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Posts Tagged ‘Jamie Dimon’

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Jamie Dimon

 

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DOGS FIGHT AT DAVOS

REUTERS--Jamie Dimon, credited with having steered JP Morgan through financial turmoil in 2007-08, had earlier in the day lashed out at persistent bank bashing nearly three years after the global credit crisis began, saying it was "unproductive and unfair".

But when he rose at a later session of the World Economic Forum to ask Sarkozy to get the G20 to avoid overregulation of banks, the French president launched into a broadside accusing financiers of behaviour that he said had caused the crisis. "The world has paid with tens of millions of unemployed, who were in no way to blame and who paid for everything," Sarkozy said to Dimon. "It caused a lot of anger."

The French leader also renewed his call for a financial transaction tax to fund development but acknowledged that many G20 countries opposed such a levy. He suggested a small pioneer group of states might go ahead with a tiny levy or some other form of innovative financing to lead the way.

Dimon praised governments for intervening to save the financial system in 2008. But he said the G20 group of major economies, which Sarkozy chairs this year, should take a deep breath before imposing more regulation. "Too much is too much," he said. The outspoken Dimon had earlier told a separate panel not all lenders made the same mistakes in the run-up to the crisis. "Not all banks are the same and I just think that this constant refrain ‘bankers, bankers, bankers’ is just unproductive and unfair. People should just stop doing that." He echoed comments by Barclays CEO Bob Diamond, who told a UK parliamentary committee this month that "the period of remorse and apologies for banks" needed to be over. MARKET OR MADHOUSE"

Sarkozy was having none of it. "The world was stupefied to see one of five biggest U.S. banks collapse like a house of cards," he told a plenary session of the Davos Forum. "We saw that for the last 10 years, major institutions in which we thought we could trust had done things which had nothing to do with simple common sense. That’s what happened."

The United States government spent hundred of billions of dollars of public money to bail out financial institutions, after the dramatic failure of…
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Simon Johnson: Jamie Dimon Has Found The Massive Loophole In Financial Reform

Simon Johnson: Jamie Dimon Has Found The Massive Loophole In Financial Reform

Courtesy of Joe Weisenthal of The Business Insider 

There’s definitely something to Simon Johnson’s new theory that it’s no longer about "Too Big To Fail" but rather "Too Global 

In a big piece at The New Republic, the former IMF economist and professor argues that the key to escaping the Dodd-Frank resolution authority is to become so big internationally that governments around the world see the need to ensure your survival.

This June, Dimon returned from a two-week visit to China, India, and Russia, and announced an even more aggressive expansion. Senior executives were ordered to look beyond Western Europe—where most of JP Morgan’s foreign investment banking is focused—and seek opportunities in emerging markets. In addition to Brazil, Russia, India, and China—the emerging powerhouses known as the BRIC countries—JP Morgan is looking at Southeast Asian nations, such as Vietnam and Indonesia, the Middle East, and parts of Africa. The bank plans to triple its private banking assets in Asia over the next five years and hopes to make Asia the source of half its non-domestic business. “We are going to get the whole company behind [the international strategy],” Dimon told The New York Times.

If Dimon is successful, he will create a bank that is not just too big to fail, but too global to fail. There is no conspiracy here: JP Morgan is simply responding to the available incentives. This international push is terrific corporate strategy and completely legal under our reformed financial system. But it also happens to be very dangerous for the rest of us.

It’s not just JPMorgan, he reckons. All the big banks will begin pursuing the strategy of getting so global that a US-only wind-down isn’t a reasonable end, come a crisis.


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FDIC Authorizes $1 Billion Lawsuits Against Failed-Bank Executives; Token Search for Low-Profile Scapegoats

FDIC Authorizes $1 Billion Lawsuits Against Failed-Bank Executives; Token Search for Low-Profile Scapegoats

Courtesy of Mish 

The FDIC has only brought one case to date against executives of failed banks. Supposedly more charges are coming.

