Martin Shkreli Testifies Before Congress: Full Testimony — CNBC

[0:00] We've been waiting for Shkreli to make a statement. [0:02] If he does, here he is. [0:04] Let's take a listen. [0:06] On the advice of counsel, I will not be giving an opening statement. [0:09] I want to ask you a few questions. [0:12] What do you say to that single pregnant woman who might have AIDS, no income? [0:23] She needs dariprim in order to survive. [0:26] What do you say to her when she has to make that choice? [0:29] What do you say to her? [0:31] On the advice of counsel, I invoke my Fifth Amendment privilege against self-incrimination. [0:35] And respectfully decline to answer your question. [0:39] You were quoted as saying on Fox 5 in New York, you were quoted as saying, [0:43] if you raise prices and you don't take that cash and put it back into research, [0:49] I think it's despicable. [0:50] I think you should not be in the drug business. [0:53] We take all of our cash, all of our extra profit, [0:56] and spend it on research for these patients, [0:59] for other patients who have terrible life-ending diseases. [1:04] Did you say that? [1:07] On the advice of counsel, I invoke my Fifth Amendment privilege against self-incrimination. [1:11] And respectfully decline to answer your question. [1:15] Do you think you've done anything wrong? [1:17] On the advice of counsel, I invoke my Fifth Amendment privilege [1:22] against self-incrimination and respectfully decline to answer your question. [1:27] I'd like to yield time to Congressman Gowdy of South Carolina. [1:32] Thank you, Mr. Chairman. [1:33] Is it pronounced Shkreli? [1:35] Yes, sir. [1:37] See there, you can answer some questions. [1:39] That one didn't incriminate you. [1:40] I just want to make sure you understand you are welcome to answer questions [1:46] and not all of your answers are going to subject you to incrimination. [1:50] Do you understand that, don't you? [1:54] I intend to follow the advice of my counsel, not yours. [1:57] I just want to make sure you're getting the right advice. [2:01] You do know that not every disclosure can be subject to the Fifth Amendment assertion. [2:06] Assertion, only those that you reasonably believe could be used in a criminal prosecution [2:13] or could lead to other evidence. [2:14] I intend to use the advice of my counsel, not yours. [2:21] Do you also understand that you can waive your Fifth Amendment right? [2:25] You gave an interview to a television station in New York where, if I understood you correctly, [2:32] you couldn't wait to come educate the members of Congress on drug pricing. [2:37] And this would be a great opportunity to do it. [2:40] So do you understand you can waive your Fifth Amendment right? [2:45] On the advice of counsel, I invoke my Fifth Amendment privilege against self-incrimination [2:49] and respectfully decline to answer your question. [2:53] Well, Mr. Chairman, I'm vexed. [2:55] Um, he's been willing to answer at least one question this morning. [2:59] That one didn't subject him to incrimination. [3:02] Um, I don't think he's under indictment for the subject matter of this hearing. [3:07] Um, so the Fifth Amendment actually doesn't apply to answers that are not reasonably calculated [3:12] to expose you to incrimination. [3:14] Um, and even if it did apply, he's welcome to waive it. [3:17] And I listened to his interview, um, and, and he didn't have to be prodded to talk during [3:23] that interview. [3:23] He doesn't have to be prodded to tweet a whole lot or to show us his life on, on that little [3:30] webcam he's got. [3:32] So this is a great opportunity if you want to educate the members of Congress about drug [3:36] pricing or what you call the fictitious case against you. [3:40] Or we can even talk about the purchase of a, is it Wu-Tang Klan? [3:45] Is that the name of the album? [3:48] Name of the group? [3:55] On the advice of counsel, I invoke my Fifth Amendment privilege against self-incrimination [3:58] and respectfully decline to answer your question. [4:00] Uh, Mr. Chairman, I am, I am stunned that a conversation about an album he purchased could possibly subject [4:08] him to incrimination. [4:10] But if- Well, the, the gentleman, the gentleman is correct. [4:14] I mean, we, we, I, I understand that Mr. Scarelli is under indictment, but it is not the intention [4:18] to ask him questions about that topic. [4:21] So if I understand it correctly, he, we're not going to ask him questions that are going [4:27] to, uh, be in the subject matter of his current pending criminal charges. [4:31] Um, and if we were to get close to one or in the gray area, he's welcome to assert his Fifth [4:38] Amendment