Senator Chris Dodd has blasted Goldman Sachs for bogarting H1N1 vaccine. He is demanding to know from federal officials why the vaccine was sent to bankers at Goldman Sachs rather than so pregnant women and school children, the most vulnerable for serious cases of swine flu.

Dodd also sent a letter to Secretary of Health and Human Services Kathleen Sebelius demanding she review her policies and make corrections to ensure that the vaccine, which is temporarily in short supply goes to those who are most vulnerable.

Senator Dodd is quoted in Politico:

“It is hard to believe that at a time when even the most vulnerable in our society are unable to obtain H1N1 vaccinations, the government is sending doses to private firms on Wall Street,” Sen. Chris Dodd (D-Conn.) said in a statement. “People are frustrated by the government’s response to this crisis, and with news like this, who can blame them? “

“Vaccines should go to people who need them most, not people who happen to work on Wall Street,” said Dodd, who’s also readying financial reform legislation that Wall Street won’t like

Dodd has also insisted that Goldman Sachs return the vaccine they are hording.

Full Story at Politico

Mor coverage: Washington Post

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25 Thoughts to “Senator Chris Dodd Blasts Bankers for Hoarding H1N1 Vaccine”

  1. Gainesville Resident

    The real question is why is the government sending the vaccine to these firms? Shouldn’t they be sending it to local gov’t health organizations for distribution?

  2. Lafayette

    UFB! We all know these banker types are greedy, but do have the get grubby mits on our vaccines too? They need to return those vaccines ASAP!
    GR, excellent questions. Now, when will we get the answers?

  3. Mando

    Gainesville Resident :
    The real question is why is the government sending the vaccine to these firms? Shouldn’t they be sending it to local gov’t health organizations for distribution?

    Who cares? Bashing bankers is more en-vogue and politically profitable.

  4. Emma

    A Goldman Sachs exec was quoted as saying something like, “Well, we ordered it, and they sent it to us.”

    I hope they at least have the decency to distribute it according to the CDC priority list, and not just take care of the execs and their families.

  5. I am assuming they got it from the manufacturer.

    Mando, I think Dodd is putting some banker hurt on them in addition to the bashing.

    I care that they would get vaccine tht was intended for pregnant women and children. I haven’t clamored and raised hell about getting an H1N1 vaccine because I am not in one of the highest risk group. I will wait my turn. Goldman Sachs can do the same.

  6. GR, good question. I don’t think the govt sent it out. I think it was shipped out from the manufacturer. maybe GS thinks they are more important than others?

  7. Pat.Herve

    The vaccines were distributed from the NYC Dept of Health to large NYC Employers.

    The intent was to give the vaccine to high risk employees, and if they are following the CDC guidelines, I see nothing wrong with this. Here is why –

    Many large employers in NYC have entire buildings of employees in one location, and have there own medical clinics in house – to get the distribution of the vaccine to the right people you need many distribution points, and this gets the vaccine distributed to more of the high risk people. The Dept of Health does not have the facilities or staff to distribute enough of the vaccine fast enough, so you would have limited access (long lines of waiting) to get the vaccine, and would not get it. Now, if they are not following the CDC Guideline of who should get a dose, that I do have a problem with.

    Other large employers such as Columbia University and Time have also received the vaccine for distribution.

    And, I am not a defender of Wall Street and their practices – I find it immoral that these Wall Street types can cause so much havoc in the financial industry, and yet, they continue to make money using risky investments – they are looking at paying out $23 Billion in bonuses this year – I wonder if they considered hiring back those 1500 employees that were layed off last year instead of paying out such large bonuses.

  8. Lafayette

    Pat., you make an excellent point about the large employers, but I just don’t think they have the age groups working that seem to be getting the H1N1. If this was the regular flu shot I would not be saying return it. I know when I worked at a hotel in the Dulles area we were lined up like cattle every year for flu shots, and various other times throughout the year for other vaccines. We were exposed to many international travellers. I was always glad to get the shots. I NEVER got sick then.

  9. Thanks for that information, Pat. Are those employees bringing in the school children or are they getting their vaccines at school? I raise an eyebrow however, when Virginia health departments cannot get the vaccine and neither can local doctors. The large chains like Safeway and Walgreens also still don’t have it do they?

    It sounds like GS used the rich and priviledged card again to get something unattainable to others. I would pull in my horns if I knew that health depts and schools had the doses they need.

    Agree Pat, about the banking practices and bonuses. It grates on my nerves sort of like the Superintendant of PWCS being paid a quarter of a million dollars, yet he won’t take phone calls from parents.

