Trump’s promotion of hydroxychloroquine is almost certainly about politics, not profits - The Washington Post | Canada News Media
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Trump’s promotion of hydroxychloroquine is almost certainly about politics, not profits – The Washington Post

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Trump was asked a version of that question specifically over the weekend.

“I want them to try it,” Trump said. “And it may work, and it may not work. But if it doesn’t work, it’s nothing lost by doing it. Nothing.”

That’s not entirely true, given both the possibility of negative side effects and that Trump’s promotion of the drugs has led to some shortages in their availability for those hoping to use the drugs as prescribed.

He went on to describe the drugs as a “very special thing.”

Given Trump’s background and his touting his own businesses as president, a number of his critics have speculated that he might be motivated by personal financial interests in hyping the drugs. Perhaps, the theory goes, he’s making money on the sale of the medication, so he keeps hyping it.

That case gained some ammunition from a New York Times report published Monday night.

“Mr. Trump himself has a small personal financial interest in Sanofi, the French drugmaker that makes Plaquenil, the brand-name version of hydroxychloroquine,” the paper reported. The story later went into more detail: “As of last year, Mr. Trump reported that his three family trusts each had investments in a Dodge & Cox mutual fund, whose largest holding was in Sanofi.”

Those looking for a smoking gun had it. There was the financial motivation they’d suspected all along, sitting there in black and white.

The problem with looking for smoking guns, of course, is that one tends to see a lot of gun-shaped objects as guns and a lot of wisps as smoke.

In this case, that the Times story mentions Trump’s personal stake in the sixth paragraph of a story titled, “Trump’s Aggressive Advocacy of Malaria Drug for Treating Coronavirus Divides Medical Community” suggests that the paper’s own reporters don’t really think that the motivation was financial. “From key investment, Trump profits on promoting coronavirus drug” is a much catchier story. But if that’s not reinforced by the data, it’s a hard story to run — and the idea that Trump’s motivation was those investments is not reinforced by the data.

At issue is a fund from a firm called Dodge & Cox called, cleverly enough, the Dodge & Cox International Stock Fund. Trump’s personal financial disclosure indicates that he holds shares in the fund through three different family trusts. The fund’s largest holding is, in fact, in Sanofi.

That said, only 3.3 percent of the fund’s holdings are in that company. What’s more, Trump’s disclosure, filed in May, shows that the three trusts each hold between $1,001 and $15,000 in the Dodge & Cox fund. In other words, Trump’s stake in Sanofi from each trust is between $33 and $495 — or between about $100 and $1,500 in total. However much he overstates his net worth, Trump is still worth nearly $3 billion, according to Bloomberg News, mostly as a function of the property he owns.

That Sanofi investment would therefore constitute between 0.000003 and 0.00005 percent of Trump’s net worth. If you were worth $100,000, it would be like worrying about the nickel in your pocket.

The idea that Trump is hyping hydroxychloroquine to boost Sanofi assumes that he knew that his trusts included a fund that had, among other investments, a stake in the company. That’s not a fair assumption. Those family trusts each include dozens of different investments, most of which are in the $1,001-to-$15,000 range. The three trusts each also include between seven and 12 significantly larger investments. In Trump’s personal financial disclosure, he reports earning between $15,001 and $50,000 from each fund annually. That, again, is a small fraction of his income, much less his net worth.

There are, of course, some necessary caveats. We don’t know how much Trump’s trusts might have invested in other companies since his last disclosure was released. It’s a snapshot of the past, not of the present. It’s also the case that some of those urging Trump to promote the medications might have a financial stake in doing so.

We come back to the cui bono question: What’s the value to Trump in hyping the drugs? If nothing else, we can all agree that there is almost certainly something in it for the president, given how much focus he’s put on it.

The most logical answer is what it was Monday. By now, the use of the drug has become a benchmark in the political culture wars, with Trump allies echoing his calls for the drug as a sign of their confidence in his instincts and as a way of promoting what they see as an optimistic view of the pandemic. The president is probably also promoting the drug because it offers a big political upside — getting to say he was right and the experts were wrong — with a small downside. (If the drugs continue to prove not to be particularly useful, precedent suggests that he will simply ignore the time he spent promoting them.)

Trump focuses a lot on the bottom line. But the bottom line is often his own political value and not just his literal net worth. In this case, the former remains the more likely motivator.

