Read time: 2 minutes

Trump's HHS Nominee Invested In A Company, Then Introduced Legislation To Help It

In some circles, we call this corruption.
Views:

Department of Health and Human Services nominee Tom Price is as corrupt as they come, but his confirmation hearing is going forward anyway, in spite of this late-breaking news.

CNN is reporting that Price made an investment in a biomedical company called Zimmer Biomet, then introduced legislation to help it, and then took a campaign donation from them.

Price bought between $1,001 to $15,000 worth of shares last March in Zimmer Biomet, according to House records reviewed by CNN.

Zimmer Biomet, one of the world's leading manufacturers of knee and hip implants, was one of two companies that would been hit the hardest by the new CMS regulation that directly impacts the payments for such procedures, according to press reports and congressional sources.

After Price offered his bill to provide Zimmer Biomet and other companies relief from the CMS regulation, the company's political action committee donated to the congressman's reelection campaign, records show.

What a nice return on his investment! Make up to $15,000 in cash investment, introduce a nice bill taking them off the hook, and get a campaign donation as a bonus!

This isn't the first time this kind of report has surfaced about Price, either.

The new revelation is the latest example of Price trading stock in a health care firm at the same time as pursuing legislation that could impact a company's share price. The issue has become a major liability for the congressman after The Wall Street Journal reported last month that he traded roughly $300,000 in shares over the past four years in health companies while pursuing legislation that could impact them.

Dig deep into your memories now, and go all the way back to 2009 when Tom Daschle was up for confirmation. I know it was a long time ago, but remember with me when the New York Times called for him to withdraw from the confirmation process over allegations that he took the services of a car and driver, something that concerned him enough to ask his accountant to look into it.


↓ Story continues below ↓

Mr. Daschle is another in a long line of politicians who move cozily between government and industry. We don’t know that his industry ties would influence his judgments on health issues, but they could potentially throw a cloud over health care reform. Mr. Daschle could clear the atmosphere by withdrawing his name.

Weird how similar op-eds aren't being published by the New York Times now, isn't it? Whatever you may or may not think of Daschle, what Tom Price is doing is outright corruption, and it seems to be escaping Those Who Might Know Better.

The Trump administration and cabinet will be the most corrupt in U.S. history, but you won't know about it from the New York Times.

More C&L Coverage

Comments

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.