New Food and Drug Commissioner Margaret Hamburg, one of the wealthiest and most connected appointees of the Obama administration, is having to dispose of some major assets.
Hamburg and her husband, hedge fund executive Peter Fitzhugh Brown, reported an income of at least $10 million in 2008, according to financial disclosure forms filed with the White House. Brown, an expert on artificial intelligence, works with James Simons, the country’s top hedge fund earner last year.
According to the The Wall Street Journal, the couple reported assets of $21 million to $40 million (disclosure forms call for income and assets to be reported in broad ranges). They will have to divest themselves of several holdings, including pharmaceutical stocks, to avoid conflicts of interest.
Margaret Hamburg
Hamburg, who will make $150,000 a year at the FDA, has resigned her board position at medical supplier Henry Schein, Inc., and has sold off nearly $3 million in company stock over the past several days.
Hamburg is the former New York City health commissioner and was assistant secretary at the U.S. Department of Health and Human Services during the Clinton administration.
She is the daughter of two prominent physicians - David A. and Beatrix Hamburg.
Her father is former president of the Carnegie Corporation of New York and the Institute of Medicine. Her mother was the first African-American woman to attend Vassar and to receive a degree from the Yale University School of Medicine. Beatrix Hamburg is a former president of the William T. Grant Foundation.
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