Donald Rumsfeld Rakes in $5 Million For Tamiflu
April 04, 2006
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Secretary of Defense Donald Rumsfeld has made more than $5 million from selling shares in the firm that discovered and developed the flu drug Tamiflu.
He also retains shares worth $25 million or more. Tamiflu is bought in mass quantities by the government in order to treat a predicted outbreak of avian flu.
The drug was developed by Gilead Sciences. Mr. Rumsfeld was on the board of Gilead between 1988 and 2001, and was chairman starting in 1997. When he left to join the Bush administration, he retained a large shareholding .
In 2003, the year before concerns about bird flu began, the company took a loss. But in 2004, Tamiflu sales nearly quadrupled, and then nearly quadrupled again in 2005.
Divestiture of his stocks in the corporation is not required by the Office of Government Ethics or the Department of Defense Standards of Conduct Office.