New CEO kitchen-sinks Valeant hangover

Joseph Papa has been busy. The new chief executive of Valeant Pharmaceuticals International went big with bad news on Tuesday, reporting weaker-than-expected first-quarter results and once again cutting the troubled drugmaker's full-year financial guidance. Part of it is the hangover of the recent debacles under former CEO Michael Pearson. The rest surely stems from the time-honored tradition of new bosses throwing in the kitchen sink.