Ray Robison has an excellent piece on the media's disinterest in a major case of conflict of interest centering on Nancy Pelosi. Specifically, she has interceded on behalf of pharmaceutical company Amgen in an attempt to encourage expanded government purchasing of an HIV drug. Without her intervention, a change in Medicare rules was set to dramatically reduce the use of the same drug -- so her intervention meant the difference between a falling stock price and a rising stock price for Amgen. At the same time, she owns $500,000 worth of stock in Amgen, and the company employs two former senior staffers as lobbyists.
It's central to House ethics rules that a Member of Congress may not use his or her official position for personal gain. Ms. Pelosi was aware of her stake in the company. Rather than intercede on their behalf, it would have been more appropriate to divest her stake in the company. Instead, she used her office to push a policy that would fatten her wallet.
At the core, this is what the Keating 5 scandal was about: politicians using their official positions to change government policy to protect a personal interest. The elected officials involved are still tarnished for having been associated with it, and the matter is sure to be brought up again this year as Senator McCain seeks the White House. Will Pelosi be risisng to his defense?
