NY Governor & Officials Warn Valeant

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Anonymous

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Rochester, N.Y. - A group of prominent U.S. lawmakers and leaders released a letter Wednesday that was sent to the CEO of Valeant Pharmaceutical International, Inc.

U.S. Senators Charles E. Schumer and Kirsten Gillibrand, New York Governor Andrew Cuomo, Representatives Louise Slaughter and Dan Maffei, Monroe County Executive Maggie Brooks, and Rochester Mayor Tom Richards drafted the letter together. In the letter, the officials express their outrage and call for the company to reconsider moving the Bausch & Lomb headquarters from Rochester to New Jersey. The letter also calls for more specific details when it comes to the company's committment to Rochester's research and development facilities.

Read More at: http://www.13wham.com/news/features/top-stories/stories/ny-officials-send-letter-valeant-2350.shtml
 


















We're fucked. Reminds me of that movie Independence Day. Where the aliens came to earth pretending to be friendly but then once we let them in, they sucked us dry of all resources (cash)for their own benefit and livelihood. Then when we are no longer useful they will squash us like a bug and put us out of our misery.
 






Behind the threats, here's the true meaning of the letter :

Dear Mike ... healthcare is a social contract - affluent societies agree to provide a near monopoly position for companies like yours and pay a ridiculously high price for your products in the hope that you will at least try to create innovation that solves real health issues, pay your taxes and give something back to the community. You've decided to do away with all three and made that your corporate strategy !!!

As any junior McKinsey analyst would have been taught on Day 1 - the past rarely predicts the future. As long as you were running a small company you could get away with doing whatever you wanted ... do you seriously believe that you can become the #1 healthcare company in the world without creating anything remotely innovative.

I'm just impressed with how skilled you've been in selling this as a sustainable strategy to the analysts of the world !!! I'm really curious to see how long this truly lasts.
 
























I think the question is can a company that has massive amounts of debt buy another company with a large debt in order to layoff thousands of workers in order to pay off the massive Valeant debt the occurred before Valeant purchased B+L. Then pay off the massive debt taken out to purchase B+L and assume B+L large debt and have to pay that off too with job cuts.

If the company goes belly up because of the debt is the American taxpayer going to have to then bail out the banks that took on this risky venture.

If the banks that took on this risky debt hold all of the responsibility for undertaking this risky venture then based on current law there may not be anything the gov't can due at this point.
 












Anonymous said:
Vrx is using our banks and laws to lay us off while sending profits offshore and Canada. Nothing more than a Pharma hedge fund at our expense.
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Seems like something we could ask Congress to regulate. Maybe the Executive branch of Gov't could look at existing laws to see if something is being done inappropriately.

By the way what does regulatory approval before a company buys another company include. Maybe the current regulators that look at approving this sale can just say NO.
 






You people are sheep! If B+L was run correctly this would not be happening. You are still receiving a paycheck, so stop whining and get to work.. The world, the government, and Valeant owe you NOTHING.
 






The politicians need to shut their mouth. This whole process is capitalism at it's finest...you know that concept of an open market that help america become one of the most powerful countries on the planet...

I know this sucks and a lot of people are going to lose their jobs (myself included) but if the politicians want to prevent this type of thing from happening they need to be proactive and make Western New York a more business friendly environment so companies want to come here and stay here...not send strongly worded letters at the 11th hour...
 






Wow, talk about sheep! Mike P (yeah, right) and the moron that followed him are actually justifying this nonsense on the basis of sound capitalism? What about the bank investors when this whole deck of cards goes belly-up? Are these two cretins ok with the taxpayers (us) bailing out these irresponsible banks when this Valeant pyramid scheme goes to shit?
 






Anonymous said:
Wow, talk about sheep! Mike P (yeah, right) and the moron that followed him are actually justifying this nonsense on the basis of sound capitalism? What about the bank investors when this whole deck of cards goes belly-up? Are these two cretins ok with the taxpayers (us) bailing out these irresponsible banks when this Valeant pyramid scheme goes to shit?
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First of all...what are we are talking about, ~10bn in debt? If Valeant falls apart there wont be a bailout...

Second of all...there have been a number of other companies that have followed the Valeant model, growth through acquisition, and are now very sucessful mature companies... GE, Honeywell, P&G...

I think it is very short sighted and uninformed to just assume everything will collapse because you dont agree with the way they are conducting business


Finally, what Valeant is doing is an example of sound capitalism. A bailout would not be...
 






Short term reactions to political pressure will not secure the long term future of B+L. People losing their jobs suck. The alternative is the continued slow decline of a company that at one time controlled the contact lens market. We need somebody to knock Bausch into shape. Maybe it is time for the Valeant way.
 












Valeant will not be ~$10bn in debt, as our friendly cretin stated. They had $11bn in debt BEFORE they got another ~$9bn to buy B&L. Plus the junk bonds they had to take out when the interest rates went up, $3.2bn, which as long as they are a viable company they have to pay back, at fairly high interest rates mind you. So, if my math is correct they owe not ~$10bn, like our buddy incorrectly stated, but ~$23-24bn. Valeant is not GE or Honeywell. Far from it, regardless of what Fat Boy Mike thinks ("we want to be like J&J" - sure). They are nothing but pretenders with debt. Great way to do business, in hock up to your ears!

I do agree that these politicians are doing nothing but posturing. They have known about this deal for months and did nothing. Now they make noise? They should shut up and spare us the BS.
 












Mike P said:
You people are sheep! If B+L was run correctly this would not be happening. You are still receiving a paycheck, so stop whining and get to work.. The world, the government, and Valeant owe you NOTHING.
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Go KK.....you are SO transparent. You make people not want to work. When will you ever realize management by FEAR is not effective! That is why people hate you. Your life must be miserable. Can you EVER see good in people?
 






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