow: overconfident professionals sincerely believe they have expertise, act as experts and look like experts. You will have to struggle to remind yourself that they may be in the grip of an illusion.

And as we learned from Ron Suskind’s book, Confidence Men, Obama has a habit of surrounding himself with arrogant, overconfident men who turn out to be wrong over and over again.  I’d go big, Barry, and make the sacrifice.

ooOOoo, the chemists are getting restless

Last Friday, Derek Lowe posted the latest rumors on Amgen.  The pointy haired bosses are saying euphemistically loaded code words for liberating the wage slaves:

Amgen is out today speaking the sort of language that we’ve all come to fear. It appears that the local Ventura County Star picked up some rumblings from inside the Thousand Oaks headquarters, and when they asked the company about it, they got this:

“We are currently evaluating some changes within our Research & Development organization to improve focus and to reallocate resources to key pipeline assets and activities. . .”

Been there, done that.  The whole day at Amgen was wasted with scared shitless labrats floating from cubicle to cubicle running down the options.  Those who weren’t constructing elaborate scenarios were furiously updating their CVs, searching for their publications and slapping together presentation slides.  Lots of networking going on.  “Heeeey, how are you doing?  Haven’t talked to you for, what is it now?  Five years?  Oh, I’m doing fine.  Working at Amgen.  Yep, great site.  How are the kids?  Really?  High school already?  Doesn’t time fly?  Is it true Satanaco just made you director of flarnjarn chemistry?  How’s that going these days?…”

Thinking back on it, there is a certain pattern to these announcements.  They occur roughly a year after the email about the multimillion dollar contract the company just signed with a consulting firm (located more frequently in Massachusetts, hmmm…).  So, be on your guard, guys.  Don’t wait until the big announcement to bug out.  Do it as soon as you hear the consulting firm is studying your discovery process.

For the past 10 years, chemists, who tend to be introverted types, watched as their work environment disappeared lab by lab.  At first, they were able to jump around locally.  Then all hell broke loose in 2008 and the layoffs came like a blitzkrieg.  There is absolutely no relief, no place to go and no security.  No sooner have you unpacked your new clean labcoats in the new company before there’s a merger announcement or a restructuring and, once again, you have to figure out if you can afford the house *and* the small apartment you’ll be forced to live in during the week in Massachusetts while your employed spouse works in your former state of residence.

The chemists grumbled but took it.  But now that so many of them are out of work, some of us permanently as far as we can tell, the labrats are getting mad.  Here’s a promising comment:

“The reality is that we have all gotten to the good old days when you could stay with the same company with job security. Those days are gone! Do not blame your management! Face the reality. For the chemists, why you think you would be entitled to a good job if the need is not there for your services?”

Yeah, I’ve been thinking about that lately in light of the last nine months in the world. Sure, chemists may be smart and resourceful and maybe can deal with getting laid off a lot, but most humans aren’t. Most humans do expect relative job security and certainty for the future. A lot think they are entitled to it. Don’t believe me? Look at Tunisia, Egypt, Syria, Greece, Spain, and now New York. It all sounds fine to say that we need to adjust to the new market, but I’m guessing that in the future the financial industry will have to throw billions at people to keep them in boring, steady jobs with a degree of future certainty just so they don’t tear out a banker’s throat. Much as Saudi Arabia is doing now by flooding Egypt and Yemen with billions in the futile hope that the hunger and unrest doesn’t spread.

I’m sorry, but I don’t think humans are evolved enough for today’s market. Maybe in a few thousand years… but the instability and uncertain future has obviously risen beyond what the human species as a whole can support with the current gene mix. Too many people want a certain stability on a primitive level. This whole business with the Euro collapsing and the Arab world imploding/exploding will lead to a lot more problems for Pharma (and not only them) in the future.

