wolf pack that a drove allegan into partnership. why do you believe that he is the villain? >> the whole deal that was constructed between valiant was the first of its kind. the pharmaceutical company with a hedge fund. it was the way that it came together. the very first day of announcement making a profit of a tidy $950 million. and secondly, you raise the the effectively sneak up on us. and the company, i totally understand it. i don't have an issue with it. betty: you make some pretty strong allegations and opinions. what moren himself would you like to see him do? activist investors himself. what do you want to do to rein them in? >> i always go back to my principal point. the only body can access all those details. activist's int general. they have a real role where places are underperforming. but i think we are in a phase right now where you can see strong and good companies also being subject to a lot of rusher. scrollback five years from now, 10 years from now. what happened during that time, -- betty: it's hard to make that distinction though, david. >> i come back

you're talking about 10 allegan up a $40 billion deal. these huge deals.his aspect with the mudslinging in the press every day. the bb&t banking deal announced. turning back to pharmaceuticals, valley and -- valium pharmaceuticals as well. the viagra drug they but less week -- pimm: a billion dollars. ed: a billion dollars. the fda approved this drug on tuesday. the lowest level possible. on thene day she is program, the next day she gets a billion dollars. what is crazy. the fda is saying take this drug at your own risk. there is a lot of risk and a lot of transit doesn't work. the fda rate this point. is willing tont buy for a billion dollars. pimm: here's the chronology. get the idea. they did the pharmaceuticals deal. and then they acquire -- this is what valeant is all about. this is their business model. ed: they think of themselves as sort of a pharmaceutical conglomerate. gastrointestinal, none have viagra. whether or not that works remains to be seen. the one thing we can be sure with valeant, they will continue to make deals. we will see more dea

ott: the deal constructed by allegan and pershing square was the first of its kind. this was a team of a strategic company, a pharmaceutical company with a hedge fund. what was curious was the way it came together, which led to pershing square, on the vary for stay of announcement, making a profit of a tidy $950 million. that was really the first point. i still sincerely hope that the sec will look into all the details of what occurred before that bid was cast. and secondly, you raised to the of then -- excuse me -- level playing field for activist. that is really the issue they were able to effectively sneak up on us. they had 9.7% of the company before we knew anything about it. and of course, when you make such a move, you clearly want to get the maximum momentum that you can. so other like-minded firms, event-driven funds should also join the crowd. and then off you go. and a lot of pressure is put on the company's board and the company's management. i totally understand it. i don't have it issue with that. things are done the appropriate way, following all the r