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President-elect Donald Trumps choice to run the sprawling government agency that administers Medicare, Medicaid, and the Affordable Care Act marketplace celebrity doctor Mehmet Oz recently held broad investments in health care, tech, and food companies that would pose significant conflicts of interest. Use Our Content

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Ozs holdings, some shared with family, included a stake in UnitedHealth Group worth as much as $600,000, as well as shares of pharmaceutical firms and tech companies with business in the health care sector, such as Amazon. Collectively, Ozs investments total tens of millions of dollars, according to financial disclosures he filed during his failed 2022 run for a Pennsylvania U.S. Senate seat.

Trump said Tuesday he would nominate Oz as administrator of the Centers for Medicare & Medicaid Services. The agencys scope is huge: CMS oversees coverage for more than 160 million Americans, nearly half the population. Medicare alone accounts for approximately $1 trillion in annual spending, with over 67 million enrollees.

UnitedHealth Group is one of the largest health care companies in the nation and arguably the most important business partner of CMS, through which it is the leading provider of commercial health plans available to Medicare beneficiaries.

UnitedHealth also offers managed-care plans under Medicaid, the joint state-federal program for low-income people, and sells plans on government-run marketplaces set up via the Affordable Care Act. Oz also had smaller stakes in CVS Health, which now includes the insurer Aetna, and in the insurer Cigna. Email Sign-Up

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It’s not clear if Oz, a heart surgeon by training, still holds investments in health care companies, or if he would divest his shares or otherwise seek to mitigate conflicts of interest should he be confirmed by the Senate. Reached by phone on Wednesday, he said he was in a Zoom meeting and declined to comment. An assistant did not reply to an email message with detailed questions.

Its obvious that over the years hes cultivated an interest in the pharmaceutical industry and the insurance industry, said Peter Lurie, president of the Center for Science in the Public Interest, a watchdog group. That raises a question of whether he can be trusted to act on behalf of the American people. (The publisher of KFF Health News, David Rousseau, is on the CSPI board.)

Oz used his TikTok page on multiple occasions in November to praise Trump and Robert F. Kennedy Jr., including their efforts to take on the illness-industrial complex, and he slammed so-called experts like the big medical societies for dishing out what he called bad nutritional advice. Ozs positions on health policy have been chameleonic; in 2010, he cut an ad urging Californians to sign up for insurance under President Barack Obamas Affordable Care Act, telling viewers they had a historic opportunity.

Ozs 2022 financial disclosures show that the television star invested a substantial part of his wealth in health care and food firms. Were he confirmed to run CMS, his job would involve interacting with giants of the industry that have contributed to his wealth.

Given the breadth of his investments, it would be difficult for Oz to recuse himself from matters affecting his assets, if he still holds them. He could spend his time in a rocking chair if that happened, Lurie said.

In the past, nominees for government positions with similar potential conflicts of interest have chosen to sell the assets or otherwise divest themselves. For instance, Treasury Secretary Janet Yellen and Attorney General Merrick Garland agreed to divest their holdings in relevant, publicly traded companies when they joined the Biden administration.

Trump, however, declined in his first term to relinquish control of his own companies and other assets while in office, and he isnt expected to do so in his second term. He has not publicly indicated concern about his subordinates financial holdings.

CMS main job is to administer Medicare. About half of new enrollees now choose Medicare Advantage, in which commercial insurers provide their health coverage, instead of the traditional, government-run program, according to an analysis from KFF, a health information nonprofit that includes KFF Health News.

Proponents of Medicare Advantage say the private plans offer more compelling services than the government and better manage the costs of care. Critics note that Medicare Advantage plans have a long history of costing taxpayers more than the traditional program.

UnitedHealth, CVS, and Cigna are all substantial players in the Medicare Advantage market. Its not always a good relationship with the government. The Department of Justice filed a 2017 complaint against UnitedHealth alleging the company used false information to inflate charges to the government. The case is ongoing.

Oz is an enthusiastic proponent of Medicare Advantage. In 2020, he proposed offering Medicare Advantage to all; during his Senate run, he offered a more general pledge to expand those plans. After Trump announced Ozs nomination for CMS, Jeffrey Singer, a senior fellow at the libertarian-leaning Cato Institute, said he was uncertain about Dr. Ozs familiarity with health care financing and economics.

Singer said Ozs Medicare Advantage proposal could require large new taxes perhaps a 20% payroll tax to implement.

