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Sat Apr 1, 2017, 01:11 AM

 

Tom Price Intervened on Rule That Would Hurt Drug Profits, the Same Day He Acquired Drug Stock

Source: propublica.org

On the same day the stockbroker for then-Georgia Congressman Tom Price bought him up to $90,000 of stock in six pharmaceutical companies last year, Price arranged to call a top U.S. health official, seeking to scuttle a controversial rule that could have hurt the firms’ profits and driven down their share prices, records obtained by ProPublica show.

Stock trades made by Price while he served in Congress came under scrutiny at his confirmation hearings to become President Trump’s secretary of health and human services. The lawmaker, a physician, traded hundreds of thousands of dollars’ worth of shares in health-related companies while he voted on and sponsored legislation affecting the industry, but Price has said his broker acted on his behalf without his involvement or knowledge. ProPublica previously reported that his trading is said to have been under investigation by federal prosecutors.

On March 17, 2016, Price’s broker purchased shares worth between $1,000 and $15,000 each in Eli Lilly, Amgen, Bristol-Meyers Squibb, McKesson, Pfizer and Biogen. Previous reports have noted that, a month later, Price was among lawmakers from both parties who signed onto a bill that would have blocked a rule proposed by the Obama administration, which was intended to remove the incentive for doctors to prescribe expensive drugs that don’t necessarily improve patient outcomes.

What hasn’t been previously known is Price’s personal appeal to the Centers for Medicare & Medicaid Services about the rule, called the Medicare Part B Drug Payment Model. The same day as the stock trade, Price’s legislative aide, Carla DiBlasio, emailed health officials to follow up on a request she had made to set up a call with Patrick Conway, the agency’s chief medical officer. In her earlier emails, DiBlasio said the call would focus on payments for joint replacement procedures. But that day, she mentioned a new issue.

Read more: https://www.propublica.org/article/tom-price-intervened-rule-hurt-drug-profits-same-day-acquired-drug-stock



While in Congress, HHS Secretary Tom Price acted to help kill a rule that would hurt drug company profits shortly after his broker bought him up to $90,000 worth of pharmaceutical stock.

GOP insider trading has been going on for a long time

18 replies, 7642 views

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Arrow 18 replies Author Time Post
Reply Tom Price Intervened on Rule That Would Hurt Drug Profits, the Same Day He Acquired Drug Stock (Original post)
elmac Apr 2017 OP
democratisphere Apr 2017 #1
tenorly Apr 2017 #2
Scarsdale Apr 2017 #6
IronLionZion Apr 2017 #8
mdbl Apr 2017 #3
Vinca Apr 2017 #4
dalton99a Apr 2017 #17
KewlKat Apr 2017 #5
DK504 Apr 2017 #12
Bradical79 Apr 2017 #15
Blue_Tires Apr 2017 #18
elmac Apr 2017 #13
Historic NY Apr 2017 #7
jpak Apr 2017 #9
diva77 Apr 2017 #16
elleng Apr 2017 #10
KewlKat Apr 2017 #11
YOHABLO Apr 2017 #14

Response to elmac (Original post)

Sat Apr 1, 2017, 02:31 AM

1. Tom Price is another super creepy drumpfanov shill.

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Response to elmac (Original post)

Sat Apr 1, 2017, 03:16 AM

2. Southern efficiency and Northern charm.

That, plus enough third-world style kleptocracy to make Uribe and Mobutu blush, and you've got Trump and Tom Price.

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Response to tenorly (Reply #2)

Sat Apr 1, 2017, 07:06 AM

6. Minus the "charm"

Are there ANY HONEST republicans, or are they all underhanded snakes? They sure came out of the woodwork with the Agent Orange takeover. Someone should tell first lady/wife Ivanka not to get too comfortable in her office at the WH.

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Response to tenorly (Reply #2)

Sat Apr 1, 2017, 08:03 AM

8. And Russian oligarchy

A government of billionaires making themselves richer while screwing everyone else

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Response to elmac (Original post)

Sat Apr 1, 2017, 05:37 AM

3. just another good ole' boy repug

just trying to line his pockets.

