Chris Collins should resign. The Confluence

People like Collins are playing a t a different level than the regular people who buy and sell stocks. He had insider information about the company at the outset, and that is why he was telling all his Congressional Republican friends to buy this stock. He also bragged a few months ago that he was making people into millionaires. He was probably giving them all sorts of private information that he learned in his position. And then when he learned that one of his stocks, which would have made him tens of millions of dollars had it hit on their trial, was going to collapse, he tried to sell all of his shares And when he could not because Australian trading rules did not allow it, he told his son and other family members to sell the stock ahead of the public news.

And that is what the crooks who think they are superior to ordinary Americans do; they profit off their insider knowledge, and then they leave everyone else holding the bag when they get one wrong.

Collins is worth $65 million. How much of this is due to insider trading, and other scams? Wilbur Ross has apparently made billions through illegal activity. Tom Price, Scott Pruitt, Betsy Devos. I wish that Democrats would run against Republicans on a slogan of, “They are stealing your money.” Because they are, one way or another. But because Trump, in Goebbels fashion, projected all of this larceny onto some other vague entities, his cult thinks that he is draining the swamp, when actually he is the swamp. I’ll bet that Collins actually wins his race in Florida Republican voters have become so tribal, that they don’t even care that the people they vote for are contemptuously taking their money.

As one with 30 years plus experience in financial markets (both on Wall Street trading desks and more recently as an independent trader), I don’t doubt that if Collins and friends entered large sell orders they could have broken the price at that instant. But… if a one product biotech company has that product fail decisively in a clinical trial, that stock is going DOWN. If Collins had acted properly, and waited for the public announcement before selling his stock, he would have been one of many who sold when the news hit the wire. Whatever Collins did to the stock price, would have happened sooner or later.

Now, of course Collins IS a crook. Insider trading is all about stealing from the person who is on the other side of the trade. If I know a company is about to go bust and that news is not yet public, and I sell the stock, I have swindled the mark who buys the stock from me. I know the stock is worthless, while he thinks, possibly after diligent research of all public information sources, that the stock has value. Theft.

Finally, everyone who had a stake in the company (including, yes, creative and well trained scientists) was going to lose it, no matter what Collins and his cronies did. While I don’t know how we ensure that science gets the support it deserves, I do rue the day that Pfizer closed its labs in New London, CT and in England, and restarted its R&D in China. Someone should hang for that. Treason.