Oz has gotten a mixed reception from elsewhere in Washington. Pennsylvania Sen. John Fetterman, the Democrat who defeated Oz in 2022, signaled hed potentially support his appointment to CMS. If Dr. Oz is about protecting and preserving Medicare and Medicaid, Im voting for the dude, he said on the social platform X.

Ozs investments in companies doing business with the federal government dont end with big insurers. He and his family also hold hospital stocks, according to his 2022 disclosure, as well as a stake in Amazon worth as much as nearly $2.4 million. (Candidates for federal office are required to disclose a broad range of values for their holdings, not a specific figure.)

Amazon operates an internet pharmacy, and the company announced in June that its subscription service is available to Medicare enrollees. It also owns a primary care service, One Medical, that accepts Medicare and select Medicare Advantage plans.

Oz was also directly invested in several large pharmaceutical companies and, through investments in venture capital funds, indirectly invested in other biotech and vaccine firms. Big Pharma has been a frequent target of criticism and sometimes conspiracy theories from Trump and his allies. Kennedy, whom Trump has said hell nominate to be Health and Human Services secretary, is a longtime anti-vaccine activist.

During the Biden administration, Congress gave Medicare authority to negotiate with drug companies over their prices. CMS initially selected 10 drugs. Those drugs collectively accounted for $50.5 billion in spending between June 1, 2022, and May 31, 2023, under Medicares Part D prescription drug benefit.

At least four of those 10 medications are manufactured by companies in which Oz held stock, worth as much as about $50,000.

Oz may gain or lose financially from other Trump administration proposals.

For example, as of 2022, Oz held investments worth as much as $6 million in fertility treatment providers. To counter fears that politicians who oppose abortion would ban in vitro fertilization, Trump floated during his campaign making in vitro fertilization treatment free. Its unclear whether the government would pay for the services.

In his TikTok videos from earlier in November, Oz echoed attacks on the food industry by Kennedy and other figures in his Make America Healthy Again movement. They blame processed foods and underregulation of the industry for the poor health of many Americans, concerns shared by many Democrats and more mainstream experts.

But in 2022, Oz owned stakes worthas much as $80,000 in Dominos Pizza, Pepsi, and US Foods, as well as more substantial investments in other parts of the food chain, including cattle; Oz reported investments worth as much as $5.5 million in a farm and livestock, as well as a stake in a dairy-free milk startup. He was also indirectly invested in the restaurant chain Epic Burger.

One of his largest investments was in the Pennsylvania-based convenience store chain Wawa, which sells fast food and all manner of ultra-processed snacks. Oz and his wife reported a stake in the company, beloved by many Pennsylvanians, worth as much as $30 million.

Darius Tahir: DariusT@kff.org, @dariustahir Related Topics Elections Health Industry Insurance Medicare CMS Medicare Advantage Pennsylvania Trump Administration Contact Us Submit a Story Tip

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Council finances are becoming unsustainable and whole system overhaul is required, watchdog warns

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Council finances are becoming unsustainable and whole system overhaul is required, watchdog warns

From bin collections and parks to social care, it’s estimated local authorities in England provide more than 800 services for residents, touching on many different aspects of our lives all the way from childhood to elderly care.

A National Audit Office report found spending on services increased by £12.8bn – from £60bn to £72.8bn – between 2015-16 and 2023-24, a 21% increase in real terms.

Most of this increased spending – £10.3bn – has gone to adult and children’s social care, which represents councils’ biggest spend, increasing as a share of overall spending from 53% to 58% over the period.

Previous central funding cuts and an increasing population mean that spending power per person has largely stagnated, however, and remains 1% lower per person than in 2015/16, the report said.

This is a measure of the funding available to local authorities from central government grants, council tax and business rates. Though grant funding has increased in recent years, it has not yet made up for pre-2020 government cuts.

Complex needs

The population in England has increased by 5% over the period, accounting for some of this increased pressure, but it’s not the only driver.

In many areas, demand has outpaced population growth, as external events and the complexity of people’s needs has shifted over time.

The rapid increase in costs of temporary accommodation, for example, has been driven by the large increases in people facing homelessness because of inflationary pressures and housing shortages.

At the same time, demand for new adult social care plans has increased by 15%.

As life expectancies have increased, the length of time in people’s lives during which they suffer from health problems has also increased.

“We see that in adult social care that people have multiple conditions and need more and more support and often will be appearing as if they’re frailer at an earlier age. So that’s an important trend,” explained Melanie Williams, president of the Association of Directors of Adult Social Services.

“We’re constantly focusing on most urgent things at the expense of not doing the preventative work,” she added.

“When we’re just focusing on getting people home from hospital, we’re not doing that piece of work to enable them not to go there in the first place.”

