Is Chris Collins Political Career Over? 8/9 Bauerle and Bellavia Hour 3

Bauerle and Bellavia
Thursday, August 9th

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

News radio 930 WB. And yeah it's Tom Bauer a lady in David Bellamy got its hourly and del via a news radio 930 W. Obviously we're talking about the Chris college situation and you know we strongly encourage you to read the indictment at WB EN dot com is about thirty pages long but. Some of the points that are coming up I think have already been answered aid by the indictment and BG. By the series of interviews done here at WB Ian and the appearances by people like Michael report though. And the person from whom your about the here right now Paula Jill Schlesinger who hosts the show on buddy program David she was on this morning talking about. All of her contacts in New York City and in the investment world what they had to say about the crimes which Chris Collins is accused of having committed yet. And we just breaks it down in layman's terms if you don't understand inside trading and we I think we collar that maybe got little tripped up on some of the nuances. This is a perfect step by step by the numbers. On WB and joining us live this morning or on planning a lesson in insider trading 101 gel and it take a sense through this year prospective. Within your financial background adds is to what you heard yesterday about what Collins is accused of. You know it's and it's wires hit we're likely picking up I called a couple of securities attorney I L in New York. And what I said this is lactic insider try and and here's why. You know a lot of times it's murky as to you know who told why where and on it and didn't let. Net decay insider trading at all predicated on the fact that. You can have a did detonate. Something that not in the public domain. For a public company. Bag and even if you did so just pretend that Collins didn't. Call his son instead dumped it got what he was that a cocktail party and he would not look you can rent and said. I'm on the board this company implemented what what do you about the company I don't know. You know a and we get lost is indeed roundup I tried the I would FDA trial we get Ellicott. That also insider information that is not in the public domain and eat at Howland didn't do anything like that information he would be indicted he's carpet chipper. They can't beat the person received that information that person if they don't act on it maybe we'll never get. Will ever get a charge but he dictate that looks like Colin called his side. The son acted on the information on material. Information that was not in the public domain. Then the fund held his fiancee and her father all of whom seem to make it. Trade right after. And this is just a classic take the tipper and the TP get indict it. So Collins doesn't have to do himself trade off stocks in order to be Pia doing something against the law. L insider trading is the dissemination of Mitt. The way just a quick eruption of this interview replay traffic on the 190 south is absolutely absurd we just heard from somebody who's been on the 190 self for like twenty minutes they haven't even gone one miles so it's not just you will have more coming up at 520. Muriel information about public company. And it that is not already eaten at a public domain. At what point at a similarity which is kind of interest that which is. You know if you look at that that has luck. Craziness surrounding Ilan mosque in and we talked about that if we come to find out. That he hot spots which just playing with us and he'd be just beacons of the net and and actually. This committee also heard about it publicly traded company that got insider trading but that is also a securities it the judgment and actually investigating him right now. Who what how similar is this. To Martha Stewart are. With a little bit but it's fascinating it's clear whether Martha Stewart actually conducted insider trading because he did get. She did not go to jail for that she got the went to jail for lying to pot expert to regulators. Bill it would be similar if they could actually figured out that she traded on that information or not but they did not having elevating elder for the lie out that the insider tree. This does so classic because if they have they go on record in calling his side. And then they go and pull the tape you compellent stock trading tape and eat it is not a huge companies so it's not that he's. Making a trade in you to check out there is where he owed a hundred shares of stock it hit thinly traded. And he kind of big block that it will wait for information came out and directory of this cult transpiring it the hard thing to get back. Looking at its this case and Collins himself in not trading stock away. He said that it that was not the indictment in a news conference yesterday the US attorneys Ted that's because he was already under investigation. And there were also hearing because that. He was serving on the board of directors are there are certain rules that govern if somebody who's serving on the board. Can you know trade off a bunch of stock at wants. You Derek that there are certain rules but every publicly traded company. And that it's just small 100 relatively speaking but every publicly take he had rules without these black out period. Where the board of directors. And high level employees can't trade the stock I'd resilient people who work out Wall Street. And they can only sell their stock we need windows. And that window which usually around an event. At least they know what they're doing their court earlier you cannot trade before that they do it