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The Official Katie Porter (HOR/D-CA45) And Her "Whiteboard Of Justice" Appreciation Thread (10/24/22 17:34 PST) (1 Viewer)

GordonGekko

Footballguy
VIDEO: Katie Porter lambasts Big Pharma over cancer drug price hike using whiteboard calculations Oct 1, 2020

US representative Katie Porter used her now-signature whiteboard as she grilled former Celgene CEO Mark Alles over the connection between the significant price hike for Revlimid - a common cancer drug - and his personal bonus. The Democratic congresswoman for California presented her argument during a House oversight and reform committee hearing that centred on an 18-month investigation into pharmaceutical price gouging. The drugmakers defended the price hikes as the cost of doing research and development and talked about price-reduction programs that their companies offer.

The California Democrat said Celgene more than tripled the price of cancer drug Revlimid to $765 a pill, from $215 in 2005, without significantly improving the treatment. Alles received a $500,000 bonus connected to higher profits from Revlimid in the last two years he served as chief executive of Celgene, Porter said...."To put that in perspective, you hiked the price by $500 per pill when the average Orange County senior only has $528 left in their bank account after they've paid their basic monthly expenses....The average Orange County senior can't even afford one pill.....Do you know what this number is," Porter asked Alles after writing the figure "$13 million" on a whiteboard at her side. Alles responded that he didn't know but that it looked like his compensation....

"So to recap here, the drug didn't get any better, the cancer patients didn't get any better — you just got better at making money. You just refined your skills at price-gouging,"


https://www.youtube.com/watch?v=qYvW4pm0_fI



VIDEO: Katie Porter’s “Whiteboard of Justice” Mar 16, 2021

Katie Porter (D-Irvine) has made a name for herself as a tough questioner of CEOs, but also, for her whiteboard she uses. She talks about its origin and why it’s an important tool for her.

https://www.youtube.com/watch?v=xudUx0SaL7M



VIDEO: Rep. Porter grills Big Pharma CEO for putting profits before patients Oct 5, 2020

During a recent committee hearing, Congresswoman Katie Porter called out a Big Pharma CEO for spending 3 times as much on stock buybacks than lifesaving research—to the tune of $28,600,000,000....Porter asks Amgen CEO Robert Bradway why he deserves his salary.

https://www.youtube.com/watch?v=n0L0XbnvJ6I




Direct Headline: Rep. Katie Porter says she relishes committee hearings because it's the only place where 'nobody is trying to control me'

Bryan Metzger 10/14/21

....Rep. Katie Porter of California, famous for aggressive of questioning of CEOs with a white board in tow, told Vanity Fair that she likes committee hearings because it's one of the few places in Congress where leadership isn't trying to control members....One disappointment Porter faced when she got to Congress — after flipping a long-held Republican seat while raising 3 kids as a single mother — was a lack of formal power. She had lunch with Ann O'Leary, a former senior Democratic adviser, shortly after coming to DC following her election, where O'Leory said Porter appeared "deflated."...."She was feeling like, this isn't what I signed up for....She got to Congress and was being told, you have to be in your place, stand in line, it will be 15 years before you have any power. She was like, 'I'm a single mom busting my bottom to be here and I'm not waiting 15 years to have impact....'"

"....There are always instructions from leadership," Porter told Vanity Fair. "This is how you vote, this is what our priority is, this is how you should message, this is how much money you need to raise—and the questions in hearings, you can show up and do what you want. It's like looking around and saying, where is it that nobody is trying to control me?"

Porter was later removed from the House Financial Services Committee for her second term, where most of her most noteworthy questioning took place... Vanity Fair reported that the committee chair, fellow California Democratic Rep. Maxine Waters, came to see Porter as "performative" and wanted her off the committee...."Imagine you're Maxine, you've been running that committee for forever, and this freshman who asks questions in the first five minutes is all [that] gets reported—everybody runs the clip of the freshman and nothing about you," another representative anonymously...."Maxine wanted certain people off of her committee—certain people meaning Porter in particular. There was horse trading between her and [Speaker Nancy] Pelosi. It was bull ####," the representative added.....


https://www.businessinsider.com/rep...-committee-hearings-nobody-control-me-2021-10

https://www.cbsnews.com/news/katie-...gene-ceo-mark-alles-viral-video-drug-pricing/



Direct Headline: Why Katie Porter Isn’t on the House Financial Services Committee

by David Dayen February 1, 2021

....Katie Porter, the second-term Democratic congresswoman from Orange County, California, was at it again last week, savaging headlines about Wells Fargo CEO Charles Scharf’s 12 percent pay cut in 2020. “How about we instead focus on the millions of workers in our country who do not even get paid $12 per hour?” she tweeted. It was a typical populist flourish from Porter, a consumer protection lawyer, professor, and researcher, who gained notoriety as a freshman by lacerating financial executives in hearings of the House Financial Services Committee....