Bloomberg reports FDIC May Seek $1 Billion From Failed-Bank Executives

The Federal Deposit Insurance Corp. has authorized lawsuits against more than 50 officers and directors of failed banks as the agency aims to recoup more than $1 billion in losses stemming from the credit crisis.

The lawsuits were authorized during closed sessions of the FDIC board and haven’t been made public. The agency, which has shuttered 294 lenders since the start of 2008, has held off court action while conducting settlement talks with executives whose actions may have led to bank collapses, Richard Osterman, the FDIC’s acting general counsel, said in an interview.

“We’re ready to go,” Osterman said. “We could walk into court tomorrow and file the lawsuits.”

The FDIC, which reviews losses for every bank failure, has brought only one case against officers or directors tied to recent collapses — a suit filed in July seeking $300 million in damages from four executives of IndyMac Bancorp Inc.

The FDIC “brings suits only where they are believed to be sound on the merits and likely to be cost-effective,” according to an agency policy statement that dates from the savings-and- loan crisis of the 1980s. That requires considerations of whether an individual, if sued, has the means to pay or an insurance policy to cover all or part of the claim.

“It doesn’t make sense to file a lawsuit if at the end of the day you have a low chance of recovery,” Osterman said.

“It’s in both our interest and theirs to try and settle this matter before it gets into the court and we get into expensive litigation,” he said.

Political Stunt to Placate the Public

I see this as little more than a political stunt to placate the public. These cases are unlikely to go to trial, on purpose, and not for the reason the FDIC says.

The FDIC does not want to rattle the banking system, so they won’t. Instead they will settle most if not all of these cases for peanuts.

To make it look legit, the FDIC might pursue a couple of scapegoat cases, IndyMac being one of them, but don’t expect anything more.

Criminal
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Dick Bove Says Chance Of Double Dip Is Now 40-60%, Butchers JPM Earnings & Jamie Dimon

Dick Bove Says Chance Of Double Dip Is Now 40-60%, Butchers JPM Earnings And Jamie Dimon

Courtesy of Tyler Durden

Something is rotten in the state of Rochdale. One of the most bullish banking analysts ever, Dick Bove, just crucified not only JP Morgan’s earnings report, but also said Jamie Dimon "missed it completely on housing", and lastly, has turned extremely bearish on the overall economy, saying there is a 40-60% chance for a double dip, which at last check is probably more bearish than David Rosenberg. Bove throws up all over JPM "good" results, stating it is all a function of loan loss reductions, which the bank is in no way entitled to take at this point, when there is so much negative macro data piling up. As NPLs are likely to continue deteriorating in the future, should the economy weaken further, JPM would have to not only replenish existing accounting gimmicks such as boosting Net Income via balance sheet trickery, but to put even more cash to preserve a viable capitalization ratio. As Bove is the quintessential contrarian indicator, we are preparing for a month long sabbatical to a Buddhist monastery in Tibet to thoroughly reevaluate our perspectives on the universe.

Bove asks: "if the economy is going to expand, how is it going to expand when the money supply is shrinking. If you can’t come away with a strong feeling that this economy can plough right through a decline in money supply and continue to grow, then you better not be reducing reserves by $1.5Bn in a particular quarter." On the economy: "There is a "40-60% shot we are going to double dip. If they can’t get money supply to turn around and go up there is a very high probability we double dip." The reason: "The Fed has lost total control of money supply and it’s in the hand of the banks. The banks make money supply going up by lending money. If you want to force the banks to increase their capital ratios, they can’t increase their loans. If they don’t increase their loans, you don’t get an increase in the money supply. If you don’t get an increase in the money supply, it is very difficult to see how the economy can be robust going forward." And some shockingly harsh words on Jamie Dimon: "I would say Jamie Dimon missed it completely…
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PwC Might Have to Pay for Those JP Morgan “Oversights”…

PwC Might Have to Pay for Those JP Morgan "Oversights"…

Courtesy of Jr. Deputy Accountant 

Play with rats, get the Black Plague. That’s all I’m saying. It’s about damn time someone ask the question "What the f*#k were the auditors THINKING?!"