they weakened after the analysts call has taken place so. This would be very it. Highly improper for any one on the board of directors to buy or sell shares without disclosing it around any event that could occur. How was this innate company doing now. Oh my god you know. I think that today's the day after they made the announcement public that the trial failed to stop the 109890%. So not allow you. Think that's even I can tell you. That's not how you want your stock to be performing down 90% doesn't sound good. Yeah ninety's not good at it on I'll also say that it eighteen I I had to go look into this but I could not believe that he is as. You don't voters allow our law makers to serve on publicly traded company board that that's likely the original then why should we allow that to accretion at this. Stepped down from any big not to mention you had everything had aged blind trust that he's he couldn't let that happ. But he's allowed rate that is not a law against that. No there's no law against it and and you know we had a sixty minute story about as the insider trading a little while back around that and there were certain rule changes about. You know what let rich people can do about large. Issues that are before them because it was the other way where but he at a congressional committee. Got impacting somebody about. A violation whether it's Telecom mark of the they accept it better information then they do not trade on. This is something that at the DB we need to tighten up our regulations. It wondering if you have any insight on how old. Long of these cases typically go linger on foreign corder if there's no real precedent set for that. I'm a bit it. Hitters are very clear and prosecutors don't bring I should say at this age I will say that there. Prosecutors do not bring cases they don't think they can win it that's actually shame because that that at least a lot of people out but. This this does as. You know one charity said it look like a planned it it could go on for a little while he wants the fight it that's fine but his name is gonna be in the lot but that's just like come up. In the process of the discovery so I think that it's a beaded. You guys I have some new. Representing your region. There's little less stock trading and insider trading 101 from Jill among the Jewish question your here and was reunited thirty WB and into dude got a new morning with Susan rose and Brian does around ski. It's pretty damning day and the thing that was shocking to me is that. You can't even hide behind the fact he didn't know all the law there's no endurance in the law but the idea that you could. Accidentally. Or just maybe say something on the side. Something that's privileged and aboard. And then that person leaves a party overhears it and that acts on it. You're still in trouble. You're still troubling to your intent means nothing. If someone acts on the information. And they had the intent to do something that is illegal. Europe your done. Let's take some phone calls find out what our audience has to say about the Chris conference Chris Collins. The statement yesterday we can't really called a news conference. Here is so Melissa and Clarence on WBE and Melissa you're around by hourly and Olivia. I can. And can't make quick pat thank you good. Why don't don't let the night looking but I. Can't hurt it. That all add. Up. Yeah. Eat it. At. Night and I mean not that. Situation and worried mark your caddie and a what that I'll. Well see the problem is for every time he's brings that up in court. The prosecution is gonna bring forward people who lost 50000 dollars as a result of not having the information Chris Collins a Cameron Collins head. You don't debt. That is that's a again. I agree Melissa that that would be a really really. Reasonable. Defense and something that I think a lot of people in this district could probably get behind. My problem is that's not at all what he. You know even insinuated that. And I think it's a way to even talk about that without incriminating yourself or incriminating your son. Or just mentioning your son's name which you never heard throughout the entire press conference at the other thing that is troubling to me. Is you know if you're trying to tell me that this kid went out and did all the stuff on his own. You know you gotta go back and think you gave him that information. You know what could be something if Collins was telling all the folks that lost money his own employees by the way. People would work form in the congressional office lost money on the stock. How many people in the district lost money. His own staff members his own friends on the floor. And it seems like the only person he really cared about was his own kid Obama Melissa we know that you're already on hold for a long time it will wanna give you fair shot to Melissa in Clarence on WB Ian go ahead Melissa. Now I know and I can't write it error to load up now on. Buddy. But ending it and it into your. Eyes and I am playing well. Or high note and not. Which is the Smart move if you agree with his positions. That that is the Smart move if you agree with what we say most of the top and win with what Chris Collins says most the time. That is the smartest move you can make. And from what I. Heard. I don't. And I think I'm calling me. Not. I can't eat it. Up in Latin. Powered attic candidate. That's the best we can do that he. It and it don't. May it may be. But let me just say for the record this will go down. As one of the most selfish moves any elected official could ever do by putting yourself and your district in a position. Where we have to make a moral clarity we'd we