A nonprofit watchdog news site in Tulsa, Oklahoma reports:
The Oklahoma Attorney General’s Office has been tasked with attempting to return a $2 million stockpile of a malaria drug once touted by former President Donald Trump as a way to treat the coronavirus. In April, Gov. Kevin Stitt, who ordered the hydroxychloroquine purchase, defended it by saying that while it may not be a useful treatment for the coronavirus, the drug had multiple other uses and “that money will not have gone to waste in any respect.”

But nearly a year later the state is trying to offload the drug back to its original supplier, California-based FFF Enterprises, Inc, a private pharmaceutical wholesaler…

It’s unclear yet how much of the initial $2 million investment in the hydroxychloroquine the state could recoup.

“While governments in at least 20 other states obtained more than 30 million doses of the drug through donations from the federal reserve or private companies, Oklahoma and Utah bought them from private pharmaceutical companies,” notes ABC News:

Then-Utah Gov. Gary Herbert, a Republican, initially defended the state’s $800,000 purchase of 20,000 packets of hydroxychloroquine compounded with zinc, but later canceled an additional plan to spend $8 million more to buy 200,000 more treatments. The state then managed to secure a refund on the $800,000 no-bid contract it signed with a local pharmacy company that had been promoting the drugs.

The CEO of the pharmacy company has since pleaded guilty to a federal misdemeanor for mislabeling the drug imported from China.

Read more of this story at Slashdot.

Source: Slashdot – Can Oklahoma Return Its Million Stockpile of Hydroxychloroquine?

Jalopnik reports:
The United States government operates a fleet of about 645,000 vehicles, from mail delivery trucks to military vehicles and passenger cars. On Monday, President Joe Biden announced that his administration intends to replace them all with American-made, electric alternatives…

In 2015, the government operated 357,610 gasoline vehicles and 3,896 electric ones; in 2019, those numbers grew to 368,807 and 4,475, respectively. That’s excluding the tens of thousands of E-85 [“flex fuel”] and diesel-based vehicles on the road, which, together, comprise nearly a third of the 645,047 total. So, yeah, there’s certainly a lot of work to do…

The Washington Post reports:
The declaration is a boon to the fledgling electric vehicle industry, which has grown exponentially in the past decade but still represents less than 2 percent of automobiles sold in the United States… “It’s important as a symbolic thing,” said Timothy Lipman, co-director of the Transportation Sustainability Research Center at the University of California at Berkeley. “But I think it also will have a way of helping to jolt the industry forward at a time when it kind of needed that….”

One of the biggest issues: Just three automakers currently manufacture electric vehicles in the United States, and none of those cars meet Biden’s criteria of being produced by union workers from at least 50 percent American-made materials. The closest is the Chevrolet Bolt, assembled at a General Motors plant in Lake Orion, Michigan. But most of that car’s parts — including the battery, motor and drive unit — are produced overseas. But that could easily change, said Kristin Dziczek, vice president of industry, labor and economics at the nonprofit Center for Automotive Research.

If Biden succeeds in making every car in the federal fleet electric, he would increase the total number of electric vehicles in the United States by more than 50 percent. “One of the big questions for companies is, ‘Is the consumer there?’ Well, [the government] is a big consumer,” Dziczek said. “Now they know there’s some solid demand from the government to support their early launches of new vehicles….” With 640,000 nonelectric vehicles, the federal fleet represents the annual output of about three or four automotive plants, Dziczek said. That’s not exactly the million jobs Biden promised in his announcement Monday. But it might be sufficient to convince car manufacturers to change their supply chains or shift their production to U.S. facilities.

Read more of this story at Slashdot.

Source: Slashdot – The US Government’s Entire 645,000-Vehicle Fleet Will Go All-Electric

Friday afternoon CNBC reported that “heightened speculative trading by retail investors” (later referred to as “GameStop mania”) had “continued to unnerve the market.”
The Dow Jones Industrial average lost 620.74 points, or 2%, to 29,982.62, the first time the 30-stock gauge has closed below the 30,000 mark since Dec. 14….

The market also experienced the highest trading volume in years as the mania heated up. On Wednesday, total market volume hit more than 23.7 billion shares, surpassing the level during the height of the financial crisis in 2008. Thursday also saw extremely heavy trading with more than 19 billion shares changing hands.
But Forbes reports that experts “seem in broad agreement that the bull market can rage on.”

“The market is not broken, but recent events have revealed some cracks,” says Commonwealth Financial Network Chief Investment Officer Brad McMillan, who thinks one likely result of the week’s frenzy could be that the price of options — which helped fuel some of the outsized meme-stock demand — rise to help curb “price hacking” in the future. McMillan eschews concerns from other experts that the Reddit-fueled price mania could be a sign the market is in the middle of a bubble akin to the dot-com era in the late 1990s, but he says “crackdown” by regulators is likely.

CNN pointed out that the tagline of Reddit’s forum is “like 4chan found a Bloomberg terminal illness” — and cited two more reactions:

– “We’ve seen how social media can be manipulated to expose fault lines in our democracy,” said Arthur Levitt, Jr., the former chair of the Securities and Exchange Commission, in an op-ed [titled “Danger Lurks Beneath Reddit Day Traders’ GameStop Triumph”]. “Are we certain the same isn’t happening in our financial markets? Time to find out.”

– “I think it’s a real example of what we’re already seeing with the way media has been upended,” said Reddit co-founder Alexis Ohanian in an Instagram video this week. “All of these big institutions have been challenged, quietly and sometimes loudly, at moments, for the last 10 years with the rise of social media.”

Meanwhile, CNBC’s stock pundit Jim Cramer advised the traders who’d helped spark the runup to grab their profits now:

“Take the home run. Don’t go for the grand slam. Take the home run. You’ve already won. You’ve won the game. You’re done,” Cramer said on “Squawk on the Street.”

“Please don’t lose a lot of money on GameStop,” added the “Mad Money” host.
Cramer, who’s being treated in the hospital for a pinched nerve, said he called into CNBC in hopes of making sure people recognize the potential downside risk in GameStop and other soaring short squeezed stocks. “Don’t let them get hurt. It’s our job” to make sure people know they may get burned if the stock price collapses, he said….
Cramer said he was concerned about the stability of the rest of the U.S. equity market the longer the frenzied trading continued…

“I’m not saying that Reddit is good or bad, or that the shorts are good or bad,” he said. “I’m just saying that the government has to step in and at least try to address the situation so the rest of the market isn’t panicked by four stocks that are heavily shorted.”

Read more of this story at Slashdot.

Source: Slashdot – How Reddit’s Co-Founder, Jim Cramer, and Wall Street Reacted to GameStop’s Surge