No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomecapitalismMartin Shkreli, 'price-gouging' CEO, bankrolled punk label - and his punk-rock friends...

Martin Shkreli, ‘price-gouging’ CEO, bankrolled punk label – and his punk-rock friends now hate him

Domenic “Nicky” Palermo, 34, is in a pretty successful band, but that doesn’t mean he’s had a glamorous life. The frontman of the Philadelphia-based quartet Nothing, founded in 2010, plays more than 100 shows per year for up to 1,000 people per show, but he grew up poor in a single-parent family. He’s even done time in jail.

And he could never afford health care.

“I’ve been a person who hasn’t had health insurance for pretty much my whole life since I was a kid,” Palermo said in a telephone interview with The Washington Post. “I’ve had broken bones. I’ve had to Super Glue my forehead shut when I hit myself with a guitar. I owe money to hospitals for things.”

So Palermo was horrified this week to learn that Collect Records, with which Nothing had signed to release two albums, was bankrolled in part by Martin Shkreli. The Turing Pharmaceuticals chief executive was shredded this week by Hillary Clinton, among many, many others, for raising the price of a drug used to treat HIV/AIDS from $18 to $750, or more than 4,000 percent.

“Price gouging like this in the specialty drug market is outrageous,” Clinton wrote on Twitter.

For Palermo, the problem was political. But it was also personal.

“I just can’t spend that five years and then attach myself to someone who is doing what Martin is doing,” Palermo said of his time in Nothing.

After facing global outrage and criticism of price-gouging customers for Daraprim, an important treatment for a parasitic infection that can be fatal to those with compromised immune systems, Shkreli retreated Tuesday.

“We’ve agreed to lower the price on Daraprim to a point that is more affordable and is able to allow the company to make a profit, but a very small profit,” he told ABC News. “We think these changes will be welcomed.”

Shkreli’s compromise may alleviate the concerns of humanitarians – but punk rock has a longer memory. Collect was founded by Geoff Rickly of the iconic band Thursday, who is known for his leftist politics – and now, his regret for Shkreli’s involvement with his label.

“My head is still spinning, and though I want to believe that there is some reason that he would do this that is some remotely positive way, the only thing I can see is that it is totally and completely heartbreaking,” Rickly told Noisey about the CEO.

Rickly said that he met Shkreli when the CEO – a Thursday fan – contacted him on Twitter to buy his guitar. “As a musician, steady income is hard to come by, so sometimes you do things to make ends meet,” Rickly said of the sale.

But the transaction was the beginning of conversations that resulted in Shkreli becoming a “silent partner” in Collect. Rickly said the CEO’s involvement was limited – that he “never asked to see the bottom line” and had no “check and balance.” Morever, Shkreli supported Rickly when he tried to give more control to artists on the label – a punk-rock must.

“There were no red flags at that time,” Rickly told Noisey. “I genuinely enjoyed his company, and I was just excited for the opportunity to work with him and to have someone who believed in my vision for the future.”

Now, that bright future has turned to ashes.

“I can’t see my future at all in the label,” he told Noisey.

He pointed a finger at the system.

“Artists get blamed for everything and capitalism is never held accountable,” he told Noisey. “I really think that if Collect is going to be scrutinized as being capitalism, but that is how music survives. I’m not making excuses for what has happened, but there is no corner of the music industry that doesn’t live and breathe from subsidies from business. It’s reductive and hypocritical to hold us and only us accountable though, we are all at fault in some greater way.”

Some bands on the Collect roster, meanwhile, stood by Rickly – while stridently distancing themselves from Shkreli, saying they had never met him.

“I personally 100% am NOT F-KING OK with this guy and his business tactics,” Hether Fortune of Wax Dolls, a Collect band, wrote on the band’s Facebook page. “If any of you have learned anything about me through being a fan of the band, I hope that you would know by now that this kind of advantageous rich guy greed goes against everything that I stand for.”

She added: “Shkreli essentially donates money to the label. … Therefore by supporting Wax Idols and buying our record, you are NOT contributing to this a-hole’s bank account.”

“We would like to make one thing clear – we would never knowingly work with Martin Shkreli, or anybody willing to walk across the backs of the sick and dying with a smile on their face for the sake of making a profit,” Creepoid, another Collect band, wrote on Facebook. “As long as Shkreli is involved with Collect Records, directly or indirectly, we cannot be.”

Palermo of Nothing, meanwhile, said he has a new record – “Tired of Tomorrow” – that belongs to Collect, and isn’t sure how, when or if he can get his music away from the label and the stigma Shkreli has brought it. The CEO’s name isn’t on the contracts Palermo signed, he said, and the band is looking at its legal options.

But what will Shkreli do if Nothing jumps ship?

“We would probably need to speak to another label,” Palermo said. “We really don’t know what’s going on. That’s the f–ked part. Who knows how this guy could react?”

Palermo added: “It’s kind of a bum out.”

© 2015, The Washington Post

Trending Now

A Little-Known Tick Virus Turns Up in Costa Rica for the First Time

Costa Rican scientists have detected the Jingmen tick virus in the country for the first time, the earliest confirmed presence of the pathogen anywhere...

El Salvador’s Bukele Wins Primary for Third Presidential Term

President Nayib Bukele received the official nomination of his Nuevas Ideas party for the 2027 presidential election, clearing the path for a third consecutive...

Late Messi Magic Sends Argentina Past England Into World Cup Final

Argentina overturned a one-goal deficit in the closing minutes to beat England 2-1 in Atlanta on Wednesday, sending the defending champions through to the...

Costa Rica Lands Two Retreats in the World’s Wellness Top Five

Two Costa Rican retreats have been named among the five best international wellness destinations in Travel + Leisure’s 2026 World’s Best Awards, extending a...

Costa Rica Warns Beachgoers After Avian Flu Case and Pelican Reports

Reports of sick and unusually calm pelicans along Costa Rica’s Pacific coast have prompted renewed warnings to beachgoers after authorities confirmed a case of...

Could Costa Rican Farmer Be the Oldest Person Alive?

José Flores Flores, a Guanacaste farmer whose reported birth date is supported by Costa Rican civil and church records, celebrated his 119th birthday Saturday...

Costa Rica Animal Welfare Bill Would Reshape Rules for Breeders and Festivals

An animal welfare bill now before the Legislative Assembly would require veterinary supervision for anyone who breeds animals commercially, impose new operating standards on...

High Surf hits Costa Rica’s Caribbean Coast with Rip Current Risk

If you're planning beach days on the Caribbean side over the next several days, plan for rough water. Waves are running above two meters...

Liquid Blue Co-Founder Michael Vangerov Dies in Car Accident

Michael Vangerov, a founding guitarist of the internationally touring band Liquid Blue and a fixture of the live music scene along Costa Rica's South...
🌴 The Weekly Pura Vida

Costa Rica, Once a Week

The week's top stories, weather & insider tips — delivered every Sunday. One email, zero clutter.

🔒 Free. No spam. Unsubscribe anytime.

Loading…

Latest News from Costa Rica

Costa Rica Coffee Maker Chorreador
Costa Rica Car Rentals
Costa Rica Travel Insurance
Costa Rica Travel