How much money is
the $35 million criminal fine Pfizer was forced
to pay this week for illegal marketing of Genotropin?
Last year Pfizer’s
profit was $11 billion.
But that profit
doesn’t include all the additional profit Pfizer is hiding in off-shore tax
havens.
The New York
Times in 2005 described a new tax break for corporations, part of
the American Jobs Creation Act, signed into law by President Bush, which
allowed companies a one-year window to return foreign profits to the United
States at a 5.25 percent tax rate, compared with the standard 35 percent rate.
The New York Times went on to state “Pfizer . . . will repatriate at least $28
billion under the act.”
Obviously, the
$11 billion profit is just a fraction of Pfizer’s real profit, but let’s use
that number anyway.
$11 billion
translates into nearly $35 million in profit EVERY DAY.
So the $35
million criminal fine was equivalent to one day’s profit.
Let’s put that in
perspective: If you make $50,000 a year, that means you earn $137 every day.
That is equivalent to a regular speeding ticket.
Did a speeding
ticket ever stop you from speeding again?
Peter Rost, M.D.,
is a former Vice President of Pfizer. He is the author of “The
Whistleblower, Confessions of a Healthcare Hitman
.” He also writes the daily Dr. Peter Rost blog.