Budget cliff edge over SEND spending

Meanwhile, demand for education, health and care (EHC) plans, for children with more complex special educational support needs has more than doubled, increasing by 140% to 576,000.

Budgets for special educational needs and disabilities (SEND) have not kept pace, meaning local authority spending has consistently outstripped government funding, leading to substantial deficits in council budgets.

Most authorities with responsibilities for SEND have overspent their budget as they have been allowed to until March 2026 on a temporary override, but they will need to draw on their own reserves to make these payments in a year.

One in three councils will have deficits that they can’t cover when the override ends.

Cuts to services

In the latest figures for 2023/24, the NAO found £3 in every £5 of services spending by English local authorities went towards social care and education, totalling £42.3bn.

This has left little headroom for other services, many of which have experienced real-terms financial cuts over the same time period, with councils forced to identify other services like libraries, parks and the arts to make savings.

But, Williams warned, cultural and environmental services like these can play a vital role in wellbeing and may actually exacerbate demand for social care.

“For us to be able to safeguard both adults and children – so people that need extra support – we do need that wider bit for councils to do,” said Williams, who also serves as corporate director of adult social care for Nottingham County Council.

“It’s no good me just providing care and support if somebody can’t go out and access a park, or go out and access leisure, or go out and have that wider support in the community.”

Commenting on the report, Cllr Tim Oliver, chairman of the County Councils Network, said: “As we have warned, councils have little choice but to spend more and more on the most demand-intensive services, at the expense of everything else – leaving them providing little more than care services.

“It is market-specific cost pressures, mainly in adult social care, children’s services, and special educational needs, that are driving councils’ costs rather than deprivation. Therefore government must recognise and address these pressures in its fair funding review, otherwise it will push many well-run councils to the brink.”

Fighting fires

The NAO report describes a vicious cycle where councils’ limited budgets have resulted in a focus on reactive care addressing the most urgent needs.

More efficient preventative care that could lower demand in the long term has fallen to the wayside.

In one example cited by the NAO, the Public Health Grant, which funds preventative health services, is expected to fall in real terms by £846m (20.1%) between 2015/16 and 2024/25.

Other areas have seen a switch in funding from prevention to late intervention.

Councils’ funding towards homelessness support services increased by £1.57bn between 2015/16 and 2013/24, while money for preventative and other housing services fell by £0.64bn.

Financing overhaul needed

Since 2018, seven councils have issued section 114 notices, which indicate that a council’s planned spending will breach the Local Government Finance Act when the local authority believes it’s become unable to balance its budget.

And 42 local authorities have received over £5bn of support through the Exceptional Financial Support (EFS) framework since its introduction in 2020.

According to a recent Local Government Association survey referenced in the NAO report, up to 44% of councils believe they’ll have to issue a section 114 notice within the next two years should the UK government cease providing exceptional financial support.

Read more:
Councils to get £68m to build thousands of homes
Council tax to rise to pay for police funding increase
Councils to receive £1bn boost to tackle homelessness

Looking ahead to upcoming funding settlements, and the government’s planned reforms of local government, the NAO warns that short-term measures to address acute funding shortfalls have not addressed the systemic weaknesses in the funding model, with a whole system overhaul required.

Sir Geoffrey Clifton-Brown, chair of the Committee of Public Accounts, said: “Short-term support is a sticking plaster to the underlying pressures facing local authorities. Delays in local audits are further undermining public confidence in local government finances.

“There needs to be a cross-government approach to local government finance reform, which must deliver effective accountability and value for money for taxpayers.”


The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open-source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.

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Victims of second Post Office scandal criticise ‘grinding wheels of bureaucracy’ as they try to get compensation

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Victims of second Post Office scandal criticise 'grinding wheels of bureaucracy' as they try to get compensation

Victims of ‘Capture’, a second faulty Post Office accounting system, say their redress scheme may not be in place until the autumn.

Former sub-postmasters and their relatives met with government representatives for an update on compensation.

While lawyers describe “positive steps”, some victims have told Sky News that they are disappointed with the timescale and described coming up against the “grinding wheels of bureaucracy”.

Capture software was an accounting system rolled out in Post Office branches between 1992 and 1999 and was likely to have caused false shortfalls.

It was the predecessor to Horizon, which led to hundreds of sub-postmasters being wrongly convicted of stealing between 1999 and 2015.

Former sub-postmaster Lee Bowerman, who was never accused of stealing but had to sell his Post Office business after using Capture, said the meeting was a “damp squib” and criticised “the grinding wheels of bureaucracy”.

