'Sup, You beautiful bastards
hope you're havin' a
Fantastic Tuesday welcome back to the Philip DeFranco show and let's just jump into it. And the first thing we're gonna
talk about today is the news surrounding Martin Shkreli. We've talked about Martin on the show in the past.
He is no stranger to controversy
he is a 34 year old former pharma executive otherwise known as a Pharma bro. He is the head of numerous
pharmaceutical companies most prominently Retrophin and Turing and if you do remember Martin you remember that he was mainly known for procuring the rights
to a drug called Daraprim
It's used to treat AIDS and cancer patients, and you may remember that he raised the price of one pill from
$13.50 to $750
and so just instantly overnight he became the face of the pharmaceutical industry's perceived greed
But on this specific part of the story I do want to point out that what Shkreli did here is not an outlier
situation. Like, this has been an established business
model in the pharmaceutical industry and to fully dive into that it would take an entire video what I would recommend
There is a fantastic docu-series on Netflix called Dirty Money. The third episode looks into a company called a Valiant
I highly recommend it, but you will also leave that episode feeling furious. Understand. I'm not saying that what he was doing was not
horrible, I just I just think that it's important that we understand that it's more widespread than just one person now that said well the
Massive price increase was the reason Charlie got the spotlight
it's not why the
spotlight stayed on in the middle of all this he was arrested by the FBI in
September of 2015 for securities and wire fraud charges charges completely unrelated to the price
I and reportedly his arrest was for actions relating to his time at his investment firm specifically nsmb capital msnb
Health care as well as his time at retrofit
He was accused of running a Ponzi like ski according to prosecutors between
2009 and 2014 when she rarely ran
Retrofit used the company's cash and stock to pay back investors for money that he lost at his investment firm also saying that he lied
About the performance of the two hedge funds he control and that led to August 4th
2017 where he is found guilty of two counts of securities fraud and one count of conspiracy to commit securities fraud Crowley was then released
on a five million dollar bail
but then he actually had to end up going back to jail this because SH Raley posted something about Hillary Clinton on his Facebook and
The judge said that it was threatening shkreli had posted the Clinton Foundation is willing to kill to protect its secrets so on Hillary Rodham
Clinton's book tour tried to grab a hair from her will pay $5,000 per hair obtained from Hillary Clinton he claimed
It was satire
But that wasn't enough for the judge then on February 26 a judge ruled that Charlie was responsible for ten point four million dollars in
Losses for frauding investors judge's ruling saying all the money that was invested with shkreli amounting to 6.4
Million must be considered a loss also adding the shkreli was responsible for another four million in losses
we're trying to artificially boost the stock price of retrofit that by attempting to stop investors from selling their shares in the company and the
Defense against this from Scrubs attorney was essentially because his investors. Eventually ended up ahead
He shouldn't have to pay back anything the ruling there doesn't determine how much money shkreli owes the government rather the figure here really matters
because it's to calculate how long charlie's recommended sentence would be attorney Matthew Schwartz explained in Riley's case if the government is right that the
Losses are between 9.5 million to 25 million, then there will be a 20 level increase to the applicable sentencing guideline whereas
If shkreli is right the loss amount would be zero a 20 level difference in the sentencing guidelines could easily mean a difference of literally
Decades in prison, but also as John Coffey points out
He's the director on the center of corporate governance at Columbia University lost several judges
No longer have to follow the guidelines and their only advisor the judge has great discretion as to the sentence
She imposes he could recognize that he is a first offender and give him modest time or she plays more emphasis on the amount of
the loss and his
Unrepentant attitude then on February 28th shkreli lawyers file a number of documents with the court asking the judge to sentence Crowley to only 12
To 18 months in prison a filing also including a letter from shkreli to the judge
I'll link to it down below, but some of the key parts despite the jury's verdict
I maintain that I never intended to actually harm anyone
I wanted to be more than I was I exaggerated if I felt I had any basis to make the claim
I am now however a more self-confident and secure person that evens that haunted me the root cause of my insecurities in my life
No longer all exist
I have learned a very painful lesson and finishing his letter by asking mercy from the judge saying I promise to be more careful open
And honest in my business dealings so that I never again have to hear people who once had faith in me and trusted me testify
Or complain that I misled them or let them down terribly just as important
however is my pledge to your honor that if you find it appropriate to impose a sentence that does not include an extended period of
Incarceration I will do my absolute best to use my skills whenever talyn's I have been blessed with for the betterment of humanity
