The Latest: Price transfers business ownership to wife
Source: Associated Press
WEDNESDAY, FEB 8, 2017 11:45 AM EST
11:40 a.m.
Tom Price, President Donald Trumps pick for health secretary, has amended his government ethics agreement as the Senate prepares to debate and vote on his confirmation.
In the amended agreement released Wednesday, Price says he has transferred ownership interest in a business to his wife. A Senate aide says the company Chattahoochee Associates LP is involved with medical buildings. Price had previously said he would resign as managing partner but maintain a financial interest.
Price also reaffirmed that he will sell his stock in Innate Immunotherapeutics, an Australian company trying to develop a drug for multiple sclerosis. Democrats have criticized his purchase of the companys stock at a discount. In the new agreement, Price corrected a previous reporting error that undervalued his stake.
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Read more: http://www.salon.com/2017/02/08/the-latest-price-transfers-business-ownership-to-wife/
50 Shades Of Blue
(10,035 posts)Initech
(100,099 posts)bucolic_frolic
(43,257 posts)'and what did your wife say when you told her to sell your stock?'
'Yes, Honey, Yes! You always get just the right spot!'
NurseJackie
(42,862 posts)dalton99a
(81,566 posts)Brazen scum
jeffreyi
(1,943 posts)CountAllVotes
(20,877 posts)Another "sweetheart deal" as it is referred to"
When tiny Australian biotech firm Innate Immunotherapeutics needed to raise money last summer, it didnt issue stock on the open market. Instead, it offered a sweetheart deal to sophisticated U.S. investors, company documents show.
It sold nearly $1 million in discounted shares to two American congressmen sitting on House committees with the potential power to advance the companys interests, according to company records and congressional filings. They paid 18 cents a share for a stake in a company that was rapidly escalating in value, rising to more than 90 cents as the company promoted an aggressive plan to sell to a major pharmaceutical company. Analysts said the stock price could go to $2.
One of the beneficiaries was Representative Tom Price, a Georgia Republican poised to become secretary of the Department of Health and Human Services, which regulates pharmaceuticals. Price told HHS ethics officials Thursday that if appointed, he will divest himself of the Australian stock as well as stock in about 40 other companies that could pose conflicts. He said he would sell within 90 days of appointment and abstain from any decision-making about companies in which he or his family has had an interest.
He has already seen about a 400 percent paper gain in his investment in Innate Immuno, stock trading records show.
https://www.statnews.com/2017/01/13/tom-price-innate-immunotherapeutics/
Dustlawyer
(10,497 posts)wordpix
(18,652 posts)I am part of a case in which the town attorney, who's R, represented another client at the same time the town gave away 13 ac. of open space to this client at the urging of the town attorney doing double dipping.
State ethics comm. said, "So what?"
Highly unethical for an att'y to represent both donor and recipient in a land transfer. It's like an att'y representing both the buyer and seller of a property. "So what?" indeed.
Javaman
(62,532 posts)keithbvadu2
(36,876 posts)That was part of their issue of gay marriage.