American Economics Thread


Jura

General
in case you didn't know
Purdue Pharma files for bankruptcy as part of a $10 billion agreement to settle opioid lawsuits

Updated 2:20 PM ET, Mon September 16, 2019
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has filed for bankruptcy as part of its plan to settle litigation with dozens of states and and other plaintiffs who say the company fueled the opioid crisis.
Now the billionaire family that that owns the pharmaceutical giant is hoping the move "will end our ownership of Purdue."
Purdue Pharma, maker of the painkiller OxyContin, said its bankruptcy filing Sunday is part of an agreement to pay billions of dollars to states and local and tribal governments.
The company has denied any wrongdoing.
"This court-supervised process is intended to, among other things, facilitate an orderly and equitable resolution of all claims against Purdue, while preserving the value of Purdue's assets for the benefit of those impacted by the opioid crisis," the company said in a statement.
Purdue estimates after bankruptcy filings are complete, it will provide more than $10 billion in funding to address the opioid crisis. That will include settlements with 24 state attorneys general, five US territories and attorneys in multi-district litigation, the statement said.
"This settlement framework avoids wasting hundreds of millions of dollars and years on protracted litigation, and instead will provide billions of dollars and critical resources to communities across the country trying to cope with the opioid crisis," said a statement from Steve Miller, chairman of Purdue's board of directors.
"We will continue to work with state attorneys general and other plaintiff representatives to finalize and implement this agreement as quickly as possible."
The
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, which owns the company, had been in talks for weeks to settle cases brought by more than 2,000 states, counties, municipalities and Native American governments against Purdue Pharma and other opioid companies.
The Sackler family issued a statement saying it hopes that the bankruptcy reorganization process "will end our ownership of Purdue and ensure its assets are dedicated for the public benefit."
"This process will also bring the thousands of claims into a single, efficient forum where the settlement can be finalized, reviewed by the bankruptcy court to ensure it is fair and just and then implemented," the Sacklers said.
"Like families across America, we have deep compassion for the victims of the opioid crisis and believe the settlement framework ... is an historic step towards providing critical resources that address a tragic public health situation."
A new company will help reverse overdoses
Purdue also plans to create another company called NewCo. That company will produce medicines to reverse overdoses and will keep developing an over-the-counter
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at little to no cost to communities across the US, according to the statement.
Paul Hanley Jr., co-lead counsel for the multidistrict litigation against opioid manufacturers, issued a statement welcoming Purdue's bankruptcy filing:
"A journey of a thousand miles starts with the first step," Hanley said. "The PEC (Plaintiffs' Executive Committee) hopes this is the first step in bringing long-needed help to all communities in the nation that have suffered so terribly from the actions of the opioids companies."
But the proposed settlement has not received unanimous support. Many attorneys general oppose it and vow to keep fighting the company.
'A slap in the face'
Pennsylvania Attorney General Josh Shapiro said Wednesday the case was "far from over."
"This apparent settlement is a slap in the face to everyone who has had to bury a loved one due to this family's destruction and greed," Shapiro said in a statement obtained by CNN.
"It allows the Sackler family to walk away billionaires and admit no wrongdoing."
Last week, New York Attorney General Letitia James announced authorities had discovered the Sackler family had
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between the owners of Purdue Pharma, the entities they control and different financial institutions.
Millions of dollars in wire transfers involving Mortimer D.A. Sackler, a former Purdue board member, were discovered.
The New York attorney general's office is trying to determine how much money the Sacklers have, and where that money is.
In a written statement to CNN, a spokesperson for Sackler said "there is nothing newsworthy about these decade-old transfers, which were perfectly legal and appropriate in every respect.
"This is a cynical attempt by a hostile AG's office to generate defamatory headlines to try to torpedo a mutually beneficial settlement that is supported by so many other states and would result in billions of dollars going to communities and individuals across the country that need help," the statement said.
Sackler was involved in 137 wire transfers totaling nearly $20 million, and some of those transfers occurred as recently as 2018, according to a court filing by the New York attorney general.
Sackler received some of those transfers and redirected "substantial portions of those proceeds" to two other entities that own real estate on his behalf, the New York attorney general's filing said.
It said Sackler transferred nearly $40 million to Central Eight Realty LLC, which owns a New York townhouse on his behalf.
The filing also said Sackler made a $4 million wire transfer to Cherry Tree Holdings LLC, which owns a home in Amagansett, New York, on Sackler's behalf.
 

Tam

Major
Registered Member
The biggest worker strike in the US for more than 10 yeas is underway with nearly 50,000 involved.

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GM strike: Nearly 50,000 workers walk out at America's biggest automaker


Gas prices will rise in the US and surely all around the world, after the drone strike at Saudi ARAMCO.

