Monday, September 16, 2019
Bankruptcy
Purdue Pharma has declared bankruptcy in the face of billions of dollars of suits over its marketing of Oxycontin. That won't help the company's or the owners' reputations. They are stained forever with wanton distribution of the addictive pills. The Sackler family has been enormously dedicated to giving money to not-for-profits. Institutions nationwide bear their name. Now, some of the charities are removing the names or giving the money back. It will take many years and concentrated PR for the company and the Sacklers to regain a semblance of a good reputation. And, it doesn't look like the family is concerned about that with recent allegations by the New York State attorney general that they have wired a billion dollars to Swiss bank accounts. It is a terrible downfall for the company and its employees. They will now be a trust held by the government, and their profits on the sale of Oxycontin will go to victims and local and state governments to repair the damage done.
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