What Did Pelosi Know about Amgen's Woes and When Did She Know It?

The Speaker of the House has been very good to Amgen. And vice-versa.The year 2007 kicked off with expectations of good market news for the California-based biotech firm. It was expected to surge 27 percent on its share value that year according to analysts with Thompson Financial.  Instead, it did just the opposite, beginning a sharp tumble down after just the first few weeks into the year.After falling from the mid seventies to the mid fifties, the stock started to get back on its feet. Until May of 2007, that is, when Medicare announced it was considering new restrictions on the use of anemia treatment drugs made by Amgen for its own sales, and for Johnson & Johnson to market under a different product name. The New York Times reported on this issue in mid August, 2007:Amgen executives said the new Medicare policy would force huge restrictions on use of Aranesp and force doctors to change how they practice. Doctors and patient groups are protesting the...(Read Full Article)