Drudge Retort: The Other Side of the News

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You all really are stupid nits!!!!!!!!!!!!!!! A 3000 dollar trade is what you are going to rave about.
No wonder you all lost the election.

It's worth noting at the outset that the HIP Act had zero chance of making it into law. In fact, it didn't even make it out of committee, and would have been promptly vetoed if it had managed to make it to President Obama's desk. Anyone involved with the legislation at the time would have known this, including Price. (Congressmen introduce bills all the time that they know aren't going anywhere.)

The rest of the CNN story falls apart with just a cursory look at the facts.

First, Price didn't buy those shares. His portfolio was managed by Morgan Stanley, which designed the account's investment strategy and directed all trades. As part of a routine rebalancing of Price's account in early 2016, Morgan Stanley bought 26 shares in Zimmer Biomet, worth a grand total of $2,697.74. (Price's net worth is on the order of $10 million.)

The timing of that transaction doesn't implicate Price in any way, either. Morgan Stanley bought those shares in mid-March, but didn't tell Price about that trade, or any of the others it made during its rebalancing, until April 4.

That was nearly two weeks after Price introduced the HIP Act, which, because everyone knew it was a dead letter, had no impact on Zimmer Biomet's stock price anyway.

In other words, there is no story here, much less a scandal.

The fact that CNN pretended that there was one says nothing about Price's ethics. It does, however, say plenty about the blatant partisan bias of today's "independent" press.

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