Bush ally's firm vies for Medicare cards
By Wayne Washington and Susan Milligan, Globe Staff, 12/12/2003
WASHINGTON -- A Texas company owned by a campaign contributor and former business associate of President Bush could profit if Medicare endorses its drug card program under guidelines set by legislation the president signed into law on Monday, according to a report released yesterday by a research group run by a former Clinton administration official.
The Center for American Progress, whose president is John Podesta, Clinton's former chief of staff, pointed out that David Halbert, a longtime friend and contributor to several of Bush's campaigns, helped craft the portion of the Medicare bill that allows seniors to buy discount drug cards they can use to purchase medicine from May of 2004 until 2006, when prescription drugs will begin to be covered by Medicare. Halbert's company, Irving, Texas-based AdvancePCS, is one of the nation's largest pharmacy benefit management companies and would be well-positioned to compete for Medicare's endorsement to issue the discount cards.
Medicare officials will decide in April which companies can issue the discount cards. By then, AdvancePCS could be owned by Caremark Rx, which in September announced its intention to buy the company. That sale could be approved by the Federal Trade Commission in January. The Fort Worth Star-Telegram has reported that the sale could net Halbert as much as $200 million.
(SNIP) (had to snip the "good parts" for copyright reasons)
Bush had been an investor in a Halbert-owned predecessor company to AdvancePCS, called Advance Paradigm, the center reported. Bush's trust sold his shares in 1998. Halbert contributed to Bush campaigns from his 1994 gubernatorial race through his White House bid in 2000.
http://www.boston.com/dailyglobe2/346/nation/Bush_ally_s_firm_vies_for_Medicare_cardsP.shtml
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