Saturday, November 19, 2011

Yacht Barnacle: the John Kerry Story

When it comes to hypocrisy, criminality, duplicity and elitism, is there anyone in America that tops John Kerry? For you drones: that's a rhetorical question. has obtained records of Massachusetts Democrat Senator John Kerry and his wife Teresa Heinz’s stock portfolios that show almost perfectly timed pharmaceutical stock trades during the Obamacare debate, which fattened their already enormous personal fortune.

...Sen. John Kerry’s position on the powerful Senate Finance Committee’s Health Subcommittee gives him direct access to critical information regarding health care policy. In July 2009, pharmaceutical industry representatives met with key members of Congress to flesh out the Obamacare bill. Then, in November 2009, with the bill’s passage was looking more likely, the Kerrys’ portfolios reflect a drug stock buying spree...

...Even as their portfolios reflected aggressive purchasing of drug company stocks, Sen. Kerry was dumping investments in health insurance companies.

...[Peter Schweizer's new book] 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.”

One such instance occurred in 2007, when the government was deciding whether an anemia drug made by Amgen would receive Medicare reimbursement. Before news of the congressional negotiations went public, however, the Kerrys’ investment fund executed two perfectly timed stock sales. On May 4th and 7th, between $500,000 and $1 million worth of Amgen were sold off. The move helped him avoid between $50,000 and $100,000 in losses.

Another example of Kerry’s deft congressional trading happened in 2003 during the negotiations over the prescription drug benefit plan. Kerry’s Senate committee was in charge of the plan’s oversight. In 2003, writes Schweizer, “a stunning 111 transactions of pharmaceutical companies and health insurance companies” were made to the Kerrys’ portfolios.

Peter Schweizer's book is a must-read.

Hat tip: Instapundit.


Joan of Argghh! said...

Somewhere, Martha Stewart is hoping there is a God.

Trialdog said...

If the profits were made off inside knowledge obtained while doing the people's work, then the profits belong to the people and should be forfeited. Doing so may just balance the budget.