....Why would Democrats take one of their most celebrated young phenoms and remove her from a committee where she has as much expertise as anyone in Congress? The question might answer itself. An analysis of the Financial Services Committee and Porter’s time on it reveals that she wasn’t really wanted, perhaps because of the spotlight she garnered and the goals she sought....The first thing to know about the House Financial Services Committee is that the chair, Rep. Maxine Waters (D-CA), shrunk it for the 117th Congress. In 2019-2020 there were 60 members (34 Democrats, 26 Republicans); this term there are 54 (30 Democrats, 24 Republicans)....

....Contrast that with who is serving on the committee. An incredible four chairs of other committees are on Financial Services: New York Reps. Carolyn Maloney (Oversight), Nydia Velázquez (Small Business), and Gregory Meeks (Foreign Affairs), and Georgia’s David Scott (Agriculture). Presumably chairing an entire other committee is a time-consuming job, yet these members—13 percent of the Democrats on Financial Services—are still there......

....In other words, it’s easy to look at the committee makeup and conclude that Porter was singled out.....Porter’s hard-charging style clearly rankled Waters, the committee chair. When Porter began to use visual aids like whiteboards and posters to make her points in hearings, Waters sided with Republicans on multiple occasions and forced her to stop. Later, when Porter played an audio clip at a hearing about debt collectors, Waters publicly admonished her: “Will the gentlelady please refrain from disrupting this committee?”

....Waters stacks her committee with part-timers to more easily control the agenda.....After the 2018 midterms, a lack of interest in the committee allowed a handful of progressives to join it. But when one of them, a consumer protection expert with deep knowledge of financial regulation, someone who previously said that financial services “is my life,” wanted to use the committee’s power to stand up for ordinary people and restructure financial markets to end the ripoffs? Well, Waters can’t have that....This is not the first time Porter has been passed over. She lost out on a role overseeing the CARES Act corporate bailout to Donna Shalala, who had no experience with the core issues involved. You shouldn’t wonder why Democrats don’t have much of a bench when they treat rising stars this way.....


https://prospect.org/politics/why-katie-porter-not-on-house-financial-services-committee/



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GordonGekko

Footballguy
VIDEO: Viral Moment: Katie Porter Grills Pharmaceutical Exec Over Drug Price Hikes Amidst Stock Buybacks May 19, 2021

Rep. Katie Porter (D-CA) questions the CEO of Abbvie, a pharmaceutical company, about the massive amounts of money spent on stock buybacks and dividends while increasing drug prices during a House Oversight Committee hearing on Tuesday. AbbVie is known for its flagship drug Humira — used to treat auto immune disorders like Crohn’s disease and rheumatoid arthritis. The company now charges $77,000 for a year’s worth of the medicine, “a 470 percent increase from when the drug entered market in 2003, according to a new investigation from the committee.

Porter: "Stock buybacks and dividends is the question, sir."

Gonzalez: "Dividends? I’d have to come back with a number for that over that period of time."

Porter: "$50 billion dollars. So, Mr. Gonzalez, you’re spending all this money to make sure you make money rather than spending money to invest in [and] develop drugs, and help patients with affordable life-saving drugs. You lie to patients when you charge them twice as much for an unimproved drug. And then you lie to policymakers when you tell us that R&D justifies those price increases.The Big Pharma fairy tale is one of groundbreaking R&D that justifies astronomical prices. But the pharma reality is that you spend most of your company’s money making money for yourself and your shareholders. And the fact that you’re not honest about this with patients and with policy makers, that you’re feeding us lies that we must pay astronomical prices to get innovative treatments is false. The American people, the patients, deserve so much better."


https://www.youtube.com/watch?v=aabrV1OmLU0



DIRECT HEADLINE: Katie Porter is off the House Financial Services Committee. We’re all worse off for it.