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Review finds no case for formal probe of Beijing’s activities under elections law

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OTTAWA – The federal agency that investigates election infractions found insufficient evidence to support suggestions Beijing wielded undue influence against the Conservatives in the Vancouver area during the 2021 general election.

The Commissioner of Canada Elections’ recently completed review of the lingering issue was tabled Tuesday at a federal inquiry into foreign interference.

The review focused on the unsuccessful campaign of Conservative candidate Kenny Chiu in the riding of Steveston-Richmond East and the party’s larger efforts in the Vancouver area.

It says the evidence uncovered did not trigger the threshold to initiate a formal investigation under the Canada Elections Act.

Investigators therefore recommended that the review be concluded.

A summary of the review results was shared with the Canadian Security Intelligence Service and the RCMP. The review says both agencies indicated the election commissioner’s findings were consistent with their own understanding of the situation.

During the exercise, the commissioner’s investigators met with Chinese Canadian residents of Chiu’s riding and surrounding ones.

They were told of an extensive network of Chinese Canadian associations, businesses and media organizations that offers the diaspora a lifestyle that mirrors that of China in many ways.

“Further, this diaspora has continuing and extensive commercial, social and familial relations with China,” the review says.

Some interviewees reported that this “has created aspects of a parallel society involving many Chinese Canadians in the Lower Mainland area, which includes concerted support, direction and control by individuals from or involved with China’s Vancouver consulate and the United Front Work Department (UFWD) in China.”

Investigators were also made aware of members of three Chinese Canadian associations, as well as others, who were alleged to have used their positions to influence the choice of Chinese Canadian voters during the 2021 election in a direction favourable to the interests of Beijing, the review says.

These efforts were sparked by elements of the Conservative party’s election platform and by actions and statements by Chiu “that were leveraged to bolster claims that both the platform and Chiu were anti-China and were encouraging anti-Chinese discrimination and racism.”

These messages were amplified through repetition in social media, chat groups and posts, as well as in Chinese in online, print and radio media throughout the Vancouver area.

Upon examination, the messages “were found to not be in contravention” of the Canada Elections Act, says the review, citing the Supreme Court of Canada’s position that the concept of uninhibited speech permeates all truly democratic societies and institutions.

The review says the effectiveness of the anti-Conservative, anti-Chiu campaigns was enhanced by circumstances “unique to the Chinese diaspora and the assertive nature of Chinese government interests.”

It notes the election was prefaced by statements from China’s ambassador to Canada and the Vancouver consul general as well as articles published or broadcast in Beijing-controlled Chinese Canadian media entities.

“According to Chinese Canadian interview subjects, this invoked a widespread fear amongst electors, described as a fear of retributive measures from Chinese authorities should a (Conservative) government be elected.”

This included the possibility that Chinese authorities could interfere with travel to and from China, as well as measures being taken against family members or business interests in China, the review says.

“Several Chinese Canadian interview subjects were of the view that Chinese authorities could exercise such retributive measures, and that this fear was most acute with Chinese Canadian electors from mainland China. One said ‘everybody understands’ the need to only say nice things about China.”

However, no interview subject was willing to name electors who were directly affected by the anti-Tory campaign, nor community leaders who claimed to speak on a voter’s behalf.

Several weeks of public inquiry hearings will focus on the capacity of federal agencies to detect, deter and counter foreign meddling.

In other testimony Tuesday, Conservative MP Garnett Genuis told the inquiry that parliamentarians who were targeted by Chinese hackers could have taken immediate protective steps if they had been informed sooner.

It emerged earlier this year that in 2021 some MPs and senators faced cyberattacks from the hackers because of their involvement with the Inter-Parliamentary Alliance on China, which pushes for accountability from Beijing.

In 2022, U.S. authorities apparently informed the Canadian government of the attacks, and it in turn advised parliamentary IT officials — but not individual MPs.

Genuis, a Canadian co-chair of the inter-parliamentary alliance, told the inquiry Tuesday that it remains mysterious to him why he wasn’t informed about the attacks sooner.

Liberal MP John McKay, also a Canadian co-chair of the alliance, said there should be a clear protocol for advising parliamentarians of cyberthreats.

This report by The Canadian Press was first published Sept. 17, 2024.

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NDP beat Conservatives in federal byelection in Winnipeg

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WINNIPEG – The federal New Democrats have kept a longtime stronghold in the Elmwood-Transcona riding in Winnipeg.

