SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
conflict of interest
Warren Urges Medicare Nominee Oz to 'Divest From Financial Conflicts of Interest'
"By making these commitments, you would increase Americans' trust in your ability to serve the public interest during your time at CMS—rather than the special interests of companies in your network."
Mar 12, 2025
U.S. Sen. Elizabeth Warren on Wednesday called on Dr. Mehmet Oz, President Donald Trump's nominee to head the federal agency in charge of Medicare, to divest all financial ties to Big Pharma and healthcare companies in order to avoid conflicts of interest and gain the public's trust.
"Congratulations on your nomination to serve as administrator of the Centers for Medicare and Medicaid Services (CMS)," Warren (D-Mass.) wrote in a letter to the celebrity heart surgeon and erstwhile purveyor of phony weight loss cures. "If confirmed, you will be expected to steward CMS' $1.5 trillion budget in the best interest of the over 140 million Americans on Medicare and Medicaid. Entering this role with financial conflicts of interest would undermine your effectiveness and the effectiveness of the programs you are slated to administer."
"To avoid this, I request that you agree to: divest any remaining financial interests in health-related companies or patents that you will have the power to influence, recuse from matters involving your former employers and clients, and, for at least four years after you leave office, not lobby CMS or join the industries that depend on CMS' work," the senator said.
"Entering this role with financial conflicts of interest would undermine your effectiveness and the effectiveness of the programs you are slated to administer."
"By making these commitments, you would increase Americans' trust in your ability to serve the public interest during your time at CMS—rather than the special interests of companies in your network," she added.
"You have deep ties to companies that could profit from your decisions at CMS," Warren noted. "You currently serve as a managing member or adviser of multiple healthcare and pharmaceutical firms with a financial stake in CMS policy, including how the agency sets payment rates and coverage determinations for Medicare and Medicaid."
Warren continued:
You also use your public platforms—including your website, TV show, TikTok, and Instagram pages—to promote drugs, such as Ozempic, produced by pharmaceutical companies that are currently seeking expanded CMS coverage approval and that are subject to government drug negotiations—which you would be responsible for conducting. You have been paid to push your show's viewers to enroll in the private alternative to Medicare, Medicare Advantage—a program run by private health insurers that overcharged CMS by at least $83 billion in 2024 alone.
Doctors have critiqued you for allegedly "promoting quack treatments and cures in the interest of personal financial gain." Furthermore, much of your financial portfolio (worth at least $98 million) is invested in healthcare and pharmaceutical companies whose value is tied to CMS' regulatory work.
Last December, the watchdog Accountable.US revealed that Oz had invested as much as $56 million in three companies with direct CMS interests. In 2022, Oz's single biggest healthcare holding was up to $26 million in Sharecare, a digital health company Oz co-founded, and which became the exclusive in-home supplemental care program for 1.5 million Medicare Advantage customers.
On Tuesday, the consumer advocacy group Public Citizen published a research brief examining the hundreds of millions of dollars spent on political lobbying by Medicare Advantage companies ahead of Oz's confirmation hearing, which is scheduled for Friday morning.
Warren and other Democratic lawmakers previously pressed Oz on his advocacy for Medicare privatization, including a 2020 call for enrolling all U.S. seniors in Medicare Advantage plans.
Last month, Oz pledged to divestfrom insurance companies and drugmakers and step down from his advisory positions if his nomination is confirmed.
"I appreciate that you have agreed to divest much of your portfolio and resign from your advisory posts," Warren wrote. "Still, given your close ties to the industry that you would regulate, if you are confirmed, the public would have reason to question your impartiality and commitment to serving the public's interest."
Keep ReadingShow Less
Trump Ally Milei Threatened With Impeachment Over Crypto Stunt
"Look where you brought us with your madness! You turned Argentina into a casino where the croupier is the president himself," one opposition politician said.
Feb 17, 2025
Argentina's far-right libertarian President Javier Milei faces legal challenges and calls for impeachment after a cryptocurrency he touted on social media over the weekend rapidly rose and then tanked in value.
