Washington Babylon — November 23, 2009, 12:10 pm

Before I Vote, Let Me Check My Portfolio

From the Washington Post:

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.

Share
Single Page

More from Ken Silverstein:

From the November 2013 issue

Dirty South

The foul legacy of Louisiana oil

Perspective October 23, 2013, 8:00 am

On Brining and Dining

How pro-oil Louisiana politicians have shaped American environmental policy

Postcard October 16, 2013, 8:00 am

The Most Cajun Place on Earth

A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits 

Get access to 164 years of
Harper’s for only $39.99

United States Canada

CATEGORIES

THE CURRENT ISSUE

March 2015

A Sage in Harlem

= Subscribers only.
Sign in here.
Subscribe here.

The Man Stopped

= Subscribers only.
Sign in here.
Subscribe here.

The Spy Who Fired Me

= Subscribers only.
Sign in here.
Subscribe here.

Giving Up the Ghost

= Subscribers only.
Sign in here.
Subscribe here.

Invisible and Insidious

= Subscribers only.
Sign in here.
Subscribe here.

view Table Content

FEATURED ON HARPERS.ORG

[Browsings]
William Powell published The Anarchist Cookbook in 1971. He spent the next four decades fighting to take it out of print.
“The book has hovered like an awkward question on the rim of my consciousness for years.”
© JP Laffont/Sygma/Corbis
Article
The Fourth Branch·

= Subscribers only.
Sign in here.
Subscribe here.

“Both the United States and the Soviet Union saw student politics as a proxy battleground for their rivalry.”
Photograph © Gerald R. Brimacombe/The LIFE Images Collection/Getty Images
Article
Giving Up the Ghost·

= Subscribers only.
Sign in here.
Subscribe here.

“Stories about past lives help explain this life — they promise a root structure beneath the inexplicable soil of what we see and live and know, what we offer one another.”
Illustration by Steven Dana
Article
The Spy Who Fired Me·

= Subscribers only.
Sign in here.
Subscribe here.

“In industry after industry, this data collection is part of an expensive, high-tech effort to squeeze every last drop of productivity from corporate workforces.”
Illustration by John Ritter
Article
Invisible and Insidious·

= Subscribers only.
Sign in here.
Subscribe here.

“Wherever we are, radiation finds and damages us, at best imperceptibly.”
Photograph © 2011 Massimo Mastrorillo and Donald Weber/VII

Number of U.S. congressional districts in which trade with China has produced more jobs than it has cost:

1

Young bilingual children who learned one language first are likelier than monolingual children and bilingual children who learned languages simultaneously to say that a dog adopted by owls will hoot.

An Oklahoma legislative committee voted to defund Advanced Placement U.S. History courses, accusing the curriculum of portraying the United States as “a nation of oppressors and exploiters.”

Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!

HARPER’S FINEST

Driving Mr. Albert

By

He could be one of a million beach-bound, black-socked Florida retirees, not the man who, by some odd happenstance of life, possesses the brain of Albert Einstein — literally cut it out of the dead scientist's head.

Subscribe Today