The images this morning of uber post-modern mega-bro/libertarian Frankenstein’s monster Martin Shkreli being carted away in cuffs elicited reactions running the gamut from childlike bliss to sexual excitement. These reactions are understandable, and I admit I felt those same sort of visceral emotions when I saw these images. However, as I’m wont to do, my always underlying sense realism and cynicism led me to ask how exactly this came about. And the answer, while unsurprising, is every bit as depressing and infuriating as the climate that allowed Shkreli to flourish in his hedge fund-cum-life saving drug price gouging racket in the first place.
First, what exactly did boy wonder get busted for? To make a long wonky story short, he lied to investors about the value of a company (one which employed the drug price gouging business “model” he’s (in)famous for). He did this in order to pay off investors from another failed investment scheme, all the while skimming off the top for good measure. A lovely trifecta of white-collar fraud that might make Gordon Gecko blush just a bit. And sure, the house of cards has now come crashing down indirectly from the soulless price-gouging that has made Shkreli this decade’s mustache-twirling poster boy for financial greed. But in the grand scheme of things, his business model might as well have been restoring rusty train cabooses. That’s not what did him in.
To be sure, Congress recently got in the act to say ‘hey, this life-saving drug price gouging thing doesn’t seem kosher.’ To which Shkreli basically gave them the finger and went on his merry price-gouging way. The fallout from this being a collective “geez, this is bad,” and not much else. Do we actually believe that the GOP-controlled Congress would have intervened to supersede “free market forces?” If you think so, I have real estate that connects land masses in the northeast to sell you.
No. To be sure, all the hand-wringing in the world over Shkreli’s despicable but totally legal free-market really, really sick-person screwing would have gone on pretty much unabated, if not for the worst screw up of all. While he was busy profiting off hastening the demise of desperately sick people in our proud American Pharma-as-Lord “healthcare” system, he was also playing fast and loose with ostensibly healthy and very rich peoples’ money. That, fellow Americans, we can NOT stand for.
This comes as even less of a surprise when we look at the recent falls of other detestable figures. How about Donald Sterling for instance? Everyone was aghast and taken aback when Sterling was caught on tape having a jealous, racist hissy-fit over his girlfriend palling around with Magic Johnson, who, to Sterling’s chagrin, is black. The NBA (David Stern and other team owners specifically) could not stand for this. Curiously though, when the DOJ charged him with racial discrimination over housing discrimination practices in L.A. (for which he eventually settled for $2.7 million), Stern and the other owners felt no similar sudden need to jettison him from their ranks. Ho hum. Business as usual. But now you’ve gone and insulted Magic Johnson. Basketball royalty. Part owner of the Lakers, having some interest in the Clippers, and CEO of a major life insurance company. No sir… we might look the other way when you illegally evict, discriminate against, insult, and generally make life miserable for “common” folk. But not Magic Johnson. He’s too important. He’s too rich.
Then of course there are the criminals still free to carry on business as usual. Anyone seen any Jamie Dimon mugshots lately? Don’t hold your breath. How about the CEOs or high-level managers who engaged in rampant fraud from AIG, Goldman Sachs, Lehman Brothers, JP Morgan Chase, Bank of America, etc? Still free to walk the streets and bilk the public. And why? Well, I’m sure some similarly very rich folks felt some pain from their dirty dealings. But by in large, the victims were us common folk. Teachers, plumbers, clerks, cops, nurses…. you know the type. Plenty of fellow mega-rich people made out ok. Therefore, don’t count on any pics of a hoodie-clad Jamie Dimon getting carted off to the hoosegow to gleefully post on your Facebook page.
Now this is not to say that the rich folks that Shkreli screwed over, or Magic Johnson, weren’t wronged by the actions of the sub-human filth who had their comeuppance. They deserve justice too. It’s just that due to their status, that we actually saw some action taken, past breathless but ultimately toothless Congressional hearings, smart and though-provoking pieces in Rolling Stone, and rightfully indignant journalists denouncing the actions of these loathsome individuals. It’s just a reminder that in our “free society,” any and all of us are free to call the perpetrators of disgusting, selfish, callous, morally repugnant actions to task. But when it comes to real justice…. well, you better be filthy rich before the powers that be lift a finger.