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Thread: Capitalism never ends: profiting off a pandemic

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    tWebber demi-conservative's Avatar
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    Capitalism never ends: profiting off a pandemic

    In recent weeks, investment bankers have pressed health care companies on the front lines of fighting the novel coronavirus, including drug firms developing experimental treatments and medical supply firms, to consider ways that they can profit from the crisis.

    The media has mostly focused on individuals who have taken advantage of the market for now-scarce medical and hygiene supplies to hoard masks and hand sanitizer and resell them at higher prices. But the largest voices in the health care industry stand to gain from billions of dollars in emergency spending on the pandemic, as do the bankers and investors who invest in health care companies.

    Over the past few weeks, investment bankers have been candid on investor calls and during health care conferences about the opportunity to raise drug prices. In some cases, bankers received sharp rebukes from health care executives; in others, executives joked about using the attention on Covid-19 to dodge public pressure on the opioid crisis.
    https://theintercept.com/2020/03/19/...price-gouging/
    Profit, profit!!!
    . Bloomberg, by comparison, may be the candidate that most of the Founders hoped would arise: a wealthy patrician, much like them, who would use his vast resources and influence to defeat what he views as disruptive elements in the nationís political system.

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    tWebber demi-conservative's Avatar
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    Quote Originally Posted by Sparko View Post
    So apparently two republican senators just happened to sell off their stock just before the stock market tanked. It was all just a routine move and not inside trading at all.
    Profit, profit!!!
    . Bloomberg, by comparison, may be the candidate that most of the Founders hoped would arise: a wealthy patrician, much like them, who would use his vast resources and influence to defeat what he views as disruptive elements in the nationís political system.

  3. #3
    tWebber
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    From what I understand, it's not illegal for congress people to engage in this. In fact, I remember starting a thread like this in the economic section (it was probably the older tweb) expressing outrage how they were allowed to do this. Not only can they engage in insider trading, they're actually allowed to have investments that are connected or related to certain bills they're personally working on. I'm not sure if they changed the rules since then, but that's how it used to be.
    "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

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    Troll Magnet Sparko's Avatar
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    Quote Originally Posted by demi-conservative View Post
    Profit, profit!!!
    The point was it is apparently illegal because it looks like insider trading.

    heck I sold off MY stock as soon as the market started tanking. About two days in. Would have been sooner but my retirement fund takes a day to process the sale. So hopefully if I get back in at a lower number than I sold it for when the market recovers I will make a profit too.

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    Troll Magnet Sparko's Avatar
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    Quote Originally Posted by seanD View Post
    From what I understand, it's not illegal for congress people to engage in this. In fact, I remember starting a thread like this in the economic section (it was probably the older tweb) expressing outrage how they were allowed to do this. Not only can they engage in insider trading, they're actually allowed to have investments that are connected or related to certain bills they're personally working on. I'm not sure if they changed the rules since then, but that's how it used to be.
    They passed a bill after they did insider trading in 2008 ticking off everyone. So they made a law making insider trading illegal for congress. It used to be legal. But not anymore. that doesn't take into account the various loopholes I am sure they have in the law.

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    tWebber demi-conservative's Avatar
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    Quote Originally Posted by rogue06 View Post
    Unfortunately this sort of stuff will always happen: How Are the Rich and Famous Jumping the Test Queues? In England, by Paying $425
    Private clinics selling tests based on price? No socialism here with private clinics, no siree, supply and demand only!

    Go capitalism!
    . Bloomberg, by comparison, may be the candidate that most of the Founders hoped would arise: a wealthy patrician, much like them, who would use his vast resources and influence to defeat what he views as disruptive elements in the nationís political system.

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    tWebber demi-conservative's Avatar
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    Quote Originally Posted by Sparko View Post
    They passed a bill after they did insider trading in 2008 ticking off everyone. So they made a law making insider trading illegal for congress. It used to be legal. But not anymore. that doesn't take into account the various loopholes I am sure they have in the law.
    They introduced a loophole, it's basically legal now.
    . Bloomberg, by comparison, may be the candidate that most of the Founders hoped would arise: a wealthy patrician, much like them, who would use his vast resources and influence to defeat what he views as disruptive elements in the nationís political system.

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