Pro-Trumpcare Republicans Owned Millions in Healthcare Stock

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Macho Madness

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http://www.thedailybeast.com/articl...publicans-owned-millions-in-health-care-stock

Forty Republican representatives who voted for the American Health Care Act held shares in health care companies valued at $23 million and earned more than $2 million off those investments, a Daily Beast review of the most-recent financial records found.

The investments may be worth as much as $39 million and grossed as much as $6 million in profits, according to the disclosure reports that require members of Congress to report investments and income within a price range.
Several Republicans with key roles in passing the bill held more than $500,000 in medical stock.

The majority of the companies in which lawmakers own stock represent the giants of the pharmaceutical and medical-device industries. Republicans owned between $1.3 million and $4.9 million worth of stock in Abbott Labs, Johnson and Johnson, and 3M, three of the country’s largest medical-device manufacturers. They also owned between $2.7 million and $5.5 million in pharmaceutical giants Merck, Pfizer, Bristol-Myers Squibb, Pfizer, and Shire.
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Among the influential members with significant investments is Rep. Thomas MacArthur of New Jersey, who held between $834,000 and $2.3 million in health care investments in 2015. MacArthur made between $142,000 and $472,000 in capital gains and dividends on those investments, according to his disclosure forms.
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Very interesting! (Especially with MacArthur)
 
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Maybe this is absurd, but perhaps congressmen and women shouldn't be allowed to own stocks? Seems like it would be a conflict of interest in too many situations.
 
Saganator said:
Maybe this is absurd, but perhaps congressmen and women shouldn't be allowed to own stocks? Seems like it would be a conflict of interest in too many situations.
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lol. Even baning them from insider trading would be a huge achievement.

https://theintercept.com/2015/05/07/congress-argues-cant-investigated-insider-trading/

In a little-noticed brief filed last summer, lawyers for the House of Representatives claimed that an SEC investigation of congressional insider trading should be blocked on principle, because lawmakers and their staff are constitutionally protected from such inquiries given the nature of their work.
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Saganator said:
Maybe this is absurd, but perhaps congressmen and women shouldn't be allowed to own stocks? Seems like it would be a conflict of interest in too many situations.
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That sounds nice in a vacuum. The actual problem is that to have competent people at the highest levels of government, the government needs to be able to pay them the market rate that they could get out in the private sector, or at least be competitive.

This would make it even harder to get talented people to leave lucrative private sector jobs and go work for the government.

Sure, there's tons of people that are moved by a sense of public service, but we'd be kidding ourselves if we don't think that the people who want to go to Washington will have some self-interest.

The question is, what's the best way to attract good people to government and make them financially well off enough that they are not easily influenced by legal insider trading, lobbying etc.
 
UNDER NO CIRCUMSTANCE SHOULD LAWMAKERS BE VOTING ON ISSUES IF THEY POSSESS INVESTMENTS AND CAPITAL TIED TO THOSE ISSUES.

WHAT THE FUCK IS CORRUPTION
 
Nazgul_Hunter said:
That sounds nice in a vacuum. The actual problem is that to have competent people at the highest levels of government, the government needs to be able to pay them the market rate that they could get out in the private sector, or at least be competitive.

This would make it even harder to get talented people to leave lucrative private sector jobs and go work for the government.

Sure, there's tons of people that are moved by a sense of public service, but we'd be kidding ourselves if we don't think that the people who want to go to Washington will have some self-interest.

The question is, what's the best way to attract good people to government and make them financially well off enough that they are not easily influenced by legal insider trading, lobbying etc.
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Make it blind, or they can choose a different position.

This should really be non-negotiable.
 
I don't know if you could ever make it where they don't own stock, but at least make it where they don't own investments in companies they regulate on committee.
 
Saganator said:
Maybe this is absurd, but perhaps congressmen and women shouldn't be allowed to own stocks? Seems like it would be a conflict of interest in too many situations.
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I work in fin tech and if I invest I need clearance or need to ensure I am not self managing my investments. While I'm sure people might not follow the rules and let the firm know, there is at least the concept of this in place to regulate that employees do not invest on insider information. Why not implement the same on Congress and the President. Especially 45.
 
