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Our buddy Dom's career includes highlights such as 30% physician kickback for prescribing Remicade, allowing McNeil fall into filth and rubble to be shut down by FDA, massive recalls due to his obvious inability to manage a business.
Keywords: dominic, caruso, johnson & johnson, chief, financial, finance, centocor, remicade
Date Created/Edited: February 2, 2015
According to Dominic Caruso's Bio on the Johnson & Johnson web site, Dominic earned a B.S. degree in business administration from Drexel University. And then...
Prior to joining Centocor in 1985, Dominic got his unique talents at KPMG, one of the Big 4 accounting firms. Seems one of the specialties of that firm is to get major corporations out of paying taxes.
In 1985, Dominic brought his amazing accounting talents to Centocor. Centocor was bought by Johnson & Johnson in 1999. Caruso was part of the package and continue working for Centocor, now a subsidiary of Johnson & Johnson. Interestingly, he was obviously oblivious to accounting warning signs regarding the 30% more charged to health care system to give doctors a 30% kickback for writing prescriptions for Remicade. Geeze, not exactly paying much attention to detail, eh?
Rather than remove an obviously ineffective accountant from the finance system of Johnson & Johnson who was unable to detect obvious financial fraud, Dominic Caruso was actually promoted to financial responsibilities of Ortho-McNeil in 2001 and amazingly was put on the management board for the subsidiary.
Since this guy is obviously far better bullshitting people than handling accounting responsibilities for a global company it's not much of a challenge to figure out what would, and did, happen next.
Most people would believe that Caruso would be a little more on the look-out for fraud to prevent additional damage to his reputation and the reputation of Johnson & Johnson. But, obviously the lesson was missed as Dominic didn't notice a similar scam by Ottho-McNeil-Janssen with off-label promotion and illegal billing through Medicaid and other social programs for Topomax. I wonder if he knew that, at that time, Gorsky was running the off-label OmniCare Risperdal scandal at Janssen? Hm. Two scams running to steal from Medicaid at one time - and we wonder WHY the high cost of healthcare? Duh.
Again, the obvious right choice for an ethical company regarding continued inability of a financial manager to notice and alert upper management to fraud in his unit would have been to terminate his employment to protect the image of the company. However, again he was promoted ;o)
In May of 2003 Dominic was promoted to Vice President, Group Finance for Johnson & Johnson's Medical Devices and Diagnostics Group, and added as a member of the Medical Devices and Diagnostics Group Operating Committee. This is the department that had 93,000 defective hips go out, on the market, into people and then recalled without compensation to the victims. Massive lawsuits are pouring in from all over the world regarding these known defective products.
Dominic would have been in a decision-making role in choosing to pull the known defective devices or continue selling them until suppies were deleted. Well, since the hips are all over the world, if he had any protest, it was over-ruled. This is also the department responsible for continuing the sale and implantation of known defective vaginal mesh. Again, since he is a member of the Medical Devices and Diagnostic Operating Committee, he has a vote in how long the company will continue to increase victims from this horrendous, debilitating product. Another product with massive lawsuits pouring in from all around the world.
Well, it seems his silence with regard to corruption and lack of concern for the health and safety of consumers, I mean incredible accounting skills and adherence to the Johnson & Johnson Credo, brought yet another promotion. In December of 2005 Caruso was given responsibility for the Company's Group Finance organization.
While Dominic was in control of the money at Johnson & Johnson, salaries soared, stock price and dividends increased while consumers were being financially destroyed by skyrocketing healthcare prices, massive job cuts and conditions of the McNeil facility deteriorated to the point of being shut down by the FDA for non-compliance with numerous regulations intended to *prevent* risks to consumers. The subsidiary lacked funding so bad that it literally crumbled into a pit of FDA warnings for lack of equipment service and maintenance, not handling customer complaints and a string of recalls beyond belief. The reasons for FDA inspections is to ensure compliance with regulations intended to protect consumers. FDA regulations are really not a big deal for an ethical company. Basically, maintain equipment, develop motivated employees, maintain a clean workplace, value customer feedback as a tool for growth and ensure a zero-tolerance quality control program to ensure consumer satisfaction and safety. Again, common sense and not a big deal for an existing product line or manufacturing facility.
The incredible failure of responsible financial management of Johnson & Johnson that caused dozens of recalls, dozens of FDA Warnings and ultimate closure of one facility and two others operating under FDA Consent Decree was the basis for a shareholder lawsuit against the company filed in 2011. Named Defendants include: William C. Weldon, Dominic J. Caruso, Colleen A. Goggins and Peter Luther. The Shareholders didn't get the requested jury trial, all they got was a settlement of $23 million.
Finally, after being blind to corruption-driven profit such as 30% physician kickbacks, illegal billing for Medicaid and healthcare products, lack of concern for well-being of consumers AND not being able to manage money well enough to prevent a subsidiary from crumbling into a pit of FDA Warnings so deep the FDA had to take over three facilities, which are *still* running under FDA Consent Decree, Dominic Caruso continues in his role of Vice President, Finance and Chief Financial Officer of Johnson & Johnson, as per his 2007 promotion.
Am I really the only person that finds this outrageous?
1. Johnson & Johnson Staff (Current). Management Team Dominic J. Caruso Biography. Johnson & Johnson Web Site. Retrieved from http://www.investor.jnj.com/governance/managementdetail.cfm?bioid=19177
2. SCO Blog Writer (2007, February 22). Remicade: deceptive pricing, federal lawsuits--and a movie. SCO Recipe Blog. Retrieved from http://blog.scdrecipe.com/blog/2007/02/22/remicade-deceptive-pricing-federal-lawsuits-and-a-movie
3. PRNewsWire (2004?, April 29). Ortho-McNeil-Janssen Pharmaceuticals, Inc. Agrees to $75 Million. Bloomberg. Retrieved from http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=JNJC:AR&sid=aTGtM8shNIWI
4. Emily Patterson (2012, April 13). Johnson & Johnson Risperdal: Broken Laws and Side Effects. Johnson and Toxin. Retrieved from http://www.johnsonandtoxin.com/risperdal.shtml
5. Parija Kavilanz (2011, March 10). U.S. takes over three Tylenol plants. Money.CNN.com. Retrieved from http://money.cnn.com/2011/03/10/news/companies/johnson_mcneil_fda_action/index.htm
6. University of Denver (2012, April 16). United States District Court, District of New Jersey, Civil Action No. 10-4841 (FLW)(DEA). University of Denver. Retrieved from http://www.law.du.edu/documents/corporate-governance/securities-matters/monk/Amended-Complaint-and-Demand-for-Jury-Trial-Monk-v-Johnson-Johnson-No-10-4841-FLW-2013-WL-436514-D-N-J-Feb-5-2013.pdf
7. Emily Patterson (2013, July 19). Johnson & Johnson Pacifies Shareholder Lawsuit with Pathetic $23 Million. Johnson and Toxin. Retrieved from http://www.johnsonandtoxin.com/jnj_shareholder_settlement.shtml