Tony Ogorek on Sta

Jan 22, 2017|

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Automatically Generated Transcript (may not be 100% accurate)

There is one other story that I really think I need to get to this week it's certainly related to Donald Trump as the Wall Street Journal published just before the holidays. Represented a price has reportedly traded. More than 300000. Dollars in shares of roughly forty. Health care and pharmaceutical companies while simultaneously. Pushing and advocating for legislation on the federal level. That could potentially impact these companies stop crisis that's senator Charles Schumer on Tuesday and then on Wednesday Washington senator Patty Murray. During gym prices confirmation hearings he's the choice for health and human services secretary. During those hearings she zeroed in on what became really a local story here. And particularly honed in on congressman Chris Collins. Congressman Chris Kahn who sits on president elect term transition team is both an investor and a board member of the company. He was repeated I have reportedly overheard just last week passed the house floor breaking about how he had made people on millionaires from a start chip. Congressman price in our meeting. You inform me that you made these purchases based on conversations with representative con is that cracked. No but I let that is what you said to me in my Arafat. But what I believe I said teel was that I learned of the company from congressman Collins. In that conversation did represented Colin tell you anything that be could be considered quote a stark chip yes and now. I don't believe so now you were offered shares in the company at prices not available for the public you've got those shares is that not a stopped at. Let's not what happened what happened was that he mentioned to eat talked about the company and the work that they were doing and trying to solve the challenge of progressive secondary multiple sclerosis. Which is a very debilitating disease and 1 that I am well aware it had the opportunity to treat patients when I was in practice and I'm aware that he the company for a period of time and that and felt that it I had some significant merit and promise. At issue and all of this is the Australian Biotech company and Nate immunotherapy therapeutics. Price said he learned about the company from represented of Collins Collins is the company's top stockholder his children are also investors. Here's a statement though that came out after those hearings from Collins is office the spokesman Mike comic Adams gave a statement to Politico that says. Congressman Collins has never disclosed any nonpublic or improper information. Related to innate immune out for a period of Unix and is followed all ethical and legal standards required by the House of Representatives during his time in office. Let's delve briefly into this a little bit further let's bring in Tony gore accused an investment advisor locally with all of Warrick wealth management and Amherst. Tony thanks for joining us. Morning in the past I know you EU take a pretty conservative view of most things. Yet on this you're you're kind of raising a bit of a red flag saying there are some alarm bells explain. Well there's clearly a double standard between. Congress. You know who says that you are. Suddenly to the same standards set. You know and use that exist to serve our subject. And Chris talent in Asia mentioned it is is a board member. Not struggling in the US but no Australian. Biotech company he also hit mystery. The largest shareholder. Indian shares based and reporting in and mess on the national. You know are close to fifty million dollars in this company. His two kids are also shareholders. He has you know they've got you know an excess of six million dollars. Based on the latest creation. And there. You know he also is a member of the help committee. You know which had oversight over. You know biomedical research. And and development. Is he not allowed to have those shares explain wife to your mind there's a conflict here. Well the conflict is this. Deputy congressional stock ex. Which was asked him and not 2012. And then list. Are so much content at. Indicates they had in other countries people are subject to disclosure of these things however. Their staff members are now. Furthermore. How this company did play on this company which is really depend extract. Is have been bought out by a larger pharmaceutical company which congressmen talents just happens to. Hit sukuk I industry authority over. So it's not too much of a leap of faith to think this is going to be in the position. Bad you know if she's able to one of the companies simplify this you know for relatively small dollars on the green scheme of things. I'm can be so fantastically Stanley does. Many supporters who may political contributions to him do. And the whole thing just sort thanks. Representative Louise Slaughter is one of the authors of that stock act you just referenced she's calling for the SEC the Securities and Exchange Commission to investigate. Both congressman Jim price the HHS nominee and Chris Collins how do you see that unfolding. Well you know date experience to. Because this came out previously. Congressional camper on it was being. Accused. I'll leaking information. About changes in. In some health care legislation. I think insurance company stocks. You know insight into able to move you know significantly out and what happened I think that was the speaker of the house at this point. Said that because separation of powers between the executive arrange. Which as well you know this is under the aegis. Yes it sure is. Exactly. There congress. Able to investigate. So. I think is a real question of whether congress would even allow BS EC. To investigate to stop. And this thing that we should talk about. Ever quickly because we're almost at a time go. The other top political intelligence. Wall streeters like inside information. What happens is they were able go to staff members. Oh of people in government. And trying get this sense of where the legislation on sickle Beckett pitch they leave the bats and ended their topic came escalate. There is no regulation. A political intelligence at this. All right Tony that the topic is so much bigger an amount of time we have left but I'm glad you were able spent a lot of time with us this morning. Tony a doric is the principal manager basically had a guy at Bogor wealth management and Amherst. That'll do it for us now it's Meet the Press straight ahead on news radio 930 WB and buffalo.