have to make decisions that we don't have information on. I'm is quite frankly. How did you don't impulse and let's say you're in the same neighborhood the crystals lives and walk around and ask how many folks lost money in this deal you are gonna be alarmed I talked to two of them yesterday. Each of the law and fifty grand and I. I don't know how the hell if you heard it once and ask for money for campaign it's another thing asked for support. But dammit if you're going to Washington to represent the people. I don't watch a stock tips I don't wanna know what you're inventing I don't wanna know what your business plan sell me your kids I Girl Scout Cookies but I don't wanna know anything about your little lie. Half cocked ideas of how we can all get rich get rich quick a lot of people got screwed. By this company got school rude. By this congressmen. And none of them are are got a phone call number and got a heads up they lost the money. I just find that literally to be one of the most repugnant things an elected official can. Thirty WBE. You know we're actually gonna go on the air for thirty today we know that you are expecting us at three but we thought we go on at 430 today but we thought better but they haven't decided to come out of three. It is 535 let's get right back to the calls on WBE. And everybody's been holding for a long time we will get to you please be patient your sand in Williamsburg also am your thoughts on the Chris Collins situation dealt. Well I'd I'd listened with. I answers it took me at all script. Started and cover up into these. Did the best lawyers money can. I think he couldn't use it at all with the light incidents. Are definitely is the week some sort or twenty you'll plug. It. It is simply a marker. It's going to be a long process. I don't know what you know summit isn't there. Rudolph. Allen's and I don't know why we're going to go answer. Yeah. You're being. An objective of in each state is. Albert and certain. Collar crime. Why these strategic problem. He was our. Well you know that yet that's that's the thing that ties to but just ask why do we differentiate between white collar and and blue collar mean you. If theoretically if something you do. I got differentiate issues between white collar crime and violent crimes. There's been white collar crime is supposed to be less. Harmful and violent crime yet there people who get mugged you lose fifty bucks others people who get mug to lose 50000 bucks would write collar crime and so I guess my take away from that is when we talk about the fact it is there's only affected a guy his girlfriend and his girlfriend's father. And what was the real harm here. Well worth talking about millions that we would only identify the people the call of the show the senate lost fifty grand here. But I wanna take you back to Tom price Tom price was the health and human services secretary. We we're trying to repeal and replace obamacare. And it's happened which they've done to a lot of trump appointed you know secretaries and people in the administration they started going after the lavish flights in this in that. Towards the end of Tom price's career as HHS secretary. He got caught up making a 185000. Dollar profit. Off this very same stock there were talking about right now. And the connection to Chris Collins. Was the final blow that was the final allegation. Not even what four days later Tom price resigns from health and human services as a secretary. What happened to price stated. What would've happened if price was able to you know maybe. Maybe we don't have the three votes maybe we don't have the John McCain. Coming in at the last second. That cost us a trillion dollar not replacing obamacare John McCain's vote cost to taxpayers of of the United States. One trillion dollars because now we have to continue on with a broken program that we knew was underwater anyway. So I mean all these little extrapolation double could've happened here there. This is a absolute. Embarrassment. Into the region but I understand you've got a guy that you send to Washington to do the people's business. And he's running around trying to get people caught up in what. It was ever read this in a pyramid scheme. What you're selling Amway which is not a pyramid scheme but what do you were selling Amway. Do you want your congressman. Telling you about it rocks cookies. Do you want your congressman on the floor of the House of Representatives telling you about it really great. Timeshare and Orlando Florida. I mean to me it is it's not about just wild that celebration this guy as cocky or this guy has whenever. It's absolutely. Unprofessional. It's 100%. Unprofessional. The reason why you're on the floor of the house is because you were trusted. You were sent there it's a privilege to serve and you're taking that opportunity to tell people what great stocks. The whole thing to me is just pick. All right thank you very much let's go to steam in Erie and WB and Steve Arab hourly and television. Yet that you're coming. Just a quick hit the wrong question. As opposed to some reason I remembered hearing on it and the late senator. Were allowed to have inside and from me. They work very work up until about five years ago and that changed. What do you are. Yet. Thank you very much good did you talked about that yesterday I know with the Joseph beamer but says there was a time there was a back door or congress you know if you're in congress you could use the inside information on legislation you're drafting you could tell people to buy stock you can buy stock yourself and that's why one of the reasons why a lot of these people who went to