5. Cell Therapeutics, Have You No Shame?
Cell Therapeutics (CTIC) CEO Jim Bianco has managed to bring together the dumb and the despicable in truly spectacular fashion this week.
With his company on the brink of bankruptcy, Bianco set out to beg from the group of people he has hurt the most over his career -- his own company's shareholders -- and ask them to approve a plan to increase the number of company shares to 1.2 billion from its present level of 800 million. To get this approval, Bianco borrowed a page from the Jerry Lewis telethon playbook.
"We all have family or friends who have been struck down by cancer. At CTI, we believe we can make cancer more treatable for many cancer patients by advancing the products in our development pipeline; that is our mission," read a letter signed by Cell Therapeutics' CFO Louis Bianco, the brother of the CEO, and sent to shareholders recently.
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