Here’s how it works in the Obama administration. You scratch my back, I’ll scratch yours. Throw in a few Kennedys and you’ve got an interesting situation that will probably get a pass.
From the Daily Caller:
The Securities and Exchange Commission (SEC) has issued subpoenas to the Marwood Group, the New York and Washington-based health care advisory firm that employs a former top Obama administration health official and coaches its corporate clients on how to profit from Obamacare.
The SEC subpoenaed emails and other documents this month relating to a tip the Marwood Group gave to clients in 2010 that the FDA planned to delay its approval of a new diabetes drug.
One of Marwood’s clients, the hedge fund HealthCor, bet that the drug’s parent company would experience a stock drop. HealthCor was right. The SEC now wants to figure out if insider trading took place.
The Daily Caller first reported in December on the Marwood Group’s tactics. The group obtains highly exclusive information from inside the federal government — often relating to regulatory decision-making — and charges health care companies and private equity investors for that information.
The company, which is run by Ted Kennedy Jr. and counts Robert Kennedy Jr. as a senior adviser, has 60 health care-focused corporations and 135 private equity firms, lenders, and venture capital firms as clients.
The Marwood Group employs Dr. Barry Straube, former chief medical officer of the Center for Medicare and Medicaid Services (CMS) in the Obama administration and one of the key officials involved in the implementation of Obamacare.
Straube, whose office oversaw all “Medicare coverage decision-making” in the United States under Obama, spoke on behalf of the Marwood Group at a “middle market dealmaking” conference in New York in 2012, where he explained to an audience of private-sector professionals how to profit off of Obamacare, based on his personal experience in the Obama administration.
“I was at CMS at the time the Affordable Care Act passed and we started working on implementation of that immediately,” Straube told the crowd.
That is one of the things Obamacare is all about.