I seem to remember...
...that there was a little law in place that forbade Insider Trading. But I am staring down the barrel of an issue that I believe smacks of the same ethical problem. This issue is politics as it relates to the favor that a politician may bestow upon a certain cause, based on the fact that they themselves have financial stake in what the outcome of that legislation is. Before I get too deep into this, let's examine what constitutes Insider Trading:
Insider trading is the trading of a corporation's stock or other securities (e.g. bonds or stock options) by individuals with potential access to non-public information about the company.
I am sure we are all aware of what happened to Martha Stewart a few years ago and all that jazz... but here's what gets me. We have politicians within our own government... hold vast amounts of investments, some of whom even sit on the boards of health care companies.
Jackie Clegg Dodd, wife of Sen. Chris Dodd, serves on the boards of Javelin Pharmaceuticals Inc., Cardiome Pharma Corp., Brookdale Senior Living, and Pear Tree Pharmaceuticals
Sen. Tom Harkin, has a joint ownership stake in health-related stocks. Harkin and his wife, Ruth Raduenz, own shares of drug makers Amgen and Genentech, Inc.
Senate Minority Whip Jon Kyl, R-Ariz., reported $15,001 to $50,000 in stock in Amgen Inc., which develops medical therapeutics. Kyl's retirement account held stakes in several health care businesses, including the Wyeth, Bristol-Myers Squibb Co., GlaxoSmithKline, Pfizer and AstraZeneca pharmaceutical companies; medical provider Tenet Healthcare Corp.; CVS Caremark prescription and health services company; Genentech, a biotherapeutics manufacturer; and insurer MetLife Inc.
Sen. Judd Gregg, R-N.H., disclosed $1,000 to $15,000 each in stock in pharmaceutical companies Merck & Co., and Pfizer, the Johnson & Johnson health care products company and Agilent Technologies, which is involved in the biomedical industry.
Sen. Tom Coburn, R-Okla., is a practicing physician. He reported slight business income, $268, from the Muskogee Allergy Clinic last year; $3,000 to $45,000 in stock in Affymetrix Inc., a biotechnology company and pioneer in genetic analysis; $1,000 to $15,000 in stock in Pfizer Inc., a pharmaceutical company; and a $1,000 to $15,000 interest in Thomas A. Coburn, Md., Inc.
Sen. Jay Rockefeller, D-W.Va., reported $15,001 to $50,000 in capital gains for his wife from the sale of a stake in Athenahealth Inc., a business services company that helps medical providers with billing and clinical operations. Rockefeller is honorary chairman of the Alliance for Health Reform, a Washington nonprofit whose board includes representatives from the UnitedHealth Group health insurance company; AFL-CIO labor union; the AARP, which sells health insurance; St. John Health, a nonprofit health system that includes seven hospitals and 125 medical facilities in southeast Michigan; CIGNA Corp., an employer-sponsored benefits company; and the United Hospital Fund of New York.
Sen. Orrin Hatch, R-Utah, a member of the Finance and Health committees, reported owning between $1,001 and $15,000 worth of stock in drug maker Pfizer Inc. He spoke to two pharmaceutical industry conferences last year.
Just to name a few...
Does that really sound like a group of people that would approach the subject of health care reform with open minds? There's no way that these people are going to push for real reform. But doesn't this sort of thing sound a hell of a lot like insider trading?!? In more ways than I can count, the decisions of our government directly affect the future fate of these insurance companies. This situation is absolutely one-hundred percent flat out corruption. These Senators and Congressmen say that this is not the case, but just because you are required to publicly announce what lobbyists you are taking money from, doesn't make it any less corrupt. That's just their cute little way of getting around true ethics reform in the government.
The time has come for US citizens to send a clear message to the government. A message that we demand reform with regard to lobbyist influence as well as the eradication of personal gain conflicts of interest. Say for instance, that there's a bill to reform health care that might somehow negatively affect the stock value of a health care company that a Senator has investments in... then that Senator should be forced, by law, to declare a conflict of interest and be barred from voting on that topic. Because otherwise, how is the practice of voting on these topics any different than insider trading?
