Tuesday Reads: Follow the MoneyPosted: April 7, 2020
Just as I suspected, Trump has financial motives for pushing an unproven drug with dangerous side effects during a global pandemic.
The New York Times reported yesterday:
If hydroxychloroquine becomes an accepted treatment, several pharmaceutical companies stand to profit, including shareholders and senior executives with connections to the president. Mr. Trump himself has a small personal financial interest in Sanofi, the French drugmaker that makes Plaquenil, the brand-name version of hydroxychloroquine….
Some associates of Mr. Trump’s have financial interests in the issue. Sanofi’s largest shareholders include Fisher Asset Management, the investment company run by Ken Fisher, a major donor to Republicans, including Mr. Trump. A spokesman for Mr. Fisher declined to comment.
Another investor in both Sanofi and Mylan, another pharmaceutical firm, is Invesco, the fund previously run by Wilbur Ross, the commerce secretary. Mr. Ross said in a statement Monday that he “was not aware that Invesco has any investments in companies producing” the drug, “nor do I have any involvement in the decision to explore this as a treatment.”
As of last year, Mr. Trump reported that his three family trusts each had investments in a Dodge & Cox mutual fund, whose largest holding was in Sanofi.
Ashleigh Koss, a Sanofi spokeswoman, said the company no longer sells or distributes Plaquenil in the United States, although it does sell it internationally.
And of course Jared is involved. I wonder if he stands to gain financial from this drug pushing?
Several generic drugmakers are gearing up to produce hydroxychloroquine pills, including Amneal Pharmaceuticals, whose co-founder Chirag Patel is a member of Trump National Golf Course Bedminster in New Jersey and has golfed with Mr. Trump at least twice since he became president, according to a person who saw them.
Mr. Patel, whose company is based in Bridgewater, N.J., did not respond to a request for comment. Amneal announced last month that it would increase production of the drug and donate millions of pills to New York and other states. Other generic drugmakers are ramping up production, including Mylan and Teva Pharmaceutical Industries.
Roberto Mignone, a Teva board member, reached out to the team of Jared Kushner, the president’s son-in-law and senior adviser, through Nitin Saigal, who used to work for Mr. Mignone and is a friend of Mr. Kushner’s, according to people informed about the discussions.
Mr. Kushner’s team referred him to the White House task force and Mr. Mignone asked for help getting India to ease export restrictions, which have since been relaxed, allowing Teva to bring more pills into the United States. Mr. Mignone, who is also a vice chairman of NYU Langone Health, which is running a clinical study of hydroxychloroquine, confirmed on Monday that he has spoken with the administration about getting more medicine into the country.
Yesterday we also learned that Peter Navarro, Trump’s wacky trade adviser was warning about a pandemic back in January. Axios: Navarro memos warning of mass coronavirus death circulated in January.
In late January, President Trump’s economic adviser Peter Navarro warned his White House colleagues the novel coronavirus could take more than half a million American lives and cost close to $6 trillion, according to memos obtained by Axios.
The state of play: By late February, Navarro was even more alarmed, and he warned his colleagues, in another memo, that up to two million Americans could die of the virus.
Navarro’s grim estimates are set out in two memos — one dated Jan. 29 and addressed to the National Security Council, the other dated Feb. 23 and addressed to the president. The NSC circulated both memos around the White House and multiple agencies.
In the first memo, which the New York Times was first to report on, Navarro makes his case for “an immediate travel ban on China.”
The second lays the groundwork for supplemental requests from Congress, with the warning: “This is NOT a time for penny-pinching or horse trading on the Hill.”
Why it matters: The president quickly restricted travel from China, moved to delay re-entry of American travelers who could be infected, and dispatched his team to work with Congress on stimulus funds.
But Trump was far slower to publicly acknowledge the sort of scenarios Navarro had put in writing.
A couple of interesting psychological analyses of Trump catastrophic performance:
At the New York Times, Jennifer Senior writes: This Is What Happens When a Narcissist Runs a Crisis.
Since the early days of the Trump administration, an impassioned group of mental health professionals have warned the public about the president’s cramped and disordered mind, a darkened attic of fluttering bats. Their assessments have been controversial. The American Psychiatric Association’s code of ethics expressly forbids its members from diagnosing a public figure from afar.
Enough is enough. As I’ve argued before, an in-person analysis of Donald J. Trump would not reveal any hidden depths — his internal sonar could barely fathom the bottom of a sink — and these are exceptional, urgent times. Back in October, George T. Conway III, the conservative lawyer and husband of Kellyanne, wrote a long, devastating essay for The Atlantic, noting that Trump has all the hallmarks of narcissistic personality disorder. That disorder was dangerous enough during times of prosperity, jeopardizing the moral and institutional foundations of our country.
