Obamacare Wonks Cash In on Health Care Law
Posted on Sep 18, 2013
The New York Times had an important story Tuesday on the ways in which former congressional and White House staffers are profiting from the Affordable Care Act they helped write and pass.
Judging by the story, a lot of those passing through Washington’s revolving door end up working for the health industry—that’s insurance companies, pharmaceutical firms, health care providers, device makers and so on—which now spends more on lobbying than even the big banks.
There are exceptions to the rule, as the Times reports:
Many of the former health care officials are lawyers or lobbyists, though not all. Nancy-Ann DeParle, Mr. Obama’s former “health czar” and later his deputy chief of staff, now guides health care investments as a partner in a new private equity firm, Consonance Capital, with colleagues from her pre-White House days. Bob Kocher, a doctor, management consultant and former member of Mr. Obama’s economics team, is a California venture capitalist, helping finance health start-ups.
In any event, profit seems to be the chief motive. It’s a pity investors and corporations have cornered the market on these former public servants, if only because there are now millions of Americans who have to comply with the law and would probably welcome a little insight from some insiders.
—Posted by Peter Z. Scheer