This Just In: Big Pharma Keeping The Drugnazi Awake With their Corruption.

I was on my way to a well-deserved good nights sleep when I came across this story. I know that you, the general public, craves nothing more than evidence of drug company sliminess, so at the cost of a few winks, here it is:

In the biggest tax settlement in U.S. history, the drug giant GlaxoSmithKline P.L.C. has agreed to pay $3.4 billion to the federal government in a case with tax implications for other multinational corporations.

GlaxoSmithKline, based in London with a U.S. headquarters in Philadelphia, said it was settling to avoid a far bigger potential hit from allegations that it undervalued its U.S. profit on nine products - including the heartburn medicine Zantac and the asthma drug Advair - between 1989 and 2005.

It seems that GSK, which derives much of it's profit from adding letters like CR, SR, or XL after the names of products shortly before they lose patent protection, had a little scheme in which it would book revenue in low tax countries where it operated while attributing expenses to high tax ones, regardless of where the revenue and expenses were actually generated.

Of course the payment of the biggest tax settlement in history is in no way evidence that they are slimy, corrupt, unethical greedheads. Paxil CR would be all the evidence you need in that regard.

I'm throwing this in for fun, then I'm going to bed, from the GSK website:

It is particularly important that we operate to high ethical standards, act responsibly and comply with the law.

We are fully committed to ensuring that all our business practices meet high standards and that our employees behave ethically and honestly.

I am shocked.....shocked I tell you...at the blatant disregard for corporate policy GSK's conduct in this tax matter represents, and I know you are as well. Goodnight.