Monday, March 13, 2006

Rumsfeld Laughing All The Way To The Bank

Cha-Ching! U.S. Defense Secretary Donald Rumsfeld, is making a killing on the Bird Flu drug, raking in more than $ 5 million in capital gains from selling shares in the biotechnology firm that discovered & developed Tamiflu--the drug being bought in massive amounts by goverments to treat a possible human pandemic of the disease.
More than 60 countries have ordered large stocks of the antiviral medication, & the so-called only oral medication believed to be effective against Bird Flu.
The drug was developed by a Californian biotech company, Gilead Sciences. It is now made & sold by the giant chemical company Roche, which pays it a royalty on every tablet sold, currently about a fifth of it's price.
Rumsfeld was on the board of Gilead from 1988 to 2001 & was the chairman from 1997. He left to join Bush's minions, but kept a huge shareholding, as previously reported here a while back.
Rumsfeld sold some of his Gilead stock in 2004 reaping around $ 5 million. He still had up to $ 25 million worth of shares at the end of 2004, & at least one analyst believes his stake has grown well beyond that figure, as the share price has soared.
A 2005 report showed that, in all, he owned shares worth up to $ 95.9 million, from which he got an income of up to $ 13 million, owned land worth up to $ 17 million, & made $ 1 million from renting it out. In addition, he had investments worth up to $ 8.1 million, included in partnerships investing in biotechnology, issuing reproductions of paintings, & operating art galleries in New Mexico & Wyoming. He recieved up to $ 1 million from the DHR Foundation, & $ 773,743 from the Donald H. Rumsfeld Trust, in which he has assests of up to $ 50 million.
Damn! Anyone want to argue against the claim Rumsfeld is a warmongoring, profiteering, opprotunist, money-whore??
Didn't think so.