By Helaine Olen January 16, 2021

....When Democrats took back the House of Representatives in 2018, a number of the freshman representatives quickly emerged as media stars. One was Katie Porter, who used her platform on the Financial Services Committee to highlight the ways in which the banking and finance industries could take advantage of Americans....Over the past two years, Porter (D-Calif.) schooled JPMorgan Chase CEO Jamie Dimon — who earns tens of millions of dollars annually — on the realities of how a teller at one of his banks could not get by earning $16.50 an hour. She also revealed that Kathy Kraninger.... as the head of the Consumer Financial Protection Bureau, couldn’t define an annual interest rate or explain how it works....

....But no more will be forthcoming. According to the Hill, Porter is off the House Financial Services Committee. And this is a loss for all of us....The stated reason for her ouster is an arcane set of House Democratic caucus rules. The Financial Services Committee is an “exclusive” committee, which means that members who take a seat on it can serve solely on that committee, unless they ask for and receive a waiver to take on more than one such assignment....In the last term, Porter did just that, and received a waiver from the House Steering Committee — which is in charge of such things — so that she could also serve on the nonexclusive Oversight and Reform Committee. For the new congressional session, Porter attempted to get a waiver so she could serve on the Financial Services Committee, in addition to the nonexclusive Oversight and Natural Resources Committees.....Instead, Porter received assignments to the Oversight and Natural Resources committees — and not Financial Services....

....Porter is not pleased with the decision, and not shy about saying so. She first took to Twitter to complain, before releasing a statement Friday, saying in part: “Over the last two years, I have a clear record of getting things done on the Financial Services and Oversight Committees, calling out powerful people, exposing corruption, and inviting the American people into conversations. When I got to Congress, I wanted to change up what we see in hearings — I wanted to actually ask questions and get answers. Too often, what we see instead is stonewalling and speechifying.”

....But that approach transformed Porter into a bull in a china shop on the House Financial Services Committee. A number of financial industry insiders didn’t like her and carped anonymously to industry trade publications. Porter also tussled with other members of the committee over such things as her use of her well-known whiteboard to make her points...However, as Jennifer Haberkorn of the Los Angeles Times explains, behind the scenes Porter clashed with committee chairwoman Maxine Waters: The first time Porter tried to use a poster board in the committee, Waters upheld a Republican objection, citing committee rules. When Porter came back to another hearing with a “Financial Services bingo” board, Waters again told her to take it down. “We’ve talked about this before,” she said. Porter balked at Waters’ ruling. “Are we adding additional committee rules at this time?” asked Porter, whose use of such props was not an issue on the House Oversight Committee. In a show of her emerging political star power, Porter eventually got to display the bingo poster — on “Late Night with Seth Meyers....”


https://www.washingtonpost.com/opin...ial-services-committee-were-all-worse-off-it/

https://www.rollingstone.com/politi...e-gonzalez-big-pharma-knockout-punch-1171735/



DIRECT HEADLINE: Maxine Waters the last person who should head financial oversight

By Stephen Moore November 19, 2018

Democratic Rep. Maxine Waters of California appears a lock to become the next chairman of the House’s powerful Financial Services Committee. Waters is pledging to be a diligent watchdog for mom and pop investors, and recently told a crowd that when it comes to the big banks, investment houses and insurance companies, “We are going to do to them what they did to us.”

....Back during the financial crisis of 2008 to 2009, which wiped out trillions of dollars of the wealth and retirement savings of middle-class families, we put the two major arsonists in charge of putting out the fire. Former Democratic Sen. Chris Dodd of Connecticut and former Democratic Rep. Barney Frank of Massachusetts were the co-sponsors of the infamous Dodd-Frank regulations. Readers will recall that good old Barney resisted every attempt to rein in Fannie Mae and Freddie Mac and said he wanted to “roll the dice” on the housing market. That worked out well.....Meanwhile, Dodd took graft payments in the form of low-interest loans from Countrywide, while greasing the skids for the housing lenders in these years. Instead of going to jail or at least being dishonorably discharged from Congress, he wrote the Dodd-Frank bill to regulate the banks....

....Enter Maxine Waters. Back in 2009, I had a run-in with “Mad Maxine,” as she is called on Capitol Hill. The two of us appeared together on HBO’s “Real Time With Bill Maher,” and when she pontificated about the misdeeds of the housing lobby, I confronted her on the money she took from Fannie Mae and Freddie Mac PACs for her campaign.

Here is how the conversation went:

MAHER: Don’t you think Wall Street needs regulation? That’s where the problem is: that there was no regulation.

MOORE: Well, let’s talk about regulation. One of the biggest institutions that have failed this year was Fannie Mae and Freddie Mac. This is an institution that your friends, the Democrats, in fact, you, Congresswoman Waters, did not want to regulate. You said it wasn’t broke five years ago at a congressional hearing, and you took $15,000 of campaign contributions from Fannie and Freddie.


