Word: scolnick
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BOSTON--Some criticisms of the pricing practices of pharmaceutical and biotechnology industries are valid, said Dr. Edward M. Scolnick '61 in yesterday's keynote address at the Massachusetts Biotechnology Council's (MBC) annual meeting...
...mile-a-day jogger, one of the few chief executives in the drug business with an M.D. degree (and a mere two weeks of business education from a Harvard seminar), is a demanding boss. "When the phone rings on a Sunday morning, you know it's Vagelos," says Edward Scolnick, president of Merck Labs. But the chairman also wins high marks for staying in touch with his staff. He keeps his spartan office open to any of his 32,000 employees with a complaint or a suggestion, and lunches in the company cafeteria, as do his top executives. The company...
...Karafin, Philadelphia Writers Gaeton Fonzi and Greg Walter began by investigating a racket involving fly-by-night companies that bought retail items on credit, unloaded them fast at discount prices, and then went into bankruptcy. The trail led to the doorstep of a 600-lb. operator named Sylvan Scolnick. Arrested, prosecuted and convicted, Scolnick started singing. Karafin, said Scolnick, was a good friend, so good, in fact, that he vouched for Scolnick's moral character and signed his application for a gun permit. Not only that, he also served as president of a company set up to keep track...
...shoddy, got done and the fast-buck men sold the credit agreement at a discount to a broker, commercial finance firm or a bank. If too many angry and defrauded homeowners threatened, the company simply folded. It was a business particularly vulnerable to bad publicity, and Karafin and Scolnick said so to one of its practitioners, Joe Py. Public Relations Man Karafin, they said, could help Py. He had a lot of friends and could provide valuable advice, especially since the Pennsylvania State Banking Department and the Philadelphia district attorney's office were looking into the business. They asked...
...appeared in the Inquirer under an eight-column headline, warning Philadelphians that house-repair frauds were spreading. "High pressure salesmen" were preying on "unwary home owners." A spokesman for the Better Business Bureau was quoted as saying that "the only way to stop this racket is to expose it." Scolnick and Karafin again dropped around to see Py, found him convinced. Py wrote two checks, one for $3,000 and another for $2,000. Thereafter, Karafin stopped by Py's office every Monday morning for a regular retainer check. Over the next four years, Py paid Karafin close...