Martin Shkreli
This morning, Turing Pharmaceuticals AG executive Martin Shkreli was arrested on charges of fraud. For those who are unaware, Shkreli is best known for purchasing the patent to Daraprim and raising the price from $13.50 per pill to $750. Daraprim is one of the only drugs that can be used to treat toxoplasmosis, a common parasitic disease that can be fatal to those with compromised immune systems.
He was charged with defrauding former employees of securities that he owed. For years, he was running a pseudo-pyramid scheme where he would take out loans to pay workers from former companies. He then fabricated reports for the SEC that made it look as if he was operating legally.
Despite his recent misfortune, Shkreli is actually quite well-off. As of September 22, he had a net worth of $100 million. This was shortly after he began price gouging on Daraprim. Recently, he made the news for buying the sole rights to the Wu-Tang album Once Upon a Time in Shaolin for $2 million.
His business decisions have led him to receive serious criticism over the past couple of months. Despite these verbal attacks, Shkreli has remained steadfast in his drug pricing. In fact, he often takes to Twitter to silence his haters. He realizes how immoral his actions are, but he takes pride in how much success he has achieved.
Personally, I have a great deal of respect for Shkreli. Yes, his business strategies are unethical, and yes, he is a psychopath. Fortunately, ethics are not important in business. What he is doing is morally wrong, but it is completely legal. His personality also has no effect on his success. People that need Daraprim are going to buy it regardless of whether or not he is a benevolent person. He is taking advantage of people and making a fortune. His past business decisions have not been the wisest, but he is still quite successful. Martin Shkreli is living the American dream, and that is something worth envying.