But now we’re in the midst of a global pandemic. The president’s pathology is endangering not just institutions, but lives.
Head over to the NYT to read the rest.
In practicing the art of lying while retaining a hold on the allegiance of his base, Trump utilizes a propaganda principle—the Big Lie—best explained by Hitler. Now, please note that we are not equating Trump and Hitler; they are very different people. However, like Hitler, Trump is involved in the business of selling himself as an angry, righteous savior to the masses, resulting in a growing number of cultic devotees. So, it may behoove us to consider Hitler’s explanation of why the Big Lie is more successful than mere untruths. Here’s his explanation of the principle in Mein Kampf:
[I]n the big lie there is always a certain force of credibility; because the broad masses of a nation are always more easily corrupted in the deeper strata of their emotional nature than consciously or voluntarily; and thus in the primitive simplicity of their minds they more readily fall victims to the big lie than the small lie, since they themselves often tell small lies in little matters but would be ashamed to resort to large-scale falsehoods. It would never come into their heads to fabricate colossal untruths, and they would not believe that others could have the impudence to distort the truth so infamously. Even though the facts which prove this to be so may be brought clearly to their minds, they will still doubt and waver and will continue to think that there may be some other explanation.
Consider just two of many possible examples of the Big Lie: Trump’s bizarre claim that the military was out of ammunition when he took office and his equally bizarre claim that the father of Ted Cruz was involved with the assassination of Lee Harvey Oswald, adding, “It’s horrible.” It is the outrageousness of the Big Lie that a listener normally expects would create self-conscious awkwardness in the liar. In turn, this results in a need for a great liar to hide any nervousness that might give away the fact that he is attempting to deceive his audience. In poker, the failure to hide completely the lie inherent in a bluff is called a “tell,” the subtle behavior unwittingly exhibited when bluffing.
Click the link to read the rest. It’s a really interesting piece.
Republicans in Wisconsin have been working overtime to undermine democracy, and yesterday the Supreme Court gave them a big assist.
On Monday, by a 5–4 vote, the U.S. Supreme Court approved one of the most brazen acts of voter suppression in modern history. The court will nullify the votes of citizens who mailed in their ballots late—not because they forgot, but because they did not receive ballots until after Election Day due to the coronavirus pandemic. As Justice Ruth Bader Ginsburg wrote in dissent, the court’s order “will result in massive disenfranchisement.” The conservative majority claimed that its decision would help protect “the integrity of the election process.” In reality, it calls into question the legitimacy of the election itself.
Wisconsin has long been scheduled to hold an election on April 7. There are more than 3,800 seats on the ballot, and a crucial state Supreme Court race. But the state’s ability to conduct in-person voting is imperiled by COVID-19. Thousands of poll workers have dropped out for fear of contracting the virus, forcing cities to shutter dozens of polling places. Milwaukee, for example, consolidated its polling locations from 182 to five, while Green Bay consolidated its polling locations from 31 to two. Gov. Tony Evers asked the Republican-controlled legislature to postpone the election, but it refused. So he tried to delay it himself in an executive order on Monday. But the Republican-dominated state Supreme Court reinstated the election, thereby forcing voters to choose between protecting their health and exercising their right to vote.
Because voters are rightfully afraid of COVID-19, Wisconsin has been caught off guard by a surge in requests for absentee ballots. Election officials simply do not have time, resources, or staff to process all those requests. As a result, a large number of voters—at least tens of thousands—won’t get their ballot until after Election Day. And Wisconsin law disqualifies ballots received after that date. In response, last Thursday, a federal district court ordered the state to extend the absentee ballot deadline. It directed officials to count votes mailed after Election Day so long as they were returned by April 13. A conservative appeals court upheld his decision.
Now the Supreme Court has reversed that order. It allowed Wisconsin to throw out ballots postmarked and received after Election Day, even if voters were entirely blameless for the delay. (Thankfully, ballots postmarked by Election Day but received by April 13 still count, because the legislature didn’t challenge that extension.) In an unsigned opinion, the majority cited the Purcell principle, which cautions courts against altering voting laws shortly before an election. It criticized the district court for “fundamentally alter[ing] the nature of the election by permitting voting for six additional days after the election.” And it insisted that the plaintiffs did not actually request that relief—which, as Ginsburg notes in her dissent, is simply false.
According to the Roberts court, voters should have to choose between voting and possibly dying and protecting their health. And of course the Republican primary is meaningless, so only Democrats have to worry about that.
That’s all I have for you today. What stories are you following?