He agreed that the proposed redress scheme would be “quicker than Horizon” but added “you can’t use them as a yardstick because at the end of the day …people still haven’t been paid out”.

Mr Bowerman added: “So don’t compare us to them when those schemes aren’t even fit for purpose.”

Around 100 Capture victims so far could be eligible for redress.

The scheme, however, would not apply to anyone currently convicted.

The Criminal Cases Review Commission (CCRC) have confirmed that they are now reviewing 27 Capture convictions.

Victims were told the government is considering a separate “fast track” redress scheme for anyone who has their conviction overturned in the future.

Lee Bowerman had to sell his Post Office business after using Capture
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Lee Bowerman had to sell his Post Office business after using Capture

Steve Marston’s case is among those being considered after he was convicted of stealing from his branch in 1996 following shortfalls of nearly £80,000.

“I don’t think it would be human nature not to be disappointed that [the redress scheme] is not being sorted out in the next couple of days even,” he said.

“But we are talking about the government, aren’t we? They’ve got to fill in a form in triplicate, get it rubber stamped three times and that’s for a box of paper clips,” he added.

“I mean it is what it is, we have got to roll with it, stick in there and keep pushing as much as we can”.

Clare Brennan, daughter of Peter Lloyd-Halt, who was a sub-postmaster accused of stealing whilst using Capture, said she and her mother Agnes found the meeting “positive”.

She went on to describe a “weight being lifted” after they were told that it had been officially recognised that Mr Lloyd-Halt had worked for the Post Office.

The family say all Mr Lloyd-Halt’s documents and evidence have been lost and it’s been a challenge to their case.

Lawyers for victims also described “positive steps” towards a new compensation scheme, following the government meeting.

Read more:
Sub-postmasters ‘still going through hell’
What is the Horizon Post Office scandal?

Agnes Lloyd-Holt and Clare Brennan
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Agnes Lloyd-Holt and Clare Brennan

Neil Hudgell, of Hudgell Solicitors, said that they were “reassured by the Department for Business and Trade today that good progress is being made with learnings taken from previous Post Office compensation schemes to form this one”.

He added that “there is a clear willingness to do right by those who have suffered at the hands of the Post Office in relation to Capture”.

“We always appreciate that redress can never come quick enough for these victims and we push as much as we can to take things forward.”

A spokesperson from the Department for Business and Trade said: “Officials met with postmasters today as part of the government’s commitment to develop an effective and fair redress process that takes into account the circumstances of those affected by Capture.

“Ensuring postmasters are treated with dignity and respect is our absolute priority and we will continue to update on the development of the redress mechanism as it progresses.”

The next meeting with Capture victims is due in April.

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Starmer was a charmer – but Zelenskyy meeting is the moment of truth

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Starmer was a charmer - but Zelenskyy meeting is the moment of truth

It feels like “the draft” has come six weeks early – the annual selection meeting in American football.

For three or four days, teams in the NFL attempt to woo players with the most lucrative contracts.

In a classic Emmanuel Macron manoeuvre, the French president deployed flattery in the Oval Office.

Three days later, Sir Keir Starmer the charmer upped the game, whipping out a letter from the King.

In their determination to entice the key player back onto Europe’s side, their tactical game was top-notch.

But President Volodymyr Zelenskyy’s arrival at the White House is the moment of truth for their charm offensive.

The Ukrainian leader has stressed the need for security guarantees before signing any agreement.

More on Donald Trump

President Donald Trump seems to be suggesting that a deal on rare earth minerals provides such security.

“Digging our hearts out,” as he put it, in an economic partnership, would certainly be ground-breaking diplomacy.

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‘What a beautiful accent’

This week’s flurry in Washington reflects Europe’s concern about Trump’s push to end the war.

Ten days ago, his apparent concessions to Russia sounded alarm bells across the Atlantic.

But his meetings with Macron and Starmer were more amicable than France and the UK dared hope.

Both fact-checked him in real time when he claimed European aid for Ukraine had been given as a loan.

Read more:
As it happened: Trump-Starmer visit
Starmer contradicts Vance over free speech claim
Read some of Trump’s letter from the King

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An ‘intense session’ but ‘pretty good outing’

But rather than retaliate, he appeared to have heard their concerns about his U-turn towards Moscow.

Asked by one journalist if he still thought Zelenskyy was a “dictator”, he replied: “Did I really say that?”

Don’t underestimate that joke.

It is the closest Donald J Trump would ever come to a climb-down.

The publication of the detail is a pivotal moment in assessing which team he has opted to play for.

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