FT News Briefing Friday, January 24
Jan 24, 2020
Intel's data center division ignites hope with a surprising earnings report, hinting at a rebound in the chip industry. Meanwhile, former Wells Fargo CEO John Stumpf faces a hefty $17.5 million settlement over a fake accounts scandal. The European Central Bank embarks on its first strategic review in 16 years, addressing inflation and financial stability. Additionally, the sentencing of Insys' founder raises concerns about accountability in the pharma sector, suggesting tighter legal scrutiny may be on the horizon.
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Insys Founder Sentenced
- Insys founder John Kapoor was sentenced to five and a half years for bribing doctors to prescribe opioids.
- Alec Burlakoff, the former VP of sales, received a lesser sentence for cooperating.
Lack of Criminal Consequences
- Alec Burlakoff didn't believe he would face criminal prosecution.
- Companies usually face fines rather than criminal charges for such schemes.
Precedent for Pharma
- This sentencing sets a precedent for other pharmaceutical executives, particularly in the opioid industry.
- Prosecutors may pursue more criminal charges rather than just fines.