Finally, our lovable commentator has had his wish granted, Globust Goes Public? NOT! Just kidding! Gotcha, didn't we? We'll have to spare the celebratory non-sense for another day. Would TSB have a shot at underwriting Globust? Highly unlikely. Anyway back to the real story.....
It was reported on February 28th, 2012 in a publication named Med City News that an "Orthopedic Device CEO was fined for distributing products without the FDA's approval." It seems like the FDA has reached a civil settlement with Globust (We haven't gone public.......yet) Medical for distribution of unapproved medical devices. Seems like the mighty Globust is just a wee bit lighter in the pocket having to cough up $550,000 for the penalty, while David C. Paul, the firm's CEO had to personally cough up $450,000 for a total of $1 million.
During an inspection, and as required by law, back in 2010 FDA investigators had learned that the company had marketed its NuBone OSTEO.....INDUCTIVE product without pre-market approval or clearance as required by law. In January 2009, the GLO-BUST had sought clearance, but the FDA had declined the request citing that the product was not substantially equivalent to legally marketed products, but it seems GLOBUST continued to do so even after receiving the letter.
The result? The FDA then filed a complaint for civil monetary penalties against GLOBUST and the company's CEO. Of course, what other recourse or action was left for the FDA? When someone says no, it doesn't mean yes. Now TSB is not even going to attempt to figure out how to state the word no in the Indian Language considering that the last time we studied about our Indian Brethren there were at least 110-115 languages spoken. But no is no. So here are some other ways that the FDA could have conveyed its message;
Wonder if old Dave had to cough that up out of his personal account or did the company spring for his faux pas, anyway, looks like his assistant Tatoo might not be accompanying him on his next go round when he walks the trade shows. Until, then you know what Earl King would sing;
People see me but they just don't know, What's in my heart and why I love you so
I love you baby like a miner loves gold, so come on baby let the good times roll
Love is nice when its understood, its even better when you're feeling good
You got me flipping' like a flag on a pole, so come on baby let the good times roll
Let The Good Times Roll.