While the Valeant (VRX) soap opera has had constant, heart-pounding drama for weeks and following yesterday’s report that it allegedly fabricated prescriptions, even an element of career-ending (and prison-time launching) criminality, so far one thing had been missing: an antagonist tied to Goldman Sachs.

Thanks to a profile by Bloomberg, we are delighted to reveal the “missing link”, one which ties everything together. Its name is Howard Schiller.

Schiller was, between December 2011 and June 2015, the CFO of Valeant, and is currently on its board of directors.

More importantly, prior to joining Valeant, he worked for 24 years at Goldman Sachs as chief operating officer for the Investment Banking Division of Goldman Sachs, responsible for the management and strategy of the business.

How and why did Schiller end up at Valeant? Jeff Ubben, of the hedge fund ValueAct Capital, helped bring in J. Michael Pearson from McKinsey to run Valeant. Pearson then helped lure Schiller from Goldman Sachs.

And, as Howard Schiller, “Goldman Sachs and other banks brought in investors, making many millions in fees in the process.”

All thanks to the “roll-up” strategy that blossomed and ballooned under Schiller.

Because much more important than using Valeant as a Wall Street fee piggybank, which in turn resulted in a circular loop whereby virtually every analyst covering the company had a “buy” recommendation as we showed two weeks ago…

…. which then pushed its price ever higher, making it even easier to acquire smaller (or larger) companies using the stock as currency, and creating the impression of virtually perpetual growth (simply due to the lack of any purely organic growth comps), and even more important than the company’s current fiasco involving Philidor (which may or may not involve a criminal investigation before too long), was that Valeant was nothing more than a massively indebted serial acquirer, or a “roll-up”, taking advantage of the recent euphoria for specialty pharma exposure, and with Ackman on board, a sterling activist investor to provide his stamp of approval (recall the surge of Weight Watchers stock just because Oprah Winfrey came on board).

That aggressive roll up strategy was the brainchild of Schiller (and Pearson) which in turn was developed with Wall Street’s help in one massive monetary synergy, whereby everyone profited, as long as the stock kept going up.

With the price crashing, the entire business model of the Valeant “roll-up” has now come undone.

So now that the time to count bodies has begun, let’s meet the architect who was the brain behind Valeant aggressive expansion spree.

Schiller ran Goldman Sachs’ health-care practice until 2009, when he became the chief operating officer of Goldman’s investment bank. The next year, the bank advised Valeant on its breakout purchase of Biovail Corp.

After Schiller arrived at Valeant, in late 2011, the drug company orchestrated some of its most controversial deals. In the process, Valeant enriched its shareholders. Its market value soared from $14 billion to $70 billion during Schiller’s tenure as CFO, as one Wall Street analyst after another placed “buy” on its stock.