Schattenjäger;237914577 said:
I think it's important to note Democrats own healthcare stocks too

http://www.npr.org/sections/health-...rump-s-hhs-nominee-own-health-care-stocks-too

The OP article (coming from a left leaning source) seems to overlook that fact


Either way - all of congress should not be in the business of stock trading
It's a huge conflict of interest
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There it is.


Also, those are 3 senators who haven't voted on this garbage yet. Not House members who voted for it.
 
Velocity:Design:Comfort said:
This is irrelevant. They didn't vote to kick millions off insurance.
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It is relevant to the extent that Democrats will eventually have to put healthcare back together. I remember when Obamacare was being debated, a panel was formed with Republicans and Democrats expressing their views. Each person, on both sides of the isle, was getting money from the healthcare industry
 
And before someone mentions that "the article" states the medical device and pharm companies stand to benefit because of less taxes
I'll argue that the lessening of those taxes won't make up for the loses that will occur when all those people lose their insurance
 
A lot of people have a lot of money in healthcare stocks. It's a huge sector.

I'm not saying this didn't influence their vote, but it's not at all a surprise that they have healthcare investments.
 
Lil'DigiOp said:
UNDER NO CIRCUMSTANCE SHOULD LAWMAKERS BE VOTING ON ISSUES IF THEY POSSESS INVESTMENTS AND CAPITAL TIED TO THOSE ISSUES.

WHAT THE FUCK IS CORRUPTION
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The city of Washington was built on a stagnant swamp some 200 years ago, and very little has changed. It stank then, and it stinks now. Only today, it is the fetid stench of corruption that hangs in the air. And who did I see taking a bribe but the "Honorable" Bob Arnold Thomas MacArthur! Don't worry, Congressman, I'm sure you can buy all the votes you need with your dirty money! And this will be one nation, under the dollar, with liberty and justice for none.

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This is just one small sector they are rollin to the bank with.

Imagine finance, oil and energy etc.

Richhhhhhhhhhhhh.
 
Usobuko said:
This is just one small sector they are rollin to the bank with.

Imagine finance, oil and energy etc.

Richhhhhhhhhhhhh.
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Healthcare is far from a small sector, it's a fifth of our economy. But your broader point is accurate.

Corruption is so damn rampant on both sides of the aisle in DC. Although to be fair it it significantly worse within the GOP.
 
MacAurthur has been booted from the head of the Tuesday Group house moderates as well. The dude spent his political capital on pushing through that dreadful bill to the senate and just didn't give a fuck since he probably got paid for it.

Fuck MacAurthur. There are no moderates when the GOP folds immediately.
 
Ernest said:
There shouldn't even be health care stocks available.

A profit model on health care is repugnant.
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totally disagree.

the model we have now needs to be heavily regulated, but it's a good thing to have a bunch of different companies working on new treatments and cures for all kinds of ailments, even rare ones that public research wouldn't have time or money to devote to

profit isn't a universally bad thing.
 
Amory said:
the model we have now needs to be heavily regulated, but it's a good thing to have a bunch of different companies working on new treatments and cures for all kinds of ailments, even rare ones that public research wouldn't have time or money to devote to.
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It's still based on making profit first. Companies focus on creating a sustainable product to sell. Treating the ailments instead of finding a cure. A lot of the breakthrough cures, surgery and medical techniques are developed with public research from other countries because American companies are so focused on profit.

I don't blame people for investing in healthcare stock. They can invest their money as they see fit, and American healthcare companies focusing on profit can be extremely lucrative. That's what happens when a countries healthcare system is designed to make money.
 
Blader said:
Well, how?
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It will cut at least 20+ million off of HC, no more subsidies for HC industry so that will be a massive shock on income. Plus the penalties on preexisting conditions will stop people from getting continuing care and saddle hospitals with debt from unpaid patients. Healthcare has been one of the reasons for the recovery constantly expanding with well paying jobs, this bill will kill that expansion. The immediate shock will likely crash the industry and lead to another recession, if not depression.
 
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