The Times (UK):

PricewaterhouseCoopers is facing an inquiry by accounting regulators into its failure to notice that JP Morgan was paying up to £16 billion of clients’ money into the wrong bank accounts.

Last week the Financial Services Authority fined the investment bank £33.3 million — the largest penalty that the City regulator has imposed — for breaches of client money rules under which customers’ funds became mixed with the bank’s own cash over a seven-year period.

PwC, JP Morgan’s auditor, is now likely to be drawn into another inquiry by the two professional bodies that oversee accountants, the Financial Reporting Council and the Institute of Chartered Accountants in England and Wales.

In addition to serving as principal auditor, PwC was retained by JP Morgan to produce an annual client asset returns report — a yearly certification to prove that customers’ funds were being effectively ring-fenced and therefore protected in the event of the bank’s collapse. But PwC signed off the client report even though JP Morgan was in breach of the rules.

If you recall, JP Morgan likes to play with client money. Illegally.

Remind me why we even have auditors again? 

 


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Wall Street CEOs Are Nuts

Wall Street CEOs Are Nuts

Courtesy of James Kwak at Baseline Scenario 

“Geithner’s team spent much of its time during the debate over the Senate bill helping Senate Banking Committee chair Chris Dodd kill off or modify amendments being offered by more-progressive Democrats. A good example was Bernie Sanders’s measure to audit the Fed, which the administration played a key role in getting the senator from Vermont to tone down. Another was the Brown-Kaufman Amendment, which became a cause célèbre among lefty reformers such as former IMF economist Simon Johnson. ‘If enacted, Brown-Kaufman would have broken up the six biggest banks in America,’ says the senior Treasury official. ‘If we’d been for it, it probably would have happened. But we weren’t, so it didn’t.’”

Oh, well.

That’s one passage from John Heileman’s juicy article in New York Magazine. It provides a lot of background support for what many of us have been thinking for a while: the administration is happy with the financial reform bill roughly as it turned out, and it got there by taking up an anti-Wall Street tone (e.g., the Volcker Rule), riding a wave of populist anger to the point where the bill was sure of passing, and then quietly pruning back its most far-reaching components. If anything, that’s a testament to the political skill of the White House and, yes, Tim Geithner as well.

There are two other things in the article I thought worth commenting on. Here’s one:

Cupid holding heart box of Valentine candy

“Obama could be forgiven for expecting greater reciprocity from the bankers—something more than the equivalent of a Hallmark card and a box of penny candy. He had, after all, done more than saved their lives directly by continuing the bailout policies formulated by Paulson and Geithner. He and his team could credibly claim to have kept the world economy from falling off a cliff. Yet with the unemployment rate still near double digits, Obama had (and still has) received scant credit from the public for what was arguably his signal accomplishment. At the same time, the one thing that almost every slice of the electorate would have applauded wildly—the sight of the president landing a few haymakers on Wall Street’s collective jaw—was an opportunity that the president had largely forsworn.”

This is a theme you hear a lot these days — the idea that Obama (or Geithner)…
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Why Jamie Dimon is Afraid of Elizabeth Warren

Why Jamie Dimon is Afraid of Elizabeth Warren

By STEPHEN GANDEL at Curious Capitalist, courtesy of TIME

There are a lot of reasons to like the idea of a consumer financial protection agency. My colleagues Barbara Kiviat and Michael Grunwald have made the more substantive ones herehere and here. But I think I have stumbled across possibly the most telling data point yet on why the CFPA is likely a good idea: Jamie Dimon is scared of debating Elizabeth Warren on the topic. It’s not because Dimon is not passionate about the topic. Privately, Dimon and other JP Morgan exeuctives have been strongly making their case in Washington against starting a new agency, even one housed at the Fed, to monitor consumer protection in the banking business.

