Trump's HHS Nominee Tom Price Got a Sweetheart Deal on Health Stock

[SummerMadness]

Trump's HHS Nominee Tom Price Got a Sweetheart Deal on Health Stock

When tiny Australian biotech firm Innate Immunotherapeutics needed to raise money last summer, it didn’t issue stock on the open market. Instead, it offered a sweetheart deal to "sophisticated U.S. investors," company documents show.

It sold nearly $1 million in discounted shares to two American congressmen sitting on House committees with the potential power to advance the company’s interests, according to company records and congressional filings. They paid 18 cents a share for a stake in a company that was rapidly escalating in value, rising to more than 90 cents as the company promoted an aggressive plan to sell to a major pharmaceutical company. Analysts said the stock price could go to $2.

 

[Hank77]

No wonder nothing gets done about lowering drug prices when Congressmen own stock in drug companies.

Project Drain the Swamp
How fast do you think Congress would be emptied if they were not allowed to make investments like this as long as they are in office. There would be very few career politicians in DC.

 

[CGL1023]

Trump's HHS Nominee Tom Price Got a Sweetheart Deal on Health Stock

Trump's HHS Nominee Tom Price Got a Sweetheart Deal on Health Stock

My personal response to articles like this is to pray for the president-elect, his family members, the incoming administration and more.

 

[SummerMadness]

My personal response to articles like this is to pray for the president-elect, his family members, the incoming administration and more.

Is the prayer for or against corruption?

 

[Zoii]

I'm actually Australian. While I cant fathom your country's choice of president, the fact is Mr Trump received massive support and easily defeated the opposition - it wasn't even close.

Now again I cant think why he is so popular, but that's none of my concern. The fact is Americans believe he is the best leader they could find in their country and you have to accept it. Now whatever results from it all - corruption, unpopular bills etc - this is what the American public has signed up for and I believe the public there are walking into their future with their eyes open.

 

[Zoii]

On another note (and this wont be supported here I realise) I believe President Obama to be your best president, who inherited a GFC and two wars sinking the country into massive debt and unemployment. He has recovered the country substantially and occupied his position with enormous grace and dignity; and in the process restored some of the trust of my country that was lost by his predecessor.

 

[JackRT]

On another note (and this wont be supported here I realise) I believe President Obama to be your best president, who inherited a GFC and two wars sinking the country into massive debt and unemployment. He has recovered the country substantially and occupied his position with enormous grace and dignity; and in the process restored some of the trust of my country that was lost by his predecessor.

I echo that opinion.

 

[Hank77]

On another note (and this wont be supported here I realise) I believe President Obama to be your best president, who inherited a GFC and two wars sinking the country into massive debt and unemployment. He has recovered the country substantially and occupied his position with enormous grace and dignity; and in the process restored some of the trust of my country that was lost by his predecessor.

There are people here who like President Obama very much so I'm sure that they will appreciate your opinions and to know that he was effective in restoring some of the trust that your country had lost in the US.

 

[Steve Petersen]

If Tom Price Is Corrupt, So Is Nearly Every Democrat

 

[iluvatar5150]

<deleted>

 

[hislegacy]

FAKE NEWS: CNN Reports Tom Price Bought Health Care Stock, Then Enriched Himself. Nope.

CNN Missed – Or Ignored – Key Facts About Tom Price’s Health Care Stocks

Trump team: Tom Price stock allegations 'demonstrably false'

It is another case of CNN fake news.

 

[Hank77]

If Tom Price Is Corrupt, So Is Nearly Every Democrat

This article and the postings made by his friend only address Zimmer Biomet which makes hip and knee replacements. We have no idea when he knew about the purchase, he hasn't said that I know of.

The more concerning issue is the drug company investments which happened over a longer period of time, so he had to have known about them.
He did not do anything illegal by purchasing them and I am sure there are the same types of investments going on, on both sides of the aisle.

