Making money the old fashioned way - Kerry

Got a copy of Breitbart News editor Peter Schweizer's new book on order: Throw Them All Out A small peek from Breitbart's Big Government:
EXCLUSIVE DOCUMENTS: The Kerrys' Curious Stock Trades
BigGovernment.com 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.
Some details:
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.

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).

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.
And this is the guy who had a 76' yacht built in New Zealand (how about those American jobs!) and then registered it in Rhode Island to skip paying the MA state sales and excise taxes ($437,000 sales and annual $70,000 for the tabs). A few days after this came to light, he said that the sales tax would be paid promptly. Three months later? Nothing. He also put on a lavish fund-raiser even though he was not up for re-election last November. With all his money, he is still putting the squeeze on people. Be sure to read the 130+ comments -- a plethora of delightful snark.

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This page contains a single entry by DaveH published on November 20, 2011 4:15 PM.

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