Schadenfreude Overload

New favorite German word: Backpfeifengesicht, a face that needs to be slapped.

— Sarah Sh. (@psygh) July 11, 2017

Roll Tape!

Martin Shkreli has been found guilty of fraud and faces up to 20 years in prison:

Martin Shkreli, 34, has confidently courted controversy in recent years, bulldozing his way into Wall Street and the drug industry, raising the price of a lifesaving drug by 5,000 percent overnight, boasting that he would outwit prosecutors in his federal fraud case, and live-streaming and tweeting throughout his five-week trial.

But on Friday, after five days of deliberations, jurors convicted him on three counts of fraud in federal court, and he now faces up to 20 years in prison on each of the first two counts, and up to five years on the final count.

Mr. Shkreli looked shaken as the judge read the verdict. But not long after, he appeared outside of court and returned to form, saying that he was “delighted, in many ways,” with the verdict. “This was a witch hunt of epic proportions, and maybe they found one or two broomsticks,” he said.

Later in the afternoon, he was live-streaming once more, sipping beer and joking about prison life from his Manhattan apartment.

………

He never seemed to take his case seriously, meeting with federal authorities without a lawyer, making faces during testimony, calling the prosecution “junior varsity” and reading a book during final statements.

Jurors convicted Mr. Shkreli of three of the eight counts: securities fraud in connection with his hedge fund MSMB Capital; securities fraud in connection with MSMB Healthcare; and conspiracy to commit securities fraud related to the Retrophin stock scheme, in which he tried to quietly control a huge portion of Retrophin stock.

It would be nice if something like this happened to Lloyd Blankfein and Jamie Dimon, though.

You shouldn't have to be as Backpfeifengesicht as Shkreli in order to be prosecuted.