I don't remember CNN saying that Mr. Price was corrupt only that he and another congressman own personal shares in a drug company that would be applying to the FDA. This would be a clear conflict of interest.

Personally I believe that if a congressperson has a personal financial interest in a particular industry they should refrain from sitting on committees that write bills pertaining to that industry or turn their investments over to a blind trust.

 

[iluvatar5150]

FAKE NEWS: CNN Reports Tom Price Bought Health Care Stock, Then Enriched Himself. Nope.

CNN Missed – Or Ignored – Key Facts About Tom Price’s Health Care Stocks

Trump team: Tom Price stock allegations 'demonstrably false'

It is another case of CNN fake news.

Oh, you guys are funny. This isn't the only stock purchase in question. He was asked about others in the hearing and said that he -not the broker- chose to buy them.

The important snippet:

https://www.facebook.com/

The full video:
HHS Nominee Representative Tom Price Testifies | Video | C-SPAN.org

 

[Hank77]

This article and the postings made by his friend only address Zimmer Biomet which makes hip and knee replacements. We have no idea when he knew about the purchase, he hasn't said that I know of.

The more concerning issue is the drug company investments which happened over a longer period of time, so he had to have known about them.
He did not do anything illegal by purchasing them and I am sure there are the same types of investments going on, on both sides of the aisle.

I don't remember CNN saying that Mr. Price was corrupt only that he and another congressman own personal shares in a drug company that would be applying to the FDA. This would be a clear conflict of interest.

Personally I believe that if a congressperson has a personal financial interest in a particular industry they should refrain from sitting on committees that write bills pertaining to that industry or turn their investments over to a blind trust.

I had to Edit the above post as I noticed I had written 'legal' when I meant 'illegal'. Price had not done anything 'illegal'.

 

[Hank77]

Oh, you guys are funny. This isn't the only stock purchase in question. He was asked about others in the hearing and said that he -not the broker- chose to buy them.

The important snippet:

https://www.facebook.com/

The full video:
HHS Nominee Representative Tom Price Testifies | Video | C-SPAN.org

Thank you so much for posting this video.

Now I have to go back and read again a previous article.

 

[Hank77]

Price’s participation in a private placement of stock by Innate Immunotherapeutics was first reported by Kaiser Health News last week. The congressman’s largest purchase of Innate Immunotherapeutics stock was between $50,001 and $100,000 during the company’s private placement on Aug. 31, 2016.


Murray further questioned Price on whether he thought it was appropriate for members of Congress to be trading stocks that could benefit from legislation under consideration, adding that the 21st Century Cures Act had numerous provisions that would benefit Innate Immunotherapeutics.


“Do you believe it is appropriate for a senior member of Congress actively involved in policy making in the health sector to repeatedly personally invest in a drug company that could benefit from those actions?” Murray asked. “Yes or no?”


“That’s not what happened,” Price said.

Tom Price Just Contradicted Trump Team's Defense Of His Questionable Stock Trades | The Huffington Post

A private placement is the sale of securities to a relatively small number of select investors as a way of raising capital. Investors involved in private placements are usually large banks, mutual funds, insurance companies and pension funds. A private placement is different from a public issue, in which securities are made available for sale on the open market to any type of investor.

Since a private placement is offered to a few select individuals, the placement does not have to be registered with the Securities and Exchange Commission (SEC). In many cases, detailed financial information is not disclosed and the investment is not sold by prospectus.

Private Placement

 

[Aryeh Jay]

So many anti American and capitalist people! Free enterprise is what will make America great.

 

[hislegacy]

if you want run with a fake news item, more power to you. but it has been debunked

 

[iluvatar5150]

if you want run with a fake news item, more power to you. but it has been debunked

Ignore the CNN report. That's fine. But don't use their bad reporting to pretend like there are zero issues with this guy's stock purchases.

 

[hislegacy]

Ignore the CNN report. That's fine. But don't use their bad reporting to pretend like there are zero issues with this guy's stock purchases.

It has already been vetted, there is nothing there.