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The biggest worker strike in the US for more than 10 yeas is underway with nearly 50,000 involved.

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GM strike: Nearly 50,000 workers walk out at America's biggest automaker


Gas prices will rise in the US and surely all around the world, after the drone strike at Saudi ARAMCO.

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This is how American workers thank efforts to bring jobs to the USA and this is why US corporations don't want to produce in America. US workers hate the American corporations for not giving them a bigger share and US corporations hate American workers for being too lazy and demanding too much. American worker's attitudes are basically that now you have to deal with us so we're gonna give you one hell of a time for not hiring us before. And the corporations are like, "Yeah, nah. I'd rather just pay the tariffs." In China, companies are happy to have hard-workers with little demands and hard workers are happy to be paid for their work. Try changing that with tariffs!
 

azesus

Junior Member
Registered Member
This is how American workers thank efforts to bring jobs to the USA and this is why US corporations don't want to produce in America. US workers hate the American corporations for not giving them a bigger share and US corporations hate American workers for being too lazy and demanding too much. American worker's attitudes are basically that now you have to deal with us so we're gonna give you one hell of a time for not hiring us before. And the corporations are like, "Yeah, nah. I'd rather just pay the tariffs." In China, companies are happy to have hard-workers with little demands and hard workers are happy to be paid for their work. Try changing that with tariffs!
To be fair, its the greedy parasite US healthcare center of the problem here, these are just blue collar workers trying to get by and provide basics for their family but its the healthcare insurance industrial complex thats benefit driving a wedge between workers and manufacturing industry, a medicare for all would drive down the living expanse of ordinary families and cost of manufacturing corporation and being more competitive, and having Dollar world reserve currency status only benefits finance but its a negative for the ordinary citizen aka trump voters
 
To be fair, its the greedy parasite US healthcare center of the problem here, these are just blue collar workers trying to get by and provide basics for their family but its the healthcare insurance industrial complex thats benefit driving a wedge between workers and manufacturing industry, a medicare for all would drive down the living expanse of ordinary families and cost of manufacturing corporation and being more competitive
Well, whatever Chinese workers can do without, so must they if they want to compete. In China, there is a cultural understanding that if you didn't study hard or your circumstances weren't good and you ended up an unskilled laborer, your life is going to suck. Just brace yourself for it, work hard for little pay, and put all your savings into your child's education so s/he can become white collar. Maybe you'll enjoy life after you're retired and your kid becomes a doctor or businessman.

American workers are like, "So what I didn't go to college? You think you're better than me or deserve more money than me just because you're an engineer? I deserve to live the good high life for working at all, otherwise, I'll go on welfare. Why should anybody earn more than me working the same hours? 9-5 and I'm damn tired; anymore than that and it's double overtime pay! I should be able to buy a house, support 2 kids, get 2 cars, eat at nice restaurants all the time for my work as an assembly line worker and you should be grateful to have me!"
 
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azesus

Junior Member
Registered Member
I am just saying the healthcare elite parasite thats benefiting their unjust rentier rent seeking profit by putting the cost of burden between workers and manufacturing corporations thats making their cost noncompetitive, you want to have basic healthcare to keep workers healthy so they can work correct? I am not talking McMansion life style here it aint no the TV series Dallas. You seems to have some sort of prejudice against these blue collar ordinary people false placing the blame on them instead place the true blame where is at the elite rent seeking parasite
 
I am just saying the healthcare elite parasite thats benefiting their unjust rentier rent seeking profit by putting the cost of burden between workers and manufacturing corporations thats making their cost noncompetitive, you want to have basic healthcare to keep workers healthy so they can work correct? I am not talking McMansion life style here it aint no the TV series Dallas. You seems to have some sort of prejudice against these blue collar ordinary people false placing the blame on them instead place the true blame where is at the elite rent seeking parasite
What are we talking about? Mandatory healthcare you have to pay for but doesn't cover what it needs, or unaffordable good healthcare? I think the former sucks and it's the fault of the American government to rob people like that. The latter, I think is no big deal. Every person should be responsible for his/her own health and if illness occurs, that's and expense you have to pay. Nobody owes it to you to keep you healthy.

Yeah, I place the blame on them (used loosely because I don't blame anyone for bringing about the events I want to see) and I have prejudice against American blue collared workers. They are being worked so much less and paid so much more than their Chinese counterparts yet they have the nerve to demand "fairness" with China and walk out as unions because they don't appreciate the opportunities given to them to work for money. They're spoiled brats compared to China's sea of unsung heroes, forever insatiable for the opportunity to work hard without complaint, to provide the opportunity of education to the next generation of Chinese by lifting an economy out from the depths of hell on their scarred but unbent backs.
 
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