WATERS: No, I didn’t.

MOORE: Yeah, you did. It’s in the FEC (Federal Election Commission) records.

WATERS: No, it’s not.

MOORE: And so did Barney Frank. And so did Chris Dodd.

WATERS: That is a lie, and I challenge you to find $15,000 that I took from Fannie PAC.

....But several fact-checking groups looked it up, and sure enough, I was right. She took $15,000 from the PAC and another $17,000, all told....I was also right about her statements during a 2004 congressional hearing when she said: “Through nearly a dozen hearings, we were frankly trying to fix something (Fannie and Freddie) that wasn’t broke. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines.”...Waters has had run-ins with the House Ethics Committee because of fundraising tactics and insider wheeling and dealing. Back during the financial crisis, she was suspected of helping arrange meetings with Treasury Department officials and getting bailout money for OneUnited, a troubled bank in which her family owned major stock. She beat the rap of corruption, but it sure smelled bad....


https://www.bostonherald.com/2018/1...t-person-who-should-head-financial-oversight/
 

GordonGekko

Footballguy
DIRECT HEADLINE: Wall Street critic Waters rakes in corporate campaign money

By Zachary Warmbrodt 04/15/2019

....Rep. Maxine Waters is embracing corporate campaign contributions as the new chairwoman of the House Financial Services Committee, even as other progressive Democrats have sworn off fundraising from businesses....The California Democrat’s campaign received about $210,329 in contributions during the first three months of this year, most of which came from industry PACs, according to a new filing with the Federal Election Commission. ....Insurers, which are lobbying Waters’ committee on a range of issues, have given the biggest boost to her campaign coffers of any sector of the financial industry....

....The industry hosted a March 12 fundraiser for Waters, and more than 20 insurance PACs contributed to her campaign in the first quarter. Among the insurer and insurance trade group PACs that cut checks: the American Property Casualty Insurance Association of America, the Council of Insurance Agents & Brokers, MetLife, Primerica, State Farm, USAA and Zurich....Even industries that Waters has bashed were willing to make contributions to the new chairwoman. TransUnion’s PAC gave $5,000 to her campaign on Feb. 15, two weeks before its CEO testified with other credit reporting executives at a Financial Services hearing intended to showcase their companies’ shortcomings.....

Other corporate and business trade association PACs that contributed to Waters’ campaign included those operated by Amazon, NASDAQ and the Independent Community Bankers of America. Boeing and General Electric, which lobby the committee to reauthorize the Export-Import Bank, also gave money to her campaign.....


https://www.politico.com/story/2019/04/15/maxine-waters-wall-street-1357237


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"I wish you would focus on creating value for sick patients....not just your shareholders....The other guy gets paid too much too, is not a justification...I got an empty white board ready to write down your justifications.”
- Democratic Representative, and single mother of three children, Katie Porter



Katie Porter is phenomenal. A new upstart in the current Democratic Party, she has made big waves for fighting for the working class voters, even tangling with Big Pharma again and again, despite the clear cost to her own political future with her own Party apparatus. How was she rewarded for her hard work and extreme skill in eviscerating Big Pharma in hearings? Nancy Pelosi and Maxine Waters, long time power players for Team Blue, and neck deep in campaign cash from donors through Big Pharma or those corporate juggernauts in bed with Big Pharma, made sure Porter was kicked off the House Financial Services Committee.

The "stated reason"? Rules and process, apparently. The accusations from core establishment Democrats is that Porter was removed from the Financial Services Committee because she was not meeting the expectations of the committee, that she was not adequately preparing for hearings, not reading briefing materials, and not engaging in committee work and she was told that the removal from the committee was a result of her own actions and she is solely responsible for her own removal.

Would I vote for Katie Porter?

Right now, she's Team Blue's best chance to win POTUS 2024, if she had full Party support. Except she has Elizabeth Warren as a mentor and political ally, Big Corporate donors hate her guts and she can't be controlled. This is how Team Blue treats rising stars in their Party who don't toe the line that crushes the working class while bending the knee to fat cat corporate overlords.

If Trump wins the 2024 RNC ticket, I'd vote for Porter for President.

If DeSantis wins the 2024 RNC ticket, I'd vote for DeSantis.

But it should say something that, currently, even with some of her flaws and specific policy points that I disagree with, that Katie Porter is the only Democrat right now that I'd vote for to become a future President.

I'll leave this here for others to discuss.
 

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