Donald Rumsfeld makes $5m on bird flu drug

[cal04]

Donald Rumsfeld has made a killing out of bird flu. The US Defence Secretary has made more than $5m (£2.9m) in capital gains from selling shares in the biotechnology firm that discovered and developed Tamiflu, the drug being bought in massive amounts by Governments to treat a possible human pandemic of the disease. More than 60 countries have so far ordered large stocks of the antiviral medication - the only oral medicine believed to be effective against the deadly H5N1 strain of the disease - to try to protect their people. The United Nations estimates that a pandemic could kill 150 million people worldwide.

Britain is about halfway through receiving an order of 14.6 million courses of the drug, which the Government hopes will avert some of the 700,000 deaths that might be expected. Tamiflu does not cure the disease, but if taken soon after symptoms appear it can reduce its severity. The drug was developed by a Californian biotech company, Gilead Sciences. It is now made and sold by the giant chemical company Roche, which pays it a royalty on every tablet sold, currently about a fifth of its price.

Mr Rumsfeld was on the board of Gilead from 1988 to 2001, and was its chairman from 1997. He then left to join the Bush administration, but retained a huge shareholding . The firm made a loss in 2003, the year before concern about bird flu started. Then revenues from Tamiflu almost quadrupled, to $44.6m, helping put the company well into the black. Sales almost quadrupled again, to $161.6m last year. During this time the share price trebled.

Mr Rumsfeld sold some of his Gilead shares in 2004 reaping - according to the financial disclosure report he is required to make each year - capital gains of more than $5m. The report showed that he still had up to $25m-worth of shares at the end of 2004, and at least one analyst believes his stake has grown well beyond that figure, as the share price has soared. Further details are not likely to become known, however, until Mr Rumsfeld makes his next disclosure in May.

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http://news.independent.co.uk/world/americas/article350787.ece

[Swamp Rat]

1. He'll be in a Hague prison cell before he gets to enjoy his booty.

[Radio_Lady]

2. Swamp Rat, just a small additional note about your comment...

"He'll be in a Hague prison cell before he gets to enjoy his booty."

Better still, he'll CROAK there after being tried for four years! Maybe from POISON!

Why not? Weirder things have happened -- today!

[Swamp Rat]

4. I'm sure very few people would mourn his passing

I am willing to bet there will be much rejoicing when he's gone, especially by U.S. soldiers. :)

[Frustratedlady]

3. I KNEW it!

When it first broke that Rummy had been connected to Gilead, the stench rose. I knew darned good and well he had to be profiting.

How many in this administration have NOT received their just rewards so they are set for life? Sure seems like we have everyone covered.

[gratuitous]

5. Claude Allen, please take note

If you're going to steal, steal a lot. Nickel and dime crap from Target just gets you busted.

[Catchawave]

6. This whole administration is making money

off of fear and terror. Why does this not surprise me? :grouphug:

[arcane1]

7. This makes it hard for me to accept the bird-flu threat as a valid one

remember when everyone was buying up that whatever-it-was-called (cipro?) to treat anthrax?

by the way, we're making progress on smoking the anthrax assasin outta his hole, right? It's hard work, but we're moving forward, doing a heckuva job, the american people expect progress and that's what they'll get, we're progress-makers, you see