Sad but true.  Human beings have not sufficiently evolved to give up their food and housing addictions.  If we were, getting laid off repeatedly would be much more pleasant than it is.   I must say that the image of bankers’ throats being torn out by a crowd of angry labrats gave me a momentary feeling of delight, sort of like a lion that has finally downed its prey and is ripping the esophagus out of the neck, like bloody banker steak tartare…  Where was I?  {{catching breath, straightening clothes, wiping chin}} And this comment from an Amgen Oldtimer tells the story of Amgen’s demise.  Substitute any well known biomedical research company for Amgen, it’s happened to all of them:

Yes Amgen was a great company. Under George Rathman it was an awesome culture. For about 15 years, early 80’s to mid-nineties, almost no one left. Attrition ran less than half industry standard. It was a vibrant, scientist driven culture of innovation. Team culture was strong, people supported one another, careers were nurtured, ethics were everyday stuff, not laminated speaking points. As a young scientist there, I awoke each day early and got off to work because my head was full of anticipation for the day.

The middle period was run by Gordon Binder. A decent man, but he set the seeds for future failure. He ran a tight ship financially, growing the company perfectly to beat estimates steadily, quarter over quarter, year after year. A lot of people got rich, but also complacent and no risks were taken with the revenue other than to support internal research. While that was a good thing, the senior team had lost some steam, and was also stubbornly resistant to the McKinsey minded management movement that was threatening all research organizations. While I think this was wise, lack of performance and suggesting no alternatives other than to do what we’ve always done led to the next disastrous phase.

Kevin takes over. In comes GE based performance systems [Jack Welch’s “rank and yank” that nurtured Enron as well], in comes BCG (Boston Consulting Group) lead restructuring of R&D processes to generate “seamless alignment”, in comes an attitude that R(esearch) only costs money. Team culture evaporates, those that can manage up well shift around from function to function, with success claimed for new initiatives before any measure of impending failure. Scientists who have clarity about the folly, and speak up, are shown the door. New “superstars” are hired that have no track record of success (but amazingly are all friends!), and that is still true now after a decade at Amgen. ESAs are over-promoted, Hematocrit pushed to high and the fall begins.

Management structures bonuses based on revenue, so Amgen buys Immunex and enbrel, which produces a lot of revenue, less margin, pays too much, but pads bank accounts. Stock falls, so management changes incentive at low price to be aligned with shareholders, taking more money out of the company. In the end, company sheds something like 40-50B in market cap, lays off employees while the CEO buys 2 corporate jets and takes home about $250MM. Amazing pay for shedding that much company value. Amazing lack of concern for employees and patients. Amazingly different company than George Rathman led.

Great company, once.

The anger isn’t limited to Wall Street but Wall Street had a significant role to play in the demise of research in this country.  And now, as one commenter noted, the flood gates are about to open to admit more foreign STEM workers because companies are whining that they don’t have enough well-trained workers in the US.  That might be motivated by Wall Street’s pressure for profits but the ultimate responsibility for reducing STEM professionals to low wage jobs with no security will fall on the president and Congress who don’t prevent the H-1B visas from flooding the system with cheap, expendable labor that can be sent back to Asia when the season’s over, like migrant workers rotating from lab to lab.

Obama should think about that. Chemistry used to be a good career.  The work requires a lot of education, technical skills and experience.  The salaries were decent if not spectacular compared to the corporate office purchasing administrators and sales reps.  Chemists paid their fair share of taxes and had nice houses in the suburbs where they sent their children to local schools and attended school board meetings.  They did demonstrations for kids at Science Fair night.  They coached soccer.  These are not the people you want to alienate in an election year.

Because these are the same people who may show up at a OWS site in a nearby park carrying signs like this:

One more thing:

Over at Craig Crawford’s Trail Mix (nice blog), there is a video of Matt Taibbi talking to Don Imus about Occupy Wall Street. I’ll see if I can embed the video. One thing that annoys me is Don Imus asking Matt if he thinks any of the occupiers even understand the banking issues. Condescend much, Don?? A lot of us have read Michael Lewis’ book The Big Short and can tell you exactly how securitization of mortgages work, what a tranche is and the difference between a CDO and a CDS. Yep, and we know the people at ratings agencies are unreliable at best, looking for jobs with the people they rate at worst. AND that the SEC did nothing about the concerns that were raised by some hedge fund managers. And that derivatives are not regulated to make them transparent. And that fund managers love their status and money and have very little interest or incentive to protect their clients’ pension funds. Is that enough, Don, or do you want more?

Jeez, he hasn’t aged well. He’s younger than my mom and looks about 10 years older. Ahhh, I see. Prostate cancer. That’s not good. Too bad I don’t do cancer drugs anymore…