Insider trading is the trading of a corporation's stock or other securities (e.g. bonds or stock options) by individuals with potential access to non-public information about the company.
I am sure we are all aware of what happened to Martha Stewart a few years ago and all that jazz... but here's what gets me. We have politicians within our own government... hold vast amounts of investments, some of whom even sit on the boards of health care companies.
Jackie Clegg Dodd, wife of Sen. Chris Dodd, serves on the boards of Javelin Pharmaceuticals Inc., Cardiome Pharma Corp., Brookdale Senior Living, and Pear Tree Pharmaceuticals
Sen. Tom Harkin, has a joint ownership stake in health-related stocks. Harkin and his wife, Ruth Raduenz, own shares of drug makers Amgen and Genentech, Inc.
Senate Minority Whip Jon Kyl, R-Ariz., reported $15,001 to $50,000 in stock in Amgen Inc., which develops medical therapeutics. Kyl's retirement account held stakes in several health care businesses, including the Wyeth, Bristol-Myers Squibb Co., GlaxoSmithKline, Pfizer and AstraZeneca pharmaceutical companies; medical provider Tenet Healthcare Corp.; CVS Caremark prescription and health services company; Genentech, a biotherapeutics manufacturer; and insurer MetLife Inc.
Sen. Judd Gregg, R-N.H., disclosed $1,000 to $15,000 each in stock in pharmaceutical companies Merck & Co., and Pfizer, the Johnson & Johnson health care products company and Agilent Technologies, which is involved in the biomedical industry.
Sen. Tom Coburn, R-Okla., is a practicing physician. He reported slight business income, $268, from the Muskogee Allergy Clinic last year; $3,000 to $45,000 in stock in Affymetrix Inc., a biotechnology company and pioneer in genetic analysis; $1,000 to $15,000 in stock in Pfizer Inc., a pharmaceutical company; and a $1,000 to $15,000 interest in Thomas A. Coburn, Md., Inc.
Sen. Jay Rockefeller, D-W.Va., reported $15,001 to $50,000 in capital gains for his wife from the sale of a stake in Athenahealth Inc., a business services company that helps medical providers with billing and clinical operations. Rockefeller is honorary chairman of the Alliance for Health Reform, a Washington nonprofit whose board includes representatives from the UnitedHealth Group health insurance company; AFL-CIO labor union; the AARP, which sells health insurance; St. John Health, a nonprofit health system that includes seven hospitals and 125 medical facilities in southeast Michigan; CIGNA Corp., an employer-sponsored benefits company; and the United Hospital Fund of New York.
Sen. Orrin Hatch, R-Utah, a member of the Finance and Health committees, reported owning between $1,001 and $15,000 worth of stock in drug maker Pfizer Inc. He spoke to two pharmaceutical industry conferences last year.
Just to name a few...
Does that really sound like a group of people that would approach the subject of health care reform with open minds? There's no way that these people are going to push for real reform. But doesn't this sort of thing sound a hell of a lot like insider trading?!? In more ways than I can count, the decisions of our government directly affect the future fate of these insurance companies. This situation is absolutely one-hundred percent flat out corruption. These Senators and Congressmen say that this is not the case, but just because you are required to publicly announce what lobbyists you are taking money from, doesn't make it any less corrupt. That's just their cute little way of getting around true ethics reform in the government.
The time has come for US citizens to send a clear message to the government. A message that we demand reform with regard to lobbyist influence as well as the eradication of personal gain conflicts of interest. Say for instance, that there's a bill to reform health care that might somehow negatively affect the stock value of a health care company that a Senator has investments in... then that Senator should be forced, by law, to declare a conflict of interest and be barred from voting on that topic. Because otherwise, how is the practice of voting on these topics any different than insider trading?