1. A Billionaire Pledges to Fight High Drug Prices, and the Industry Is Rattled

    A Billionaire Pledges to Fight High Drug Prices, and the Industry Is Rattled

    HOUSTON—Billionaire John D. Arnold is spending a chunk of his fortune to campaign against America's high drug prices. The drug industry is spending a chunk of its fortune to counter him.

    Mr. Arnold is the biggest single spender on his side of the battle. He made his money placing bets on price swings in the natural-gas market, first as an energy trader at Enron, then at his own hedge fund...

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