Thanks to the Congresional investigations on drug pricing chicanery, we are entreated to see Bill Ackman’s emails to Valeant. Reading through them, one can only surmise Bill to be chewing on his fingernails during the trading day, watching the shares of VRX, along with his reputation, circle down the toilet bowl.
Here are two of my favs.
Shares have been ‘death spiraling’ lower, as Ackman feared. The catastrophe that once loomed is here. This is destiny manifested. The end.
He could be full of shit but that email makes Bill appear to be an honest man.
Ackman has consistently defended the Valiant business model since he invested in the company. He thinks that the only changes the company needs to make are better PR and more effort lobbying Congress.
In recent Congressional testimony, Ackman said the company had made mistakes and that he would use his position on the board to recommend a 30% price cut in two live-saving heart medications.
That sounds great, until you read that Valiant increased the price of one of the drugs by over 300% and the price of the other by over 700%.
Ackman is out to make a buck. He will be honest when that helps him make a buck.