Former hedge fund manager Martin Shkreli was convicted on three out of eight charges of securities fraud on Friday, and faces up to 20 years in jail. The problem with the so-called "Pharma Bro" is that he doesn't think he's going to be doing much time behind bars.
Shkreli was accused of jacking up the prices of anti-AIDS drugs and reaping the profits. He's one of these over-moneyed clowns who thinks he's above the law. Here's the simple truth. He betrayed the trust of his hedge fund customers, and while some victims actually did see a profit, Shkreli profited more. He doesn't see himself doing 20 years. Just a few months, thinking his money will save his sorry tuchis.
Reality check time. You got busted, now you gotta pay the price. There ain't no "Club Fed" in your future, punk. I wouldn't be the least bit surprised if this week's Weasel gets sued kinda stupid by those who didn't recoup their losses.
What makes Shkreli even more of a Weasel is the fact that after the conviction, he was allowed to return to his home in Manhattan and host a live streaming online chat, which included a reporter from the New York Daily News. Shkreli has no shame.
Long as I'm venting, let me get this in on a past multi-time Weasel of the Week & Dunce Cap winner.
During the last NBA season, Knicks owner James Dolan had a former Knick, Charles Oakley, removed from Madison Square Garden. Things got heated and blown out of proportion. Rather than go to court to prove his poiint, Oakley accepted a compromise that will have him barred from MSG for 1 calendar year.
Oakley backing down means Dolan thinks he's won, but it's not over yet. Oakley is still contemplating a civil suit, which Dolan would almost certainly end up losing. The thing is, Dolan & Oakley have had a private beef between them, and Oakley, like everyone else in New York, ain't exactly digging the way Dolan has mis-run the Knicks. Dolan, for his part, is part of the Tri-State area's unholy trinity of over-moneyed Weasels who think they're above the rules. If you have to guess what the other 2/3 of the trinity is, I'm embarrassed for you. (Hint: One's in Washington, the other in Connecticut, and both belong in Bellevue.) To Dolan, owning the Knicks, Rangers, MSG, Liberty, and Radio City Music Hall, gives him more power than he knows what to do with.
Funny thing. That dude in Connecticut? He ain't exactly buds with Dolan, given that his television shows don't tape at MSG anymore.
We will never know if Oakley would've won his case in a courtroom, although in the court of public opinion, it seems to be split, especially given the misinformation Team Dolan spewed after the incident. For a team that hasn't won an NBA title in 44 years (Isn't that the longest NBA drought now?), you would think the fan base would be putting on more of a full court press to get Dolan to sell the team, but it ain't happening. Their loss.