Milei first promoted the $LIBRA coin from his personal account on X Friday night, which then skyrocketed in value to $5 apiece, according to Reuters. Within hours, however, the coin's value plummeted to under $1. Milei deleted his initial tweet five hours after he first posted it, The New York Timesreported, writing in a new post that he was "not familiar with the details of the project."
"We just witnessed one of the fastest and largest destructions of wealth in retail trading history," noted The Kobeissi Letter, which tracks capital markets, in a social media post. "Argentina's memecoin, $LIBRA, erased -$4.5 billion of retail capital in seven hours. Truly destructive."
In the first 40 minutes after Milei first tweeted boosting the coin, its value rose by more than 2,000%, CoinDesk reported. However, it then began to fall as early investors sold their shares, eventually plummeting 95% from a maximum value of $4.4 billion.
Crypto experts warned the $LIBRA coin, which was developed by KIP Protocol and Hayden Davis, could be a "rug pull," a scam in which a crypto developer launches and inflates a coin only to pull out and leave investors hanging.
"Milei's participation in the crime of crypto fraud is extremely serious," the Lower House bloc of the Peronist Unión por la Patria, a center-left opposition group, wrote on social media Saturday. "It's a scandal without precedent. Our bloc of national deputies has decided to move forward with presenting an impeachment request against the president of the nation."
Opposition lawmaker Leandro Santoro further called Milei's actions a "scandal, which embarrasses us on an international scale" and "requires us to launch an impeachment request against the president."
On Sunday, Socialist Party lawmaker Esteban Paulón also called for impeachment proceedings.
"If as a president of a country you propose something for private benefit there is an obvious conflict of interest."
On Monday, Argentina's benchmark S&P Merval had fallen by 4%, according toReuters. The incident sparked more than 100 legal complaints, which were assigned to Federal Judge Maria Servini on Monday.
One case was brought by a coalition of lawyers involved in the Right to the City Observatory think tank as well as economist and former Argentine Central Bank President Claudio Lozano. The group accused Milei of fraud, dereliction of duty, and criminal association, according totheBuenos Aires Herald.
An official statement from the president's office on Saturday said that Milei had met twice with the developers of $LIBRA and had decided to promote the coin "as he does daily with many entrepreneurs who want to launch a project in Argentina to create jobs and obtain investments."
"Not having been part of any instance of the development of the cryptocurrency, after the repercussions that the launch of the project had and to avoid any speculation and not give it further dissemination, he decided to delete the post," the statement continued, adding that the president had asked the Anti-Corruption Office to investigate whether he or anyone else in the government engaged in "improper conduct."
However, the lawyers challenged Milei's account, according to the Buenos Aires Herald:
In their report, the lawyers dispute Milei's subsequent claims that he was not aware of the project's details. They highlight that the president made his post just three minutes after $LIBRA was launched, timing that indicates he knew it was coming before it was announced. They also argue that, as an economist, it is unlikely that he did not understand the details of the project he was sharing.
In a post addressed to Milei directly, former President Cristina Fernández de Kirchner heavily criticized the current president for painting himself as an expert yet claiming innocence of the scheme.
"Weren't you the 'best president in history'? Weren't you the 'genius of the economy'? From self-proclaimed 'global leader' to CRYPTO SCAMMER," de Kirchner wrote.
"Look where you brought us with your madness! You turned Argentina into a casino where the croupier is the president himself," she continued. "THAT IS YOUR MARKET FREEDOM… that of the casino. Your mask has fallen off."
While experts say impeachment efforts are unlikely to succeed, the incident could harm Milei in the upcoming midterm elections.
"It is extremely serious if confirmed, especially in terms of a president's powers to promote something private," left-wing Mexican President Claudia Sheinbaum toldReuters. "If as a president of a country you propose something for private benefit there is an obvious conflict of interest."
The scandal drew comparisons to U.S. President Donald Trump, who also launched a meme coin shortly before taking office, the value of which also first rose and then fell dramatically. Milei has expressed support for Trump in the past, while Elon Musk has taken inspiration from Milei's chainsaw-wielding approach to government for his ideologically-driven anti-government effort Department of Government Efficiency.
Keep ReadingShow Less
Watchdogs, Unions Target DOGE With Lawsuits Mere Minutes Into Trump Administration
"This fight is about fairness, accountability, and the integrity of our government," said AFGE national president Everett Kelley.
