How To Get Rich Quick In Congress
November 18, 2011
They Don't Drive...They're DRIVEN.
Thank heaven for investigative reporter Andrew Breitbart. Today he gives us a primer on HOW TO GET RICH IN CONGRESS! His poster child? Well, there were so MANY possible choices, but he settled on Senator John Kerry.
In the category of “Politicians Already Wealthier Than The World”, he managed to use his knowledge of Obamacare’s impending passage to guide family stock purchases of HEALTHCARE businesses! Andrew Brietbart is taking much of his information from the great new book, “Throw Them All Out” by Peter Schweizer, and the recent 60 Minutes story on politicians who get wealthy…by pretending to serve the People:
“First, $750,000 worth of stock in drug maker Teva Pharmaceuticals was added to their portfolios at around $50 a share. Once Obamacare passed, the value of the stock rose to $62 per share. Subsequently, in 2010, a portion of Teva holdings was dumped from the Kerry portfolio, resulting in tens of thousands of dollars in capital gains (exact profits are unclear because politicians are only required to report ranges, not exact dollar amounts).
Pays To Know In Advance Of Bill Passage!!!!
Next, at least $200,000 of stock in medical device manufacturer ResMed was purchased in the $20 to $25 per share range. After Obamacare passed, ResMed jumped to $34, an increase of as much as 71%. “ResMed was a winner in the health care reform legislation—as Reuters declared—thanks in part to John Kerry’s efforts,” says Schweizer. The reason: earlier versions of the Obamacare bill would have slapped companies like ResMed with an “industry fee” tax. Kerry opposed the higher taxes on medical device companies and helped delay the taxes until 2013.
Next, between $250,000 and $500,000 worth Thermo Fisher Scientific were added to the Kerry family portfolios at around $35 per share. After Obamacare’s passage, the stock skyrocketed to more than $50 a share.
Even as their portfolios reflected aggressive purchasing of drug company stocks, Sen. Kerry was dumping investments in health insurance companies. At the end of June 2009, all United Health shares were unloaded from their portfolios. Their Wellpoint stocks were also sold. Six weeks later, he then introduced an amendment to tax generous health care plans, a move sure to hurt companies like United Health and Wellpoint.
Throw Them All Out contends that Sen. Kerry is no stranger to making huge profits off of health care-related trading based on his rare access to information. “Some of [Kerry’s] biggest scores,” writes Schweizer, “were tied to his knowledge of obscure matters that had huge ramifications for certain companies.”
Read the entire story here.
Follow @TKC_US
This is outrageous. Is there not anything we can do to stop this. I am outraged that the Congressmen just go on and on ripping off the people,they do not help,they hurt
Getting the news out is the first thing we can do. Being informed and investigating their performance, salaries, and benefits is the accountability piece which needs to be improved. Anyone in Congress should be required to release income tax records.