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A Scam Called Valeant——Why The Casino Is Going To Blow

by David Stockman • March 24, 2016

If you need evidence that Wall Street is a financial time bomb waiting for ignition look no further than the recent meltdown of Valeant Pharmaceuticals (VRX). In round terms, its market cap of $90 billion on August 5th has suddenly become the embodiment of that proverbial sucking sound to the south, having plunged to less than $12 billion by Wednesday’s close.

That’s nearly a 90% haircut and VRX was no microcap penny stock. It was a giant inhabitant of a hedge fund hotel.

http://davidstockmanscontracorner.com/a-scam-called-valeant-why-the-casino-is-going-to-blow/