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Response to elmac (Original post)

Sat Apr 1, 2017, 06:32 AM

4. This guy is one of the dirtiest of the bunch.

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Response to Vinca (Reply #4)

Mon Apr 3, 2017, 10:43 AM

17. Makes ya wonder how many people he maimed when he was a surgeon

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Response to elmac (Original post)

Sat Apr 1, 2017, 07:04 AM

5. isn't this one of the cases that Preet was working on

Last edited Sat Apr 1, 2017, 08:43 AM - Edit history (1)

When he was fired?

http://thehill.com/blogs/blog-briefing-room/news/324539-preet-bharara-said-to-have-been-investigating-tom-price

Not much more at the link. Very short.

Preet Bharara, the former U.S. attorney fired by the Justice Department last week, was investigating Health and Human Services Secretary Tom Price at the time of his dismissal, Pro Publica reported Friday.

The former New York attorney's probe concerned the legitimacy of Price’s investments in biotech companies.

Democrats accused Price of using his congressional office to benefit himself, though the former lawmaker insisted that the trades were proper and legal.


https://www.propublica.org/article/preet-bharara-fired-investigating-tom-price-hhs-stock-trading

SNIPS....more at the link

Price testified at the time that his trades were lawful and transparent. Democrats accused him of potentially using his office to enrich himself. One lawmaker called for an investigation by the Securities and Exchange Commission, citing concerns Price could have violated the STOCK Act, a 2012 law signed by President Obama that clarified that members of Congress cannot use nonpublic information for profit and requires them to promptly disclose their trades.

In December, the Wall Street Journal reported that Price traded more than $300,000 worth of shares in health companies over a recent four-year period, while taking actions that could have affected those companies. Price, an orthopedic surgeon, chaired the powerful House Budget Committee and sat on the Ways and Means Committee’s health panel.

In one case, Price was one of just a handful of American investors allowed to buy discounted stock in Innate Immunotherapeutics — a tiny Australian company working on an experimental multiple sclerosis drug. The company hoped to be granted “investigational new drug” status from the Food and Drug Administration, a designation that expedites the approval process.

Members of congress often try to apply pressure on the FDA. As ProPublica has reported, Price’s office has taken up the causes of health care companies, and in one case urged a government agency to remove a damaging drug study on behalf of a pharmaceutical company whose CEO donated to Price’s campaign.

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Response to KewlKat (Reply #5)

Sat Apr 1, 2017, 10:43 AM

12. And of course the Congress voted down a law that would stop their ability to partake

in insider trading. Martha Stewart goes to prison and these guys make more money in one day than 50% of Americans make in a year.

But that's cool, we don't mind.

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Response to DK504 (Reply #12)

Mon Apr 3, 2017, 10:58 AM

18. Yeah, I was going to mention

that Stewart went to the joint for a lot less than this...

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Response to KewlKat (Reply #5)

Sat Apr 1, 2017, 10:53 AM

13. yep, tRump shut it down by firing Preet. nt

 

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Response to elmac (Original post)

Sat Apr 1, 2017, 07:34 AM

7. Sort of like insider trading...

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Response to elmac (Original post)

Sat Apr 1, 2017, 08:16 AM

9. Price is the sleaziest of them all

yup

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Response to jpak (Reply #9)

Mon Apr 3, 2017, 01:17 AM

16. While everyone else in his medical school class took Hippocratic oath, he took Hypocrite oath

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Response to elmac (Original post)

Sat Apr 1, 2017, 08:24 AM

10. Get him OUT!

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Response to elmac (Original post)

Sat Apr 1, 2017, 08:44 AM

11. kick

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Response to elmac (Original post)

Sat Apr 1, 2017, 08:34 PM

14. He's just another crook in this administration. If you're a crook, you're in.

 

He should be prosecuted for this. He won't be.

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