Traitor
During the Healthcare debate in the Senate, our supposedly Democratic Senator Tom Carper and non-Democratic Senator Joe LIEberman met with JNK Securities and its hedge fund clients and told them, “no worries, the public option is out, so you all be sure to invest right away in some private insurance companies.” Of course, this meeting occurred before we knew that the public option would be dropped, and thus these hedge fund clients got a wonderful windfall.
New York Magazine has posted this from a Wall Street Journal story that did not get proper attention:
The weekend before the Dec. 8, 2009 session, Senate Majority Leader Harry Reid (D., Nev.) held Senate sessions on Saturday and Sunday, seeking a deal. Another senator, Tom Carper (D., Del.), also was trying to help. The central issue: Would the bill call for the government to create a public health insurance plan, the position supported by President Barack Obama?
To counter Republican opposition, Democrats needed votes from Messrs. Lieberman and Nelson, who said they had major concerns with a robust government-insurance plan. As negotiations neared a resolution, JNK Securities and its hedge-fund clients met a half-dozen lawmakers in the U.S. Capitol. Among those who spoke to the hedge funds were Mr. Lieberman and Mr. Carper on Dec. 8, according to their offices. The roster included Viking Global’s Scott Zinober and Karsch Capital’s Eric Potoker.
The broad outlines of an agreement had been circulating for days, but the lawmakers confirmed they were close to a deal that discarded the public insurance plan, a boost to private insurers. Viking, a hedge fund that manages $13.8 billion, bought six million shares of Aetna in that fourth quarter of 2009, according to regulatory filings. Karsch, which manages $2.4 billion, bought half a million Aetna shares during the same period, according to regulatory records. Shares of Aetna rose 14% in the fourth quarter.
Now, this may look like insider trading but it’s not. Carper was not the one using his inside information to benefit himself financially. Well, at least we don’t know that he has done that… yet. But he sure made sure to take care of his constituency: hedge fund investors.
I am going to have to go digging around for quotes from that time. Done. Carper was floating public option compromises in October 2009. In fact at the very same time he was meeting with the hedge fund investors in early December, he was tasked by Harry Reid to come up with a Public Option Plan B to attract Lieberman, Nelson, Snowe and Collins. This is what Carper was saying in early December 2009:
Carper has been working on variations of the public option for months. Recently, he has touted a so-called hammer public option that he believes answers centrists’ criticisms that the public option in Reid’s bill is government-run and government-funded. The public option would kick in for states where insurance companies fail to meet standards of availability and affordability of plans.
Carper’s proposal would establish a national public insurance program founded by the government but managed by a non-governmental board. In addition, the plan would be unable to access any taxpayer dollars beyond its initial seed money. This public option would operate alongside private insurance and, potentially, the nonprofit healthcare cooperatives and state-based public plans authorized by Reid’s bill. […]
“A public option is not the most important element,” Carper said. “But it’s not unimportant… The question is, if we allow states to do all of those things and there are still states where there’s not very much competition and as a result there’s not very good affordability, what do we do about it?”
While Carper works behind the scenes to win over key centrists, some of the senators he is targeting offered signs Tuesday that they are pleased with a cost analysis released this week that found the Reid’s legislation would accomplish the goal of making insurance cheaper for many and more widely available.
So at the same time he was the Public Option champion in the Senate, he was telling hedge fund investors that, no worries, I will kill it, so invest in private companies.
He is a fucking scumbag.
you’re welcome?
Thanks Phil. Actually, I was working on this for the past hour after someone emailed me the link to the story. Was that you?
I figured there was no way you got all that written between the time I posted it and you posted your fleshing out of the story.
🙂
That the Republicans let him coast to reelection every election is a travesty. Simply look at his net worth prior to becoming a Senator and look at it now to get a glimpse of his priorities. And yet, he is going to face the laughable Kevin Wade. Pitiful.
Thanks for posting this. I hadn’t seen any of it. (Jason, why would the GOP stand in the way of a GOPerhead DINO?)
too bad there is no one in the state eligible to primary him. maybe i can turn 30 quicker.
So who did Carper tip off that Obama would cave on the Bush tax cuts for the rich? I’m sure somebody made money off that information somehow.
Remember Biden is the angel of doom for Democratic bills, quietly going around in back rooms to work out the capitulation before Obama publicly reverses himself shortly before the vote (too late for grassroots protest). I’d check on who Biden talked to as well.
I was sure cassandra_m was going to primary him.
This would call for a primary – from someone without a propeller atop the head.
How pathetic are we in Delaware that Carper never gets a primary challenge, even a symbolic one that would hight light what this man is actually all about.
How pathetic? So effing pathetic. Someone just walk around and show a graph of the guy’s net worth since gaining his lifetime sinecure.
Estimated $7.1 million now. $? in 1977 when he was first elected to public office.
A good bit of that money was earned by his current wife, who IIRC was a fairly high muckety-muck at DuPont.
He had the wisdom to use public schools, choose government work, marry a talented spouse and live for over 20 years in the same classy but undervalued neighborhood.
PS – real number is more like $4 million.
http://www.opensecrets.org/pfds/overview.php?type=W&year=2010&filter=S&sort=A
Wisdom. That’s a good one. Thanks for the laugh.
Making the spouse of your state’s senator a high-paid muckety-muck in your company is probably good business policy, particularly when your company in constant regulatory battles over pollution and such.
John Manifold,
Tom Carper also had the “wisdom” to save DuPont billions in tariff subsidies over the years. It is just a coincidence that he started his career in public service as a member of the middle class, and is now a millionaire. Just a coincidence. Move along everyone. Nothing to see here.
Why do the democrats in this State not find someone to challenge him?cuz they like him! Carper, Biden and Castle were the “three blind mice” for decades! It was Carper who pushed for those “insurance exchanges” which cost millions to set up. Carper and Biden did the dirty deal for credit card companies, and all of them were/are in the Banksters hands for years. Why should Carper do anything different when his own party wont challenge the Rhino?