A New Twist for a Billionaire Addicted to Silence

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

The billionaire Richard Sackler doesn’t much like talking to the press, especially since in-depth media analyses have labeled Purdue Pharma, the privately held firm that’s made his family rich, a key profiteer behind the opioid crisis that last year cost nearly 50,000 Americans their lives. But Sackler’s low-profile may be fading. A Kentucky court last week ruled that depositions in a 2015 lawsuit against Purdue, including one from Sackler himself, must now be unsealed. The Sacklers are currently facing “mass litigation” for the overprescribing and deceptive marketing of the addictive painkiller OxyContin. That hasn’t stopped Richard from moving to profit from this mass addiction. He has patented, news reports have revealed, a “reformulation of a drug used to wean addicts off opioids.” The addict advocacy group PAIN has condemned this new patent for Sackler and his associates as morally “reprehensible.” Adds the group: “Maybe they can patent a funeral parlor next.”

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Sam Pizzigati edits Too Much, the online weekly on excess and inequality. He is an associate fellow at the Institute for Policy Studies in Washington, D.C. Last year, he played an active role on the team that generated The Nation magazine special issue on extreme inequality. That issue recently won the 2009 Hillman Prize for magazine journalism. Pizzigati’s latest book, Greed and Good: Understanding and Overcoming the Inequality that Limits Our Lives (Apex Press, 2004), won an “outstanding title” of the year ranking from the American Library Association’s Choice book review journal.

Posted In: Union Matters

Union Matters

America’s Wealthy: Ever Eager to Pay Their Taxes!

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Why do many of the wealthiest people in America oppose a “wealth tax,” an annual levy on grand fortune? Could their distaste reflect a simple reluctance to pay their fair tax share? Oh no, JPMorganChase CEO Jamie Dimon recently told the Business Roundtable: “I know a lot of wealthy people who would be happy to pay more in taxes; they just think it’ll be wasted and be given to interest groups and stuff like that.” Could Dimon have in mind the interest group he knows best, Wall Street? In the 2008 financial crisis, federal bailouts kept the banking industry from imploding. JPMorgan alone, notes the ProPublica Bailout Tracker, collected $25 billion worth of federal largesse, an act of generosity that’s helped Dimon lock down a $1.5-billion personal fortune. Under the Elizabeth Warren wealth tax plan, Dimon would pay an annual 3 percent tax on that much net worth. Fortunes between $1 billion and $2.5 billion would face a 5 percent annual tax under the Bernie Sanders plan.

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No Such Thing as Good Greed

No Such Thing as Good Greed