Daily Archives: June 6, 2011

Andrew Hill

Andrew Witty, GlaxoSmithKline’s chief executive, won plenty of column inches and airtime on Monday with the UK drug company’s offer to supply developing countries with millions of doses of its vaccine against rotavirus gastroenteritis, at a 95 per cent discount to the western market price.

Your first reaction might well be: if $2.50 a shot still covers GSK’s costs, Mr Witty’s making quite a margin on the $50 he charges the developed world for the drug. 

John Gapper

I’ve never played “dogpile” but I think Peter Henning is right to argue that Goldman Sachs has become the target for every US prosecutor to pile on top of, in the hope of finding a civil or criminal charge.

In a column last month I wrote that I doubted whether anything in the report, or in the evidence given by Goldman executives to the committee, amounted to criminal misconduct. Matt Taibbi of Rolling Stone differs with me on this.

But my sympathy with Goldman is limited since I argued before its problems blew up so dramatically that a business model based on “managing” conflicts of interest rather than avoiding them made it vulnerable.