Not Too Late To Change The Name

Thursday, June 13, 2002

For the last two days, I've written about the trials and travails of pharmaceutical company ImClone. (Shameless plug: check out Media Unspun so I don't have to go work at KFC.) Basically, this company made a cancer drug, which lots of people think will probably work -- if they can ever get FDA approval. But ImCLone munged its FDA application so badly (it admits this) that the FDA rejected it. Here's the kicker: a few days before the rejection, someone tipped off the CEO, and suddenly his friends and family sold lots of stock just before it tanked on the bad news. Dismissed as coincidence? That CEO quit a few weeks ago, and his brother took over and went in front of a shareholders' meeting on Monday, spewing bullshit left and right and insisting that the most important thing is the cancer patients. The shareholders ate it with a spoon (that's what my article was about on Tuesday). Today, I wrote about how the former CEO got arrested yesterday for all the insider trading nastiness; those of us with messy houses and real jobs are also giddy that Martha Stewart is involved. This should all be hilarious, but instead I filed one truly un-funny piece today. It bugs me when rich people lie, cheat, and steal to get ahead, but of course, I'm used to that. Despite my deep-rooted cynicsm, it still really bothers me that these sleazebags are lying, cheating, and stealing in order to make money on the backs of dying people. Reading about that sort of thing first thing in the morning can really sap a person's sense of humor.

I also didn't have room to mention in Media Unspun that the former ImClone CEO's 28-year-old daughter -- one of the family members Mr. Insider Trading supposedly tipped off -- not only lives with Daddy but was financially dependent on her ImClone stock. Now there's someone who deserves to work at KFC.

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