Jan 20, 2025
The legal fight over President Donald Trump's "Department of Government Efficiency" kicked off less than hour into his presidency with a flurry of lawsuits filed in federal court—including multiple that allege the body is in violation of the the 1972 Federal Advisory Committee Act.
Trump tapped billionaire and Tesla CEO Elon Musk and tech entrepreneur Vivek Ramaswamy to run the Department of Government Efficiency (DOGE), which was conceived by Trump to help aid with cuts to government spending and regulation. (Ramaswamy, however, is reportedly departing DOGE to launch a bid for Ohio governor).
In a Monday statement announcing one of the lawsuits, Skye Perryman, CEO of Democracy Forward, said that "allowing unelected billionaires to run roughshod over essential services without being transparent about their operations does not achieve the efficiency the American people want to see from their government and only threatens to further undermine the public's trust."
Democracy Forward is serving as co-legal counsel in one of three lawsuits alleging Federal Advisory Committee Act violations. That complaint was filed by a diverse group of plaintiffs, including the advocacy organization the American Public Health Association, the union the American Federation of Teachers, the veterans group the Minority Veterans of America, the progressive veterans group VoteVets Action Fund, the consumer advocacy group the Center for Auto Safety, and the watchdog group Citizens for Responsibility and Ethics in Washington (CREW).
A second was filed by the watchdog group Public Citizen, the watchdog nonprofit State Democracy Defenders Fund, and the federal employees union the American Federation of Government Employees (AFGE). A third was filed by the public interest firm the National Security Counselors.
"This fight is about fairness, accountability, and the integrity of our government," said AFGE national president Everett Kelley in a statement Monday. "Federal employees are not the problem—they are the solution. They deserve to have their voices heard in decisions that affect their work, their agencies, and the public they serve."
Plaintiffs in the first three suits argue that DOGE is operating as a federal advisory committee but not adhering to regulations overseeing those bodies.
Under the 1972 law, federal advisory committees—bodies that advise federal decision-makers on policy, which are also known as FACAs—must do things like furnish meeting minutes and make their meetings open to the public. The groups must also establish a charter and ensure the viewpoints of its members are "fairly balanced."
According to the complaint co-authored by lawyers with Democracy Forward and CREW, the defendants—who include DOGE and the Office of Management and Budget—"have taken no action to comply with FACA, including by making a formal determination that DOGE's creation serves the public interest, nor have they filed a charter identifying the scope of DOGE’s work."
The lawsuit also alleges that "DOGE's membership does not include anyone who brings the perspective of the people and communities that will be most directly affected by the drastic cuts to the federal programs and services that DOGE will recommend."
The complaint co-authored by Public Citizen also makes the same argument regarding balanced viewpoints. Each of the plaintiffs listed in that suit appealed to have representatives from their respective groups join DOGE in order to offer expertise, according to the filing.
"Elon Musk and Vivek Ramaswamy both hold financial interests that will be directly affected by federal budgetary policies—presenting substantial conflict of interest concerns," said Lisa Gilbert, co-president of Public Citizen, in an early January statement regarding her request to join DOGE.
Two of Musk's companies account for at least $15.4 billion in government contracts over the past 10 years, according to New York Timesreporting from October. Ramaswamy's perch atop DOGE could also present conflicts of interest stemming from financial interests he has in multiple companies with exposure to the federal government, the Timesreported before revelations of his plans to leave DOGE.
Also Monday, the conservation organization the Center for Biological Diversity sued to obtain public records showing how "people claiming to represent DOGE" have communicated with the White House since the presidential transition began.
In t complaint, the Center for Biological Diversity argues that they filed an unfilled public records request with the Office of Management and Budget for materials that would "shed valuable light on any directives or communications with OMB regarding DOGE and its objectives, which will shed light on the new administration's intended operations and responses as they take office."
"Whether it's Trump or Elon Musk who's really running the government, we're a nation of laws and the people have a right to know what Musk and his cronies have been up to during the transition," said Kierán Suckling, executive director of the Center for Biological Diversity, in a statement Monday.
Keep ReadingShow Less
Most Popular