Two complaints have been filed against Rep. Tom Malinowski (D-NJ) after reports surfaced that he bought securities at low prices, then profited after their value soared during the pandemic — and allegedly did not properly disclose his actions. He also reportedly sold shares before they plummeted.
In April 2020, Malinowski, who served as Assistant Secretary of State for Democracy, Human Rights and Labor with the Obama Administration starting in 2014, told MSNBC, “This is not the time for anybody to be profiting off of selling ventilators, vaccines, drugs, treatments, PPE (personal protective equipment), anywhere in the world,” as the Associated Press noted.
“Since early 2020, Malinowski has bought or sold as much as $1 million of stock in medical and tech companies that had a stake in the virus response, according to an analysis of records by The Associated Press,” the news agency reported. “The trades were just one slice of a stock buying and selling spree by the congressman during that time, worth as much as $3.2 million, that he did not properly disclose.”
London (CNN Business)Covid-19 vaccines have created at least nine new billionaires after shares in companies producing the shots soared.
Topping the list of new billionaires are Moderna (MRNA) CEO Stéphane Bancel and Ugur Sahin, the CEO of BioNTech (BNTX), which has produced a vaccine with Pfizer (PFE). Both CEOs are now worth around $4 billion, according to an analysis by the People’s Vaccine Alliance, a campaign group that includes Oxfam, UNAIDS, Global Justice Now and Amnesty International.
Senior executives from China’s CanSino Biologics and early investors in Moderna have also become billionaires on paper as shares skyrocketed, partly in expectation of profits earned from Covid vaccines, which also bode well for the companies’ future prospects. The analysis was compiled using data from the Forbes Rich List.
After Texas Gov. Greg Abbott’s (R) decision to lift COVID-19 restrictions in the state was deemed “Neanderthal thinking” by President Joe Biden, a new study found no connection between lifted mandates and people contracting or dying from the virus.
Bentley University economist Dhaval Dave, San Diego State University economist Joseph Sabia and San Diego State University graduate research fellow Samuel Safford conducted a study using smartphone mobility data from SafeGraph and COVID-19 data collected by The New York Times to compare Texas’ coronavirus data from before and after restrictions were lifted by the governor on March 10.
They said their discoveries “underscore the limits of late-pandemic era COVID-19 reopening policies to alter private behavior.”