Drug co's stock investments conflict 42 US Senators out of Vaccine Vote

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blessingsx10

Fri, 16 Dec 2005 15:17:44 EST

Re: Drug co's stock investments conflict

42 US Senators out of Vaccine Vote

 

 

 

Up To $16 Million In Drug Company Stock Investments Conflict 42 U.S.

Senators Out of Vaccine Vote, Says Watchdog Group

 

http://tinyurl.com/76mtd

 

 

U.S. Newswire - Forty-two U.S. Senators hold stock in pharmaceutical

companies even as they vote on legislation to benefit the drug

industry, according to an analysis released today by the nonprofit,

nonpartisan Foundation for Taxpayer and Consumer Rights (FTCR). The

Senate is expected to vote this week on an eleventh-hour amendment to

immunize vaccine makers for dangerous drugs. Senators should not

participate in votes from which they will financially benefit, said FTCR.

 

FTCR's analysis of Senate personal financial disclosures reveals that

42 senators -- 27 Republicans and 15 Democrats -- held pharmaceutical

stock worth between $8.1 and $16 million in 2004. Senators earned an

additional $2.5 to $7.2 million in capital gains and dividends, and

two senators' spouses also earned salaries from pharmaceuticals. View

the analysis at:

 

http://www.consumerwatchdog.org/resources/SenPharma.pdf.

 

" Senators can't ethically support a giveaway deal for the

pharmaceutical industry when their own financial interests match those

of the drug companies, " said Carmen Balber, consumer advocate with

FTCR. " A financial interest in the outcome of legislation should

conflict any politician out of the vote. "

 

The GOP-backed amendment would grant immunity to drug companies for

any vaccine or product, classified by the Bush Administration as

necessary to respond to a public health threat, when patients are

harmed by dangerous drugs. The amendment is so broad that any product

considered a " countermeasure, " not just vaccines, could be protected.

 

Senate Majority Leader Frist aims to make the provision an amendment

to a conference report that cannot be altered. Frist's blind trust

included stock in drug companies Abbott Laboratories and Johnson &

Johnson through 2004, each worth $15,000 to $50,000 when the trust was

created.

 

In July, Rep. F. James Sensenbrenner (news, bio, voting record)

(R-Wis.) recused himself from a vote on medical malpractice

legislation that would have benefited the pharmaceutical industry

because his millions in drug company stock create the appearance of a

conflict of interest.

 

" It's time the U.S. Senate met the Sensenbrenner standard, " said

Balber.

 

The pharmaceutical industry was the largest industry donor to Frist's

National Republican Senatorial Committee, and the industry has given

64 percent to 74 percent of its federal contributions to Republicans

every year for the last decade according to the Center for Responsive

Politics.

 

Congressional leaders tried to provide liability protection for the

makers of the vaccine additive Thimerosal in 2002 with an amendment to

Homeland Security legislation based on legislation Frist carried.

Frist denied involvement, but public backlash forced the Senate to

remove the immunity provision.

 

FTCR filed an ethics complaint with the Senate Select Ethics Committee

last April charging Frist with a conflict of interest for promoting

medical malpractice liability limits while retaining stock worth

millions in the hospital corporation, HCA. HCA owns the nation's

fourth largest malpractice insurer.

Read the complaint at:

http://www.consumerwatchdog.org/malpractice/pr/?postId=1882.

 

FTCR called for an SEC investigation this summer when Sen. Frist

ordered the well-timed sale of his HCA stock. The Justice Department

and SEC are investigating the Senator's stock sale for insider

trading. Read the SEC letter at:

http://www.consumerwatchdog.org/resources/Frist_SEC.pdf.