privilege there. [4:40] And if we stay away from the subject matter of his indictment, he is, uh, some could argue [4:46] has a legal obligation to answer, um, under, uh, Kaskar versus United States, but certainly [4:52] has the right to do so as he did in the, in the television interview and as he does quite [4:57] frequently on social media. [4:58] Correct. [4:59] I'm trying to- Mr. Chairman, may I be recognized for a moment? [5:03] No. [5:04] No, you, you will not. [5:05] No, you're not allowed to. [5:06] Under, under the house rules, you have not been sworn in. [5:08] I understand, but he's making- [5:09] No, miss- [5:10] You are not recognized. [5:11] You are not recognized, and you will be seated. [5:15] Um, the gentleman from South Carolina is, is correct. [5:19] We were trying to provide an opportunity to have a candid discussion about issues related [5:23] to drug pricing. [5:24] Um, we now recognize, uh, Mr. Cummings for any questions you might have. [5:28] Thank you very much. [5:29] Um, Mr. Chairman, uh, let me say for the record that I completely support, uh, your decision [5:36] to- to bring Mr. Raleigh to make sure that he is- that he asserted his, uh, Fifth Amendment [5:42] right before this committee. [5:44] Uh, normally Democrats on our committee have accepted the, uh, assertions of a witness's [5:51] attorney that his or her client is going to take the Fifth. [5:56] But in this case, Mr. Raleigh made a number of public comments himself raising [6:03] legitimate questions about his intentions. [6:07] Honestly, I did not know whether he was even going to show up today. [6:14] So it's nice to see you. [6:17] But now that he has invoked his constitutional rights, of course, I will respect his decision. [6:25] To Mr. Raleigh, since I have you in front of me after trying to get you in front of this [6:31] committee for so long, let me say this. [6:34] I want to ask you to- no, I want to plead with you- to use any remaining influence you [6:43] have over your former company to press them to lower the price of these drugs. [6:52] You can look away if you like, but I wish you could see the faces of people, no matter what [6:58] Ms. Raleigh says, who cannot get the drugs that they need. [7:04] And by the way, it's the taxpayers. [7:06] Somebody's paying for these drugs. [7:09] Somebody's paying. [7:10] It's the taxpayers that end up paying for some of them. [7:14] And so, and those are our constituents. [7:17] People's lives are at stake because of the price increases you impose and the access problems [7:25] that have been created. [7:28] You are in a unique position. [7:30] You really are, sir. [7:33] Rightly or wrongly, you've been viewed as the so-called bad boy, a farmer. [7:40] You have a spotlight, and you have a platform. [7:45] You could use that attention to come clean, to right your wrongs, and to become one of [7:52] the most effective patient advocates in the country, and one that can make a big difference [7:58] in so many people's lives. [8:01] I know you're smiling, but I'm very serious, sir. [8:06] The way I see it, you can go down in history as the poster boy for greedy drug company executives, [8:14] or you can change the system. [8:17] They are you. [8:19] You've detailed the knowledge about drug companies and the system we have today. [8:25] And I truly believe, I truly believe. [8:29] Are you listening? [8:32] Yes. [8:35] Thank you. [8:37] I truly believe you could become a force of tremendous good. [8:42] Of course, you can ignore this if you'd like. [8:44] But all I ask is that you reflect on it. [8:48] No, I don't ask, Mr. Shkreli. [8:50] I beg that you reflect on it. [8:53] There are so many people that could use your help. [8:59] May God bless you. [9:01] Thank you. [9:02] I yield back. [9:03] Mr. Shkreli, it's your intention to decline all answers to the questions and invoke your [9:10] Fifth Amendment right? [9:11] Yes. [9:12] Given that the witness has indicated that he does not intend to answer any questions, [9:16] and out of respect for his constitutional rights, I ask now that the committee excuse [9:20] the witness from the table. [9:22] Without objection, so ordered. [9:27] We'll pause for a moment as Mr. Shkreli is escorted out. [9:34] And that will do it for Martin Shkreli and his appearance in the House Oversight Committee [9:39] hearing on drug pricing. [9:40] Hey, YouTube fans. [9:42] I'm Landon Dowdy from CNBC. [9:44] Thanks so much for checking out our channel. [9:46] Here you'll find videos packed with all the info that you need to be smarter about your finances. [9:51] Be sure and subscribe by clicking right here. 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