Jan 30, 2017

Trump HHS pick took company offer to buy biomedical stock on the cheap

Representative Tom Price (AP)

The Wall Street Journal reports Rep. Tom Price, Donald Trump's choice to lead the Department of Health and Human Services, received a privileged, discounted offer to buy stock in a small biomedical company, contrary to what he claimed during a Senate confirmation hearing this month.

In June Price bought shares of Innate Immun at a 12% discount, a sale price that was only offered to the public in Australia and New Zealand, and with volume restrictions. Price was one of fewer than 20 American investors who were offered the discount.

Why it matters: Price told a Senate hearing that this discounted purchase wasn't "a sweetheart deal," but these revelations call the statement into question. Price also played an important role in writing new legislation that if passed would have benefitted his investment, like rules speeding up the approval process for new drugs. A Price spokesman didn't respond to WSJ requests for comment..

Why it doesn't matter: Senate Democrats don't have the votes to derail his nomination over these issues.

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U.S. cities crack down on protesters

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The big picture: Floyd's death in Minneapolis police custody is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

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A firework explodes behind a line of police officers next to the Colorado State Capitol during a protest over the death of George Floyd in Denver on May 30. Photo : Michael Ciaglo/Getty Images

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