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When Sen. Max Baucus (D-Mont.) this summer proposed a $4 billion tax on medical-device firms to help offset the cost of health-care reforms, an unusual mix of lawmakers joined in a chorus of protest.
Sen. John F. Kerry (D-Mass.), a liberal from the Northeast, warned that the tax could undermine companies developing “new technology that saves lives and money.” Rep. F. James Sensenbrenner (R-Wis.), a conservative from the Midwest, cautioned that the tax would “harm our districts’ economies, impede innovation and ultimately deny access to lifesaving medical devices.”
Because their politics rarely align, the shared opposition underlined something else Kerry and Sensenbrenner have in common: millions of dollars of family wealth invested over the years in the companies that make medical devices. This juxtaposition of investments and policy has become more common as stock ownership has soared on Capitol Hill over the past two decades. The investments increasingly put lawmakers in the position of voting or advocating on matters that could affect their personal wealth, whether the lawmakers realize it or not.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Estimated number of people who watched a live Webcast of a hair transplant last fall:
A rancher in Texas was developing a system that will permit hunters to kill animals by remote control via a website.
A man in Japan was arrested for stealing a prospective employer’s wallet during a job interview, and a court in Germany ruled that it is safe for a woman with breast implants to be a police officer.
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"It is an interesting and somewhat macabre parlor game to play at a large gathering of one’s acquaintances: to speculate who in a showdown would go Nazi. By now, I think I know. I have gone through the experience many times—in Germany, in Austria, and in France. I have come to know the types: the born Nazis, the Nazis whom democracy itself has created, the certain-to-be fellow-travelers. And I also know those who never, under any conceivable circumstances, would become Nazis."