But when White House Chief of Staff Rahm Emanuel called a top J.P. Morgan executive to ask for the bank’s support in creating a new consumer-protection agency, the executive—former Commerce Secretary William Daley—said no, according to people familiar with the conversation. His boss believed that sufficient consumer safeguards were already on the books.

Nonetheless, I have put some phone calls in and Dimon is unwilling to take Warren on in person and debate the topic. Dimon is a smart guy. So the fact that he is scared to debate Warren on the topic means that he knows he can’t win. Here’s why:

First a recap. Elizabeth Warren is a Harvard law professor that also heads up the Congressional Oversight Panel, which has monitored the TARP program with hearings and studies. A few years ago, after studying a number of abusive lending practices regularly engaged in by the nation’s largest banks, she came up with the idea of launching a Consumer Financial Protection Agency. In Warren’s vision, it would be federally funded and separate from other regulators. It’s only job would be to assess whether the loans and other products sold by banks are fair and safe for consumers. Much like the FDA does for drugs. Obama loves the idea. And so it has been batted around as part of the reform effort, and is included, in a weaker form, in Dodd’s reform bill. Here’s what FDIC chief Sheila Bair had to say about Warren and her proposal in the TIME 100 this week:

Elizabeth


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The Economic Elite Vs. The People of the United States of America (I – III)

Full Report: The Economic Elite Vs. The People of the United States of America (Parts I-III)

Courtesy of David DeGraw, AmpedStatus Report

This report was originally released as a six-part series. The first part was published on February 15, 2010. The last part was published on February 27, 2010.  

Support this work by ordering the full report in book format.
>  Download full report with graphics and links.
>  Download printer-friendly version.
 

“The American oligarchy spares no pains in promoting the belief that it does not exist,
but the success of its disappearing act depends on equally strenuous efforts
on the part of an American public anxious to believe in egalitarian fictions
and unwilling to see what is hidden in plain sight.”
– Michael Lind, To Have and to Have Not

 

The Economic Elite Vs. The People of the United States of America

 

It’s time for 99% of Americans to mobilize and aggressively move on common sense political reforms.

Yes, of course, we all have very strong differences of opinion on many issues. However, like our Founding Fathers before us, we must put aside our differences and unite to fight a common enemy.

It has now become evident to a…
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The Most Dangerous Man in America: Jamie Dimon

The Most Dangerous Man in America: Jamie Dimon

Courtesy of Simon Johnson at Baseline Scenario 

Financial Crisis Inquiry Commission Holds First Public Hearing

There are two kinds of bankers to fear.  The first is incompetent and runs a big bank.  This includes such people as Chuck Prince (formerly of Citigroup) and Ken Lewis (Bank of America).  These people run their banks onto the rocks – and end up costing the taxpayer a great deal of money.  But, on the other hand, you can see them coming and, if we ever get the politics of bank regulation straightened out again, work hard to contain the problems they present.

The second type of banker is much more dangerous.  This person understands how to control risk within a massive organization, manage political relationships across the political spectrum, and generate the right kind of public relations.  When all is said and done, this banker runs a big bank and – here’s the danger – makes it even bigger.

Jamie Dimon is by far the most dangerous American banker of this or any other recent generation.

Not only did Mr. Dimon keep JP Morgan Chase from taking on as much risk [as] its competitors, he also navigated through the shoals of 2008-09 with acuity, ending up with the ultimate accolade of “savvy businessman” from the president himself.  His letter to shareholders, which appeared this week, is a tour de force – if Machiavelli were a banker alive today, he could not have done better.   (You can access the full letter through the link at the end of the fourth paragraph in this WSJ blog post; for another assessment, see Zach Carter’s piece.)

Dimon fully understands – although he can’t concede in public – the private advantages (i.e., to him and his colleagues) of a big bank getting bigger.  Being too big to fail – and having cheaper access to funding as a result – may seem unfair, unreasonable, and dangerous to you and me.  But to Jamie Dimon, it’s a business model – and he is only doing his job, which is to make money for his shareholders (and for himself and his colleagues).

