Good morning. It's Saturday, Dec. 14, and in this weekend edition, we're covering another fallout of the opioid crisis, an initial public offering of a stegosaurus skeleton, and much more. First time reading? Join over 4 million intellectually curious readers. Sign up here.
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Opioid Consulting Settlement
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Consulting firm McKinsey & Company has agreed to pay $650M to settle a federal investigation into its role in boosting opioid sales for now-bankrupt Purdue Pharma. OxyContin, a powerful prescription painkiller, is widely blamed for fueling the opioid epidemic that resulted in nearly 500,000 US deaths between 1999 and 2019.
According to court documents, McKinsey continued to advise Purdue Pharma and other drug manufacturers on increasing OxyContin sales despite knowing the risks associated with opioids (watch overview here). The firm's strategies included identifying high-prescribing doctors and developing marketing tactics to "turbocharge" sales. McKinsey, which cut ties with opioid manufacturers in 2019, issued an apology Friday for its role. The firm has paid nearly $1B to settle civil lawsuits related to the epidemic in all 50 states. Visualize the opioid crisis here.
Under the settlement, McKinsey must fulfill a government-mandated compliance program supervised by the Department of Health and Human Services for prosecution to be deferred and terminated. A former senior partner also agreed to plead guilty to obstruction of justice for destroying records related to the case.
Want to learn more about McKinsey and the world of consulting? Next Thursday's Business & Finance newsletter will take a deep dive into the subject. Sign up here!
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In partnership with Sundays
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Now The Whole Family Can Eat Well
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Please support our sponsors!
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Centrist François Bayrou named France's new prime minister.
French President Emmanuel Macron appointed Bayrou roughly a week after Michel Barnier was ousted as prime minister in a no-confidence vote triggered by budget disputes in the National Assembly. Barnier's government was the shortest-serving in the modern French republic's history. Bayrou, 73, is the leader of the Democratic Movement and is expected to form his government in the coming days.
South Korean president faces second impeachment vote.
The National Assembly will hold the impeachment vote against President Yoon Suk Yeol Saturday late afternoon local time. The vote comes a week after the conservative president survived the first impeachment vote over his short-lived declaration of martial law (see how it unfolded). At least 200 votes from the National Assembly's 300 members are needed to impeach Yoon.
Initial public offering launches for stegosaurus skeleton.
Rally, a company that sells shares in a wide range of items, announced an initial public offering (see 1440's overview) for a nearly complete stegosaurus fossil nicknamed "Steg." The offering values the fossil—still being unearthed in Wyoming—at almost $14M, with 200,000 shares available at $68.75 each. Trading is set to begin Dec. 20 on Rally's app and website. Shareholders are expected to receive a payout in a year once the fossil is sold privately or auctioned to the highest bidder.
Rep. Nancy Pelosi (D, CA-11) hospitalized after injury on overseas trip.
The former House speaker is being evaluated after falling during an event in Luxembourg. The 84-year-old was traveling with a bipartisan congressional delegation to mark the 80th anniversary of a World War II battle. Earlier in the week, Senate Republican leader Mitch McConnell also suffered an injury after falling at the US Capitol. The 82-year-old sprained his wrist, cut his face, and is experiencing leg stiffness.
New Jersey governor seeks federal resources in drone probe.
Gov. Phil Murphy (D) requested more resources from the Biden administration to investigate drone sightings reported in New Jersey and nearby states. Residents first reported the sightings last month; up to 180 aircraft have been reported since Nov. 18. The FBI and Department of Homeland Security have jointly said the sightings appear to be aircraft operating lawfully and don't pose national security risks or safety threats. See their statement here.
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Does your friend keep talking about their consulting gig, but you still have no idea what they do? This week, we're digging into the world of management consulting, including:
> The difference between the Big Three and Big Four
> Why so many Ivy Leaguers want to go into consulting
> One critic's view on why the industry may do more harm than good
... and much more. The newsletter comes out Thursday morning. Sign up here for free!
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Virginia man celebrates his wife's 40th birthday by paying for 40 shelter dog adoptions. (More)
Six hundred bookstore staffers receive $500 each in holiday bonuses from best-selling author James Patterson. (More)
... and an anonymous donor gifts $3.5M to a museum to make admission free for children. (More)
Oklahoma State University student and his team of 100 volunteers distribute 15,000 toys to children and families in need after organizing toy drive. (More)
Group of people who met at a local UK pub release new Christmas song for 10th year in a row. (More)
Meet the 28-year-old entrepreneur with Down syndrome who runs the world's largest sock company. (More)
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In partnership with Frontieras
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One company has developed a technology that extracts valuable resources from coal without burning it. From hydrogen to diesel, fertilizer, and more, Frontieras has the potential to address $2.1T in markets.
It’s similar to when John D. Rockefeller commercialized oil refining technology. If Frontieras captures just 2% of the global coal market, they have a roadmap to achieve a $1T valuation.
They’re opening a $850M facility in West Virginia very soon. Learn more about how you can become an early shareholder as their plans unfold.*
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Today, we're sharing a story from reader Robert W. in Milam, Texas.
"Many years ago, when I was about 4.5-years-old (I'm now 74.5!), I was watching my Dad fishing. After a bit, he asked me to hold his rod while he got something from his pocket. After just a few seconds, I felt something tugging on the rod. I hollered at Dad and tried to give the rod back to him, but he told me to go ahead and reel it in. It was a small Bluegill. My first fish I ever caught. Many years later, I realized that he probably had the fish already online but wanted me to think I caught it myself. That one act inspired me to love fishing for the rest of my life. I remember it like it was yesterday but that was about 70 years ago! My Dad, what a guy!"
What act(s) of kindness did you experience this week? Tell us here.
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"It's almost like peeling an onion. Layer by layer, forgiving others, you really do get to the point where you can forgive yourself."
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