With the lose of patent protection on Lipitor, Pfizer has announced it will seek bailout funds to make up for the devastating loss of revenue and profits.
FNN financial reporter Cash Kruggerand filed this report.Pfizer reports that the loss of patent protection on Lipitor has had a stunning effect on the corporation's bottom line.
A press release said in part, "The loss of revenue affects our ability to ability to research and develop new drugs. Without new drugs in our development pipeline Pfizer will go into a death spiral." The press release went on to say, "While the economic climate isn't conducive to corporate bailouts, an election year is coming up. Every seat in the House and a third of the Senate seats are up for election. This provides us with an opportunity to hire lobbyists and contact politicians. They'll need money and we need a bailout. It'll be a win-win for everyone. Pfizer gets bailout money, politicians get cash that is vital to get reelected and in the years to come the voters have new drugs to help them live longer if they have enough money to buy our new drugs."
Pfizer stock rose 10 percent yesterday on news of the bold bailout bid. A Wall Street analyst put it this way; "This shows that American ingenuity isn't dead. This is a creative way to make up a serious revenue gap. This is in the tradition started by the banks and other financial firms a few years ago: use other people's money."
Kruggerand points out that Pfizer has allocated 500 million dollars to this project and that greatly exceeds the going rate to buy the vote everyone currently in Congress. Consequently, there is a good chance Congress will vote to give the bailout funds to the drug company.
Kruggerand will stay with the story and provide more details about this brazen plan to fleece the public.
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