“The coronavirus presented DuPont, the chemical giant based here, with a golden business opportunity.In January, the company convened a crisis team to figure out how to ramp up global production of personal protective equipment, including suits made out of its patented Tyvek material, which normally sell for about $5 apiece to hospitals. By early March, as the disease began to spread in the United States, DuPont’s factory in Richmond, Virginia, was cranking out Tyvek.”
Then DuPont sold 60 percent of the protective gear to Uncle Sam while keeping 40 percent for its other customers. The company refused to say how much the Department of Health and Human Services paid for 450,000 suits, but a spokesperson noted that they sell for up to $15 each, three times the amount they fetched before the virus pandemic.
“The two priorities that officials say have not been sacrificed by Trump or his supply chain task force, dubbed “the children” inside FEMA’s headquarters, are private profit and the ability of the White House to choose where supplies go.”
Medicynical note: There were people aware of the risk of the covid-19 epidemic during the period when Trump, Hanrity and a sad sack Medal of Freedom recipient were engaging in magical thinking.
Congressmen (Senators and Representatives) briefed on the epidemic in December and January used their insider information to make strategic lucrative stock sales and purchases.
Some in industry took steps to take advantage of the predicted need for medical equipment and protective gear. They raised prices and worked the government to control the market and limit competition.
And Trump and Jared? Not surprisingly they’re facilitating.
But hey, that’s capitalism. The idea is to MAKE MONEY. Capitalize on insider info? Of course if you can get away with it!
Find a market weakness and take advantage for the benefit of stockholders? Sure! Always work toward a monopoly.
Fair competition? Really? The core idea of capitalism is to work to control……everything.
Sick people? Protecting health care providers? Concern about other producers? Not really an issue……at all.