A recent article in The New York Times reported on a cost-control exception provided to Amgen, the world’s largest biotechnology firm. According to the report, the sweetheart deal — hidden in the Senate’s final “fiscal cliff” bill — will cost taxpayers half a billion dollars. Bill Moyers talks to U.S. Representative Peter Welch (D-VT) about the bi-partisan bill he recently sponsored to repeal that giveaway, and the political factors that allow such crony capitalism to occur.
“When there is this back room dealing that comes at enormous expense to taxpayers and enormous benefit to a private, well-connected, for-profit company, we’ve got to call it out,” Welch tells Moyers. “Those members of Congress who are concerned about the institution, about our lack of credibility, about the necessity of us doing things that are in the public good as opposed to private gain, we’ve got to call it out.”
A full transcript of the show after the jump.