Dimon represents the heavy political firepower and intellectual heft of the banking system.  He runs some of the most effective – and tough – lobbyists on Capitol Hill.  He has the very best relationships with Treasury and the White House.  And…
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Jamie Dimon Whines About New Credit Card Rules Hurting His Bottom Line

Sorry Jamie, don’t look to Jr. Deputy Accountant for sympathy. – Ilene 

Jamie Dimon Whines About New Credit Card Rules Hurting His Bottom Line

Courtesy of Jr. Deputy Accountant

 Pic credit: LOLFed

What a cry baby. In last year’s letter, Dimon whined that the company only made a paltry $6 billion in 2008 when they should have made more like $15 billion and would have were it not for that meddling financial crisis and what-have-you. Cry cry cry.

WaPo:

J.P. Morgan Chase cut consumer access to credit and canceled credit cards in response to legislation signed into law by President Obama last year, the bank’s chief executive Jamie Dimon said. The credit card reform act, which went into effect in February, could cost the bank up to $750 million in annual profits, he added.

Despite the losses, "we believe that many, but not all, of the changes made were completely appropriate," Dimon said in his annual letter to shareholders, which was released late Wednesday.

Dimon said enacting the bill in the middle of a recession reduced access to credit for some consumers. The act prevents credit card companies from raising interest rates arbitrarily and charging certain fees. It also mandates that all of a cardholder’s payments be applied to the balance carrying the highest interest rate.

J.P. Morgan is expected to take a hit of $500 million to $750 million from the new rules, according to Dimon, who added that the bank will no longer offer cards to 15 percent of its customers because they pose too much of a risk in light of the regulations. The bank has reduced credit lines, canceled cards that had not been used for a long time, and substantially reduced offers for introductory rates and promotional balance transfers.

Dimon is also feeling some bankster remorse for using the FDIC’s guarantee program to issue some $40 billion in unsecured debt, claiming that JPM never needed it and shouldn’t have touched it because of the stigma associated with bailed out banks.

Cry. Me. a F*&king. River. You. Whiny. Asshat.


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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

Thank you for you time!

 
 

Phil's Favorites

Ten Insane Things We Believe On Wall Street

Ten Insane Things We Believe On Wall Street

Courtesy of 

To outsiders, Wall Street is a manic, dangerous and ridiculous republic unto itself – a sort of bizarro world where nothing adds up and common sense is virtually inapplicable.

Consider the following insane things that we believe on Wall Street, that make no sense whatsoever in the real world:

1. Falling gas and home heating prices are a bad thing

2. Layoffs are great news, the more the better

3. Billionaires from Greenwich, CT can understand the customers of JC Penney, Olive Garden, K-Mart and Sears

4. A company is plagued by the fact&nbs...



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Zero Hedge

Why The Market Kept Breaking Yesterday

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

When markets broke on Wednesday, XIV soared, stocks followed and the volumeless levitation was praised by all as evidence that the world was once again fixed. Yesterday we also saw NYSE Euronext 'break' into the European melt-up close, and later that day, as Ebola headlines hit, the market once again broke numerous times with various exchanges declaring self-help against one another as stocks tumbled on heavy volume. If you are wondering how it is that "the great stock markets in the world" can break so often (and be so ignored by financial media), Nanex exposes the act... as massive quote spamming yesterday sent OPRA to full capacity (broke the efficient flow of ...



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All About Trends

Mid-Day Update

Reminder: David is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Chart School

ECRI Recession Watch: Weekly Update

Courtesy of Doug Short.

The Weekly Leading Index (WLI) of the Economic Cycle Research Institute (ECRI) is at 131.9, down substantially from the previous week's 131.4. The WLI annualized growth indicator (WLIg) is at -0.1, down from 1.0 the previous week and its first negative print since August of 2012.

