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Submitted via IRC for Runaway1956_
Leading drug companies including Teva, Pfizer, Novartis and Mylan conspired to inflate the prices of generic drugs by as much as 1,000 percent, according to a far-reaching lawsuit filed on Friday by 44 states.
The industrywide scheme affected the prices of more than 100 generic drugs, according to the complaint, including lamivudine-zidovudine, which treats H.I.V.; budesonide, an asthma medication; fenofibrate, which treats high cholesterol; amphetamine-dextroamphetamine for A.D.H.D.; oral antibiotics; blood thinners; cancer drugs; contraceptives; and antidepressants.
"We all know that prescription drugs can be expensive," Gurbir S. Grewal, the New Jersey attorney general, said in a statement. "Now we know that high drug prices have been driven in part by an illegal conspiracy among generic drug companies to inflate their prices."
In court documents, the state prosecutors lay out a brazen price-fixing scheme involving more than a dozen generic drug companies and just as many executives responsible for sales, marketing and pricing. The complaint alleges that the conspirators knew their efforts to thwart competition were illegal and that they therefore avoided written records by coordinating instead at industry meals, parties, golf outings and other networking events.
(Score: 3, Insightful) by Runaway1956 on Monday May 13 2019, @09:23AM (9 children)
Part A, no, the Fed doesn't exactly run the banking industry. In an indirect manner, they influence all banks, but they don't write banking regulations. The Fed didn't approve of, or disapprove of, all those worthless derivatives that caused the banking industry to crash, nor did they approve or disapprove of all the worthless loans made during the housing bubble. The Fed has no direct authority over the student loans bubble, either.
Part B, yes, various office holders in the US have been bought off, by the banks, and other interests. But, I'm repeating myself now.
(Score: 0) by Anonymous Coward on Monday May 13 2019, @01:52PM (8 children)
Sounds like the banks were misregulated then, not deregulated... Just like I said. Removing one or two regulations (and/or other routes or influence) doesn't change that banking remained a very regulated industry.
(Score: 3, Insightful) by Runaway1956 on Monday May 13 2019, @02:13PM (7 children)
Let me explain this with pictures and crayons, child. Bankers control money. Huge quantities of money, in fact. You, the consumer, are pretty much powerless against people who control many millions or billions of dollars. With no regulation, you, the consumer, ask your banker for a small loan - maybe $1000. There is nothing to stop him demanding that you repay $2000 for that $1000, or repay $5000, or even $100,000.
You say, "But, COMPETITION!" I say, "BULLSHIT!" In today's climate, with buyouts, forced takeovers, mergers, etc ad nauseum, how many banks can you actually choose among? When I moved to Arkansas, there were many small banks around. There really was competition. Today? All but one of the small banks have been bought up by bigger banks. Right here, in SW Arkansas, with local branches, I have a choice among three banks. If I wish to cross the state line, into Texas or Oklahoma, my choices increase to about 12, I think.
Remove the last of the regulations, how long do you think it would take for these remaining banks to be snapped up by the largest players? And, what will happen to the credit unions then? You may or may not be old enough to remember the Savings and Loan companies. Those are all gone, now.
You really, really don't want to see the banking industry deregulated entirely.
(Score: 0) by Anonymous Coward on Monday May 13 2019, @02:38PM (5 children)
... of heavy regulation.
I hardly think you are really considering a scenario where you removing all the regulations (you'd need to get rid of the fed, and get rid of the entire concept of corporations too). You keep missing my point. I most definitely am not in favor of repealing random regulations and leaving others.
(Score: 2) by Runaway1956 on Monday May 13 2019, @03:02PM (4 children)
So, anarchy.
(Score: 0) by Anonymous Coward on Monday May 13 2019, @03:13PM (2 children)
Nope. If there was actually "deregulation" that is what you would get though. Deregulation is a misnomer for what you are describing. That is my entire point with your post.
(Score: 1, Flamebait) by Runaway1956 on Monday May 13 2019, @03:17PM (1 child)
Sorry, I didn't coin the word, or the phrases associated with it. The "deregulation of the trucking industry" meant a lot of changes, but ultimately, it resulted in just about as many regulations, enforced by the feds instead of the states, and favoring big corporations like JB Hunt, rather than the independents.
(Score: -1, Troll) by Anonymous Coward on Tuesday May 14 2019, @08:01AM
Runaway: Stolen Valor, never served in the Navy, they have no record of a "Runaway1956" ever serving. And I doubt he was ever an actual trucker. CDL number and CB handle, or you are a fake, you funching Republican Hillbilly Redneck piece of shite!
(Score: 0) by Anonymous Coward on Monday May 13 2019, @08:00PM
oh noes! non self rule! any thing but freedom! fucking slave.
(Score: 2) by realDonaldTrump on Monday May 13 2019, @07:04PM
SKY HIGH interest on your Credit Card? You can thank Sleepy Joe Biden -- often referred to as the Senator from MBNA -- for that one!!!