Blue-check Twitter is going nuts this morning sharing a New York Times article that suggested President Trump and people close to him stand to gain if hydroxychloroquine actually works as a coronavirus therapeutic.
“Trump himself has a small interest in @Sanofi, which makes a brand-name hydroxychloroquine version”:
NEW: If hydroxychloroquine becomes an accepted coronavirus treatment, several companies stand to profit, some with shareholders & execs connected to TRUMP.
Trump himself has a small interest in @Sanofi, which makes a brand-name hydroxychloroquine version. https://t.co/yMXoqixx95
— Kenneth P. Vogel (@kenvogel) April 7, 2020
Here’s the exact quote from the article that has everyone fired up: “Mr. Trump himself has a small personal financial interest in Sanofi, the French drugmaker that makes Plaquenil, the brand-name version of hydroxychloroquine”:
— Matthew Garrahan (@MattGarrahan) April 7, 2020
Except, there are two things wrong with this “dunk.”
For starters, the drug is off-patent and it’s being manufactured by lots of companies. Sanofi isn’t going to make much money on it. But don’t believe us, here’s George Conway:
Yep. And can’t imagine Sanofi could make that much on a drug that’s not patented. https://t.co/6EYEnQdveC
— George Conway (@gtconway3d) April 7, 2020
And secondly, the “small personal financial interest” is a mutual fund that’s owned by a family trust and this means this revelation is one gigantic nothingburger. Again, don’t believe us. Here’s Trump-critic Walter Shaub saying “don’t get excited about this finding”:
Don't get excited about this finding. If Trump were a regular executive branch employee covered by the conflict of interest law, the remedy for a conflict of interest would be to buy diversified mutual funds because they're exempt from the law. That's the asset this refers to. https://t.co/dD8SCBbZka
— Walter Shaub (@waltshaub) April 7, 2020
And “there’s nothing wrong with this financial interest”:
The reporting is good, it just needs this crucial context. There's nothing wrong with this financial interest. Everyone talks about blind trusts, but what we should wish he owned instead of a blind trust is exactly these kinds of diversified mutual funds. Sadly, he doesn't care.
— Walter Shaub (@waltshaub) April 7, 2020
Try again, libs.
***
Join the conversation as a VIP Member