ECRI has been at the center of a prolonged controversy since publicizing its recession call on September 30, 2011. The company had made the announcement to its private clients on September 21st. ECRI's cofounder and spokesman, Lakshman Achuthan, subsequently forecast that the recession would begin in Q1 2012, or Q2 at the latest. He later identified mid-2012 as the start of the recession. Over the past two years he has been a frequent guest on...



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Insider Scoop

UPDATE: Morgan Stanley Reiterates On ResMed Following 1Q15 Earnings Report

Courtesy of Benzinga.

Related RMD Morning Market Movers Qualcomm Announces New Connected Health Collaborations at Connect 2014

In a report published Friday, Morgan Stanley analyst Sean Laaman reiterated an Equal-Weight rating on ResMed (NYSE: RMD), and raised the price target from $46.19 to $49.57.

In the report, Morgan Stanley noted, “Currency headwinds and part quarter release of the S10 downplayed expectations ahead of the result. Despite this, RMD beat on US revenue driv...



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Market Shadows

Bill Ackman's Big Pharma Trade Is Making Wall Street A Super Awkward Place

 

#452525522 / gettyimages.com

Intro by Ilene

If you're following Valeant's proposed takeover (or merger) of Allergan and the lawsuit by Allergan against Valeant and notorious hedge fund manager William Ackman, for insider trading this is a must-read article. 

Linette Lopez describes the roles played by key Wall Street hedge fund owners--Jim Chanos, John Paulson, and Mason Morfit, a major shareholder in Valeant. Linette goes through the con...



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Option Review

LUV Options Active Ahead Of Earnings

There is lots of action in Southwest Airlines Co. November expiry call options today ahead of the air carrier’s third-quarter earnings report prior to the opening bell on Thursday. Among the large block trades initiated throughout the trading session, there appears to be at least one options market participant establishing a call spread in far out of the money options. It looks like the trader purchased a 4,000-lot Nov 37/39 call spread at a net premium of $0.40 apiece. The trade makes money if shares in Southwest rally 9.0% over the current price of $34.32 to exceed the effective breakeven point at $37.40, with maximum potential profits of $1.60 per contract available in the event that shares jump more than 13% to $39.00 by expiration. In September, the stock tou...



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Sabrient

Sector Detector: Sharp selloff in stocks sets up long-awaiting buying opportunity

Courtesy of Sabrient Systems and Gradient Analytics

Last week brought even more stock market weakness and volatility as the selloff became self-perpetuating, with nobody mid-day on Wednesday wanting to be the last guy left holding equities. Hedge funds and other weak holders exacerbated the situation. But the extreme volatility and panic selling finally led some bulls (along with many corporate insiders) to summon a little backbone and buy into weakness, and the market finished the week on a high note, with continued momentum likely into the first part of this week.

Despite concerns about global economic growth and a persistent lack of inflation, especially given all the global quantitative easing, fundamentals for U.S. stocks still look good, and I believe this overdue correction ultimately will shape up to be a great buying opportunity -- i.e., th...



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Digital Currencies

Goodbye War On Drugs, Hello Libertarian Utopia. Dominic Frisby's Bitcoin: The Future of Money?

Courtesy of John Rubino.

Now that bitcoin has subsided from speculative bubble to functioning currency (see the price chart below), it’s safe for non-speculators to explore the whole “cryptocurrency” thing. So…is bitcoin or one of its growing list of competitors a useful addition to the average person’s array of bank accounts and credit cards — or is it a replacement for most of those things? And how does one make this transition?

With his usual excellent timing, London-based financial writer/actor/stand-up comic Dominic Frisby has just released Bitcoin: The Future of Money? in which he explains all this in terms most readers will have no tr...



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OpTrader

Swing trading portfolio - week of October 20th, 2014

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

Here's this week's Stock World Weekly. Just sign in with your PSW user name and password. (Or take a free trial.)

#457319216 / gettyimages.com

 

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Pharmboy

Biotechs & Bubbles

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Well PSW Subscribers....I am still here, barely.  From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.

First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices.  Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment.  Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer.  For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...



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