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Health and Human Services Secretary Kathleen Sebelius to invest in biotech startups

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posted on Jul, 13 2012 @ 09:21 AM
from The Washington Free Beacon
BY: Zach Noble - July 12, 2012

A Solyndra for Sebelius

$20 million slush fund for biotech comes at expense of biohazard preparedness

They will set up a private, not-for-profit corporation that would operate outside the federal government.

Sounds like more "opportunities" for cronies and "professional" administrators to frenzy-feed off of.

IMO, just about anything that the vice dictator Sebelius does is usually along the lines of corruption, regardless of the window dressing.

She initially wanted $200 million for this (in the name of "diversify risk"), but the U.S. Senate Appropriations Committee has apparently chopped it down to only $20 million.

Good move just in case this becomes another common boondoggle of corruption, graft, and bribery.

Critics are comparing this to the Department of Energy's "Solyndra" style fiascoes.

The Senate Appropriations Committee has created a $20 million fund for Health and Human Services Secretary Kathleen Sebelius to invest in biotech startups, shifting money to a program that some say resembles the Department of Energy’s controversial loan guarantees.

The Strategic Investor initiative allocates $20 million to “allow the Federal Government to partner with small biotechnology companies in order to foster and accelerate the generation of novel medical countermeasures and technologies,” according to the Senate Appropriations Committee.

“That money is coming at the direct expense of funding that would directly fund anti-terrorism preparedness measures,” said a source familiar with the biotech industry. [story continues with details]

The Senate appropriation is far less than the amount Sebelius requested. She proposed the Strategic Investor initiative in a September 2010 HHS report that requested $200 million to “explore alternative capital market mechanisms.”
I wonder what "alternative capital market mechanisms" could possibly be


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