I honestly believe that I can contribute and really make a difference if your honor gives me a chance and all of that brings us
To this week where the judge ruled that Shelley owes the government
7.36 million dollars for his crime
Crowley's attorney has previously claimed that she no longer has any cash flow and so as a result the judges ruled that he must forfeit
His interest in several substitute assets this including five million dollars in an e trade brokerage account that secured his release bonds Crowley's stake in
vieira pharmaceuticals
Which was originally Crowley's company touring pharmaceutical the rights to the Lil Wayne album the Carter fine a Picasso painting and the famed
wu-tang
Album once upon a time in Shaolin that he purchased and so of course following this announcement there was mainly a focus on the wu-tang
Alba with that album there are also controversies around it one
How much is it actually works Crowley paid two million dollars for it at one point he put it up on eBay that
Bidding went over 1 million dollars, but the sale was never officially confirmed
There's also a controversy involving you God and Method Man or two members of the wu-tang clan
And they have both said that once upon a time in Shaolin was not an authorized wu-tang clan album
So this could be in the album is worthless or at least a lot less valuable by the way the value of the assets
we'll be applying to the amount that surely owes the government as of now is pending the resolution of any third party claims to the
Assets also as of right now shkreli still has it the government won't actually seize the assets until surely expectedly appeals his conviction which that
Is an important thing to point out?
This is only part of the equation
This Friday's rally will actually be sentenced, and it will be very interesting to see what kind of sentence
He actually gets will it be close to the 12 to 18 months his lawyers asked for or we talk in double-digit years
But with all of that said I want to pass the question off to you
What are your thoughts on this from that I want to share some stuff?
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$100 in free delivery credit the first bit of Awesome is actually just me answering a question that I got a lot yesterday
Bill what is wrong with your eye over the weekend?
I had the very awesome experience of throwing up
And I apparently burst a blood-vessel in my eye in the front yesterday kind of just looked like irritation
But if I look up maybe you still see it there you go
You can stop asking well my face looks a little more fucked up than you man
We got a teaser for lost in space on Netflix, and it actually looks pretty damn good
Then we had a video from how to dad explaining the difference between
Australia and New Zealand and we have a trailer for season two of the légion
And we had life noggin the put out video involving one of my deep-seated fears since I live in
California how much damage can earthquake dil spoiler alert' more than you'd like if you live where the earthquake is then if you're a fan
Of weird al' yankovic and also hamilton. We have the hamilton polka people know I'm a massive fan of Hamilton
There are a lot of people asking me to share this so I'm sharing it just for that sake I'll be honest
I don't want to be a hater here all it made me do is want to listen to the original so I did so the
Net result was an awesome win, and if you want to see the full versions everything
I just shared the secret link of the day anything at all
Links as always are in the description down below and let's knock out some quickies and Emma Watson in the news because she was photographed
With a new tattoo at an Oscars
After-party tattoo just said times up which obviously show support to the times up movement one of the big reasons it was in the news
is that everyone started making fun of her because the punctuation wasn't there where it should have been a
response Emma Watson tweet eek tattoo proofreading position available
Experience with ' is a must and that's literally a story that's all it was a temporary tattoo didn't have the proper punctuation
That's literally and what's actually funny. Is that by it being messed up it
Got way more news cover
then in drug news the Center for Disease Control had bad news for us today CDC released a vital signs report that shows that the
Opioid epidemic in the United States is not slowing down it appears that over the last 14 months
Opioid overdoses have increased by 30 percent in the states
And we have the dating app Bumble making new this for now reportedly banning its users from posting firearm photos on their dating profile
But also if you read past the headline there are exceptions saying users in military or law enforcement if they are in uniform
That's fine, and then let's talk about the updates around the massive gun control debate in Florida in the past four days
We've seen a ton happen in Florida
Sen Florida lawmakers in the Senate even holding a rare weekend session where for eight hours on Sunday
They debated over a new gun control law SB 7 0 to 6 this then spilled over into Monday where they debated the law more
And they ended up actually passing it 20 to 18 now an important note here is even though
It passed it still has to go through the house
And then the governor has to sign it before March 9th and so that brings us to the question
What is in 7 0 to 6?
Why is it being described as a divisive law we're seeing extreme conservatives and many Democrats?