The NDP’s Leila Dance won a close battle over Conservative candidate Colin Reynolds, and says the community has spoken in favour of priorities such as health care and the cost of living.

Elmwood-Transcona has elected a New Democrat in every election except one since the riding was formed in 1988.

The seat became open after three-term member of Parliament Daniel Blaikie resigned in March to take a job with the Manitoba government.

A political analyst the NDP is likely relieved to have kept the seat in what has been one of their strongest urban areas.

Christopher Adams, an adjunct professor of political studies at the University of Manitoba, says NDP Leader Jagmeet Singh worked hard to keep the seat in a tight race.

“He made a number of visits to Winnipeg, so if they had lost this riding it would have been disastrous for the NDP,” Adams said.

The strong Conservative showing should put wind in that party’s sails, Adams added, as their percentage of the popular vote in Elmwood-Transcona jumped sharply from the 2021 election.

“Even though the Conservatives lost this (byelection), they should walk away from it feeling pretty good.”

Dance told reporters Monday night she wants to focus on issues such as the cost of living while working in Ottawa.

“We used to be able to buy a cart of groceries for a hundred dollars and now it’s two small bags. That is something that will affect everyone in this riding,” Dance said.

Liberal candidate Ian MacIntyre placed a distant third,

This report by The Canadian Press was first published Sept. 16, 2024

The Canadian Press. All rights reserved.

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Trudeau says ‘all sorts of reflections’ for Liberals after loss of second stronghold

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OTTAWA – Prime Minister Justin Trudeau say the Liberals have “all sorts of reflections” to make after losing a second stronghold in a byelection in Montreal Monday night.

His comments come as the Liberal cabinet gathers for its first regularly scheduled meeting of the fall sitting of Parliament, which began Monday.

Trudeau’s Liberals were hopeful they could retain the Montreal riding of LaSalle—Émard—Verdun, but those hopes were dashed after the Bloc Québécois won it in an extremely tight three-way race with the NDP.

Louis-Philippe Sauvé, an administrator at the Institute for Research in Contemporary Economics, beat Liberal candidate Laura Palestini by less than 250 votes. The NDP finished about 600 votes back of the winner.

It is the second time in three months that Trudeau’s party lost a stronghold in a byelection. In June, the Conservatives defeated the Liberals narrowly in Toronto-St. Paul’s.

The Liberals won every seat in Toronto and almost every seat on the Island of Montreal in the last election, and losing a seat in both places has laid bare just how low the party has fallen in the polls.

“Obviously, it would have been nicer to be able to win and hold (the Montreal riding), but there’s more work to do and we’re going to stay focused on doing it,” Trudeau told reporters ahead of this morning’s cabinet meeting.

When asked what went wrong for his party, Trudeau responded “I think there’s all sorts of reflections to take on that.”

In French, he would not say if this result puts his leadership in question, instead saying his team has lots of work to do.

Bloc leader Yves-François Blanchet will hold a press conference this morning, but has already said the results are significant for his party.

“The victory is historic and all of Quebec will speak with a stronger voice in Ottawa,” Blanchet wrote on X, shortly after the winner was declared.

NDP Leader Jagmeet Singh and his party had hoped to ride to a win in Montreal on the popularity of their candidate, city councillor Craig Sauvé, and use it to further their goal of replacing the Liberals as the chief alternative to the Conservatives.

The NDP did hold on to a seat in Winnipeg in a tight race with the Conservatives, but the results in Elmwood-Transcona Monday were far tighter than in the last several elections. NDP candidate Leila Dance defeated Conservative Colin Reynolds by about 1,200 votes.

Singh called it a “big victory.”

“Our movement is growing — and we’re going to keep working for Canadians and building that movement to stop Conservative cuts before they start,” he said on social media.

“Big corporations have had their governments. It’s the people’s time.”

New Democrats recently pulled out of their political pact with the government in a bid to distance themselves from the Liberals, making the prospects of a snap election far more likely.

Trudeau attempted to calm his caucus at their fall retreat in Nanaimo, B.C, last week, and brought former Bank of Canada governor Mark Carney on as an economic adviser in a bid to shore up some credibility with voters.

The latest byelection loss will put more pressure on him as leader, with many polls suggesting voter anger is more directed at Trudeau himself than at Liberal policies.

This report by The Canadian Press was first published Sept. 17, 2024.

The Canadian Press. All rights reserved.

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