Sunday, August 6, 2017

Bankers and Big Pharma lawyers: We are the left!

An interesting quote in Melissa McEwan's "Sanders Democrats" Don't Own The Left:
With respect to African-American people...We don't necessarily want to overthrow the system — we want the system to work for us... And to be frank, many of us want the opportunity to be part of a fair capitalist system. We want to see people like us on Wall Street and in the capital markets, so that perhaps some of that capital will make its way into our communities.
This quote comes from Ginger McKnight-Chavers, a Harvard Law School classmate of Michelle Obama's and former in-house attorney for Warner-Lambert (a pharmaceutical company eventually bought out by Pfizer). Her husband, Kevin Chavers, was vice president in the Mortgage Securities Department at Goldman Sachs and Managing Director at Morgan Stanley, and is now Managing Director at BlackRock Solutions, the world's largest shadow bank.

I trust there's no point in reiterating the central role that financial firms like Goldman Sachs, Morgan Stanley, and BlackRock have played in the explosion of income inequality, but it's worth considering how even a smaller company like Warner-Lambert made its money:
When Dr. Franklin joined Warner-Lambert in April 1996, executives there were unhappy with the limited sales potential of Neurontin, he said...To compensate, he said, Warner-Lambert executives created a plan to sell Neurontin for conditions ranging from migraines to manic-depression to attention deficit disorder -- even though such uses were not supported by proper clinical studies...
One day, Dr. Franklin said, a doctor showed him an article stating that Neurontin had worsened the behavior of a child with attention deficit disorder. ''He said, 'You keep telling me it's a benign drug and it's not,' '' Dr. Franklin related. 
Dr. Franklin said he later showed the article to his boss, who dismissed it as an isolated case. He said his boss then laughed and said, ''Well, the doctor should not have been using the stuff off label anyway.''
Eventually, the manufacturer pleaded guilty and paid $430 million in criminal charges and civil liabilities:
“This illegal and fraudulent promotion scheme corrupted the information process relied upon by doctors in their medical decision making, thereby putting patients at risk,” stated U.S. Attorney Michael Sullivan. “This scheme deprived federally-funded Medicaid programs across the country of the informed, impartial judgment of medical professionals -- judgment on which the program relies to allocate scarce financial resources to provide necessary and appropriate care to the poor. The pharmaceutical industry will not be allowed to profit from such conduct nor subject the poor, the elderly and other persons insured by state and federal health care programs to experimental drug uses which have not been determined to be safe and effective."
This is the system that McKnight-Chavers wants to preserve: the system that has made her family wealthy, largely at the expense of some of the most vulnerable and marginalized people in our society. From her position of privilege, it's easy to call for "a fair capitalist system" where "capital will make its way into our communities" - because capital has made it into her community. But why are we making this voice of privilege an arbiter of the left?