  10. Mando

    This has conspiracy written all over it. Should be obvious that the evil bankers are in league with the wicked insurance companies. They want all pregnant women and children sick so they can rake in the profits.

    Obama save us!

  11. Elena

    Pat,
    Thanks for shining some light on this issue. At first I too was outraged, but it does make sense if at risk employees and their families are first in line to get vaccine.

  12. Slowpoke Rodriguez

    Chris Dodd: “We’ll do and say anything to get attention off of how god-awful we are!”

  13. Read the Washington Post article. I am not ready to let Goldman Sachs off the hook. Not even close.

    When every school kid in NY state has had the swine flu shot and every pregant woman has had a swine flu shot, then GS and the other investment banking firms can have their doses to help out with distribution. Until then, why are they entitled?

    It sounds to me like once again the rich and the entitled getting just a little bit ahead in line.

    Not conspiracy, Mando, how about greed, power, and position. That has its own story.

  14. Elena, I don’t think for a second that the big wigs are first in line. I am still fairly outraged. However, members of my family waited 2 days at the mall. Finally after 4 hours they got their h1n1 shots. They are children.

  15. Mando

    Reading between the lines one sees this:

    “who’s also readying financial reform legislation that Wall Street won’t like”

    Hmmm…

  16. And you want the Senate to do something the banking industry likes? Give them more free rein? or is that reign?

    Give us more of those old fashioned derivatives?

  17. Mando

    I’d prefer prefer the senate keep their hands off private industry. But I’m wacky about liberty and freedom like that.

  18. And I often feel like private industry is selfish, greedy and will do anything to turn a profit. Somewhere there is balance. Example: If there were better banking regulations and real estate policies, would our community be in better shape? I think yes.

  19. Mando

    What you fail to see is the banking industry is already EXTREMELY and HEAVILY regulated. There’s about a dozen govt. controlled regulatory bodies that oversee banking operations. Adding another is going to set your mind at ease? Also, who do you think is paying all these govt. employees’ salaries?

  20. Apparently they need to tweak some of those regs. Would I feel any more secure knowing that the layers were peeled away and banks could do as they wished? NO.

    And yes, I do know that banks are regulated. Apparently not quite enough after what just happened.

  21. Moonhowler — Why is Senator Chris Dodd bashing bankers? What does it prove? Dodd is honest? Bankers are dishonest? Vice versa? Do either Dodd or the bankers have that much to recommend them?

    Have you considered the merits of focusing on the solution instead of the problem? Presumably the vaccine actually works. Does it? Assuming it does, then what is more pertinent is why the vaccine is in such short supply. Would that have anything to do with the government’s superb management skills?

    Pat and Emma — Are you certain the CDC’s priorities are valid? No politics? No influence?

    What is the most dangerous weapon known to man? It is not the sword, a firearm or a nuclear bomb. What makes human beings so dangerous? It is our capacity to organize; it is our desire to make other people do what we wish. Government is the most dangerous thing there is.

    BTW — The correct spelling is hoarding, not hording.

  22. Oooops. Thanks for the spelling catch. Happens all the time around these fingers.

    Sorry, no blog material here today for you. It doesn’t prove anything. It is an article to stimulate conversation. We won’t all agree on it. But you knew that. 😉

  23. Twinad

    My sister works as a women’s health nurse practioner for the NY State health dept and she was going OFF a little over a week ago. They had H1N1 in the fridge at work and she was not allowed to vaccinate her patients or her kids with any doses. They were directed to let it sit there until Nov 12th which was the next scheduled school clinic! Meanwhile, kids were dropping like flies. Why would someone in charge want doses to sit in a fridge unused for 2 weeks!?

  24. Wolverine

    As much as I do not like Dodd, he may have a good point here. Now, imagine if you were in Canada and just found out that the players on the Toronto pro basketball and hockey teams got their shots while others were being told that they would have to wait. Whooeee, did that ever raise a noise there!! I can see it now — Redskins and Capitals players vaccinated while…I think you can get my drift.

  25. A PW County Resident

    Sorry, I have been out of town.

    So I understand that like many companies that have health programs, Goldman Sacks ordered the vaccine. And properly or not, the NY State Health sent it to them.

    What I am missing is why are the banks the bad guys here? It would seem to be the State of NY and HHS, which is to whom Dodd sent the letter of criticism. The state rightly or wrongly decided that these companies could be another method of distribution since they, like many companies, already had an established distribution system. So what did Goldman do that is so bad besides doing a civic and employee benefitting action?

    Sorry to say that it appears to me that Senator Dodd, as a committee chairman, who had been accused of getting favortism from lenders might possibly be using this purely for a political purpose. Now, in reelection, he can say, “see I am not their friend, I criticized them”.

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