Companies controlled by the US government seem to have a lot of difficulty maintaining an amicable balance of power between their chairmen and their chief executives.
Harvey Golub’s abrupt resignation as chairman of American International Group after a stand-off between him and Bob Benmosche, AIG’s chief executive, is a second example of the phenomenon. Read more
Further to my column on Avandia suggesting that politicians should leave it to properly qualified regulators to decide on drug safely, the FDA advisory committee considering the anti-diabetes drug this afternoon decided against recommending that it is taken off the market.
That is something of a slap in the face to the politicians who I believe got ahead of themselves in declaring Avandia to be “a dangerous drug”, in the words of Rosa DeLauro, a Democratic member of the House of Representatives last month. Read more