Opposing the bill at the same time
We're seeing majority of Republicans and a sizable minority of Democrats voting for the bill well it appears
It's because the law does things both sides have wanted to get done
I'll give you a top-level
TLDR version of 7 0 to 6 it enacts a three-day waiting period on most firearm purchases it increases the age to
to buy any
Firearm a ban on bump stock for hundred million dollars in funding towards mental health and school safety measures a revision to the school marshal
Program which we'll jump on in a second the ability to remove firearms from people under certain
circumstances they so first thing up the marshal program originally in Florida was going to just outright allow teachers to be armed in schools under
The school marshal program the program was widely unpopular with Democrats as well as Governor Rick Scott who people believed would veto it if it
Actually ended up on his desk and so to fix that Senator Renee Garcia proposed an amendment this week the program would change
It's now called the coach, Erin face guardian program
And it would change who could carry a firearm on campus saying excluded from participating in the coach
Erin Feist Guardian program are individuals who exclusively perform classroom duties as classroom teachers
So essentially if you're just a full-time teacher you cannot participate
But let's say your librarian or maybe teaches one class you're a coach
You would be in this program
But there's also an exception here current service members and current
Former law enforcement personnel can be exclusively a teacher on campus and be armed if they want to be this exception also including JROTC
instructors the program has also opted in a school district and their Sheriff have to agree to establish this program otherwise a school can just
Use a traditional school resource officer and once a decision is made. It's not mandatory
It's all volunteers those volunteers will also need to pass a psychological exam by the Department of law enforcement as well as have
132 approved hours of firearm safety and proficiency training also must continue to do training and pass subsequent tests
And I have the four hundred million dollars in the increased spending this program would get 67 million dollars
Then on the three day waiting period regardless if we're talking about a handgun a rifle a shotgun
There are exceptions also being note
here's the new set of rules only applies to purchases with a
firearms dealer this does not cover private party sales and transfers the law would technically be a three day waiting period or
If your background check comes back clean whichever comes first and a note here, is that in Florida?
They must contact the Department of law enforcement on top of the standard federal
Ni CS check there are also additional exceptions for those who have a concealed carry permit and if you have a hunting license on bump
stocks owning buying selling or
Importing a bump stock would be illegal when they describe a bump stock is quote a conversion kit a tool an accessory or a device
Used to alter the rate of fire of a firearm to mimic automatic weapon fire or which is used to increase the rate of fire
to a faster rate than it's possible for a person to fire such a semi-automatic firearm unassisted by a kit a tool and
Accessory or a device and of course one the biggest points of this bill the ability to take
Firearms away from certain people with this law enforcement agencies would have an expedited process to obtain a court order temporarily restricting a person's access
to firearms and ammunition if this passes when police get notifications of threats within the last 12 months they can take away someone's arms and
Ammo and prohibit them from obtaining more also law enforcement must quote make a good-faith effort to provide notice to a family or household member
of the
Respondent and to any known third party who may be at risk of violence and things the police can use to take someone's firearms away
include mental health history prior
Restraining orders recurring use or threat of violence toward someone even including things like drug history
And if your weapons are taken away in this manner it also allows you to petition the court to get them back
it's following a timely court process to prove that they are indeed fit to have their weapon and then as far as the funding the
four hundred million dollars we talked about we already mentioned the
67 million eighteen point three million is supposed to go to new mobile crisis team allowing for better and quicker
Responses when mental health care is needed
69 million in additional mental health assistance to school district six point two million and then five hundred thousand dollars annually for mental health first
Aid training to teachers across the state as well as one hundred million dollars for additional school resource officers that in general is 7 zero
To six and unsurprisingly there were a variety of reactions to this coming from one voice in particular
We saw the Florida sheriffs
Association speak out against this bill specifically there were critical of the funding provision saying that it didn't go far enough
Saying to pay for school resource officers and all of the roughly
4,000 schools in Florida would actually cost four hundred million dollars alone within this bill
They're just getting a quarter of that as of right now that is where we are and so I want to pass the question off
To you what are your thoughts around this store?
Is it saying that a good compromise leaves everyone unhappy do you see that to be true here?
Are we seeing a good compromise? What don't you like? What do you like? Yeah? Let me know in those comments down below
That's where I'm going to end today's show and remember if you liked this video you like what I'm trying to do on this channel
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