congress with a network. What we would have end up with that eighty million dollars retirement on the back end. With the exception that if Chris Collins would have done this before the stock that stock act he still would have been under charges because he was a board member right. Now it's different when you're here to Tom and I are you know our friends with a congressman the congressman here is that did CBS. And at now are going to merge. Before anyone else knows that the congressman can tell all the bodies by Aetna by CBS their emerging nobody else knows this you make a ton of money congress was able to do that. But if you were a board member of CBS. And you gave that information out it wouldn't matter if you're congressman or not. Your obligation is it as a board member the real question here is do we want our elected officials on boards of corporations. Because. Before Chris count that accused. Of insider trading Kursk how is accused of passing legislation for this company. To push this magic medicine that turned out to be not magic so. We have Hollywood magic committed congressman disappear we have heard about this comfortably since January of 2070. He knows the ethics committee is looking at him he finds out the do you attorney is looking at him. And understand these alleged. Illegal transactions. Occurred in June of 2017. So you're under the microscope. Everyone's talking about how you're doing something nefarious with this company telling everyone bore and the way all the folks to talk about just wants to solve a mess right. What was he overheard in January 2017. Talked about the question of most of political idealism he wasn't saying hey guys. I'm about to secure a mess you're gonna be so proud you wanna buy this medicine because it's gonna cure Imus none out he said. I am making millionaires all over buffalo would buy stock tips. What an absolute Hume that's ridiculous statement for any time if and as I stood at that gets in the you know I think the word that we both came up with independent of one another yesterday hubris is going to be the epitaph for Chris Allen's career it's it's one of those things you would be embarrassed saying that at a restaurant at a bar if you all averted a party to that stupid. Would you like one of your congressman who cares Pakistan octaves. But now when compared to everything. This kick sold those things don't twist in this whole idea that. Well it's a good cause the company was doing the right thing in the company wanted to. Absolutely got let's all destroy and that's let's all men were Adler worked to come up with some geno therapy that we can fix him. What this was about six B 800000 dollars and we. And at and no I'm the Edwards said he took an eight underground and invested it back in the company so they can fix the broken medicine. It's a ridiculous. And ridiculous allegation to make that this kid. Was was you know opted to have its maker que pour here without the sabres bought. What it was kind. I want to be too Shakespearean about this whole thing but the idea again. That Chris Collins is worth allegedly over 100 million dollars most people think he's the richest man in congress. And basically at the end of the day all he did David was saved his kid 700 or 800000 dollars let's round it up and say Chris Collins saved his kid a million dollars while how much do you think a legal defense is gonna cost Chris Collins and by the way there's no guarantees even be spends five million dollars in legal defense that he's gonna walk at the end of the day the whole thing is just ludicrous outspent ten million or five billion to make 700000. All the Chris Collins. You know for fans out there what you hear something. I don't think there is a more accomplished businessman in the House of Representatives thinkers counts he has actually nothing to apologize for his well. He has nothing to apologize for his story. But this is not this is something that has to be explained before we get an apology we have to know what happened. And what Chris Collins did yesterday on that stage with he basically said I'm not going anywhere. Deal with it. That's what he said it I just after all of these allegations of charges of everything else. You you you have forfeited. Any sort of of high ground when you say it was like the Hindenburg I thought it was more like the challenger blowing up from the debris unfortunately is gonna work down and other Republicans other ad but. The one thing nobody's talking about. The constituents. The people your character reference what. Didn't we do I countered as our Chris count what do we do to deserve to lose 50000 dollars. You're sitting there in the community you here Collins where's over a hundred million dollars he can everywhere in New York 27 seas and tickets out of American Express card. For the Buffalo Bills. Not support I I can stretch of the imagination wouldn't be nice if it's added up capital fund maybe give back some money to these people they got. What appears to be bamboozled. And everyone's losing millions of dollars but your family. I'm sorry but that has to be unpacked from the people. Let's go to Megan it's Al buffalo WB EM bacon thanks for holding your turn. I get eighth inning guy. I play. But Clinton and along the lines of what you've been saying and not really iron out why people call in day. I'll eat at her acting on all you think during a fat nearly extinct if you check it protect secret program hundred million dollars. And I feel like people get. Get a lot in 750000. The you know could account and hurt in the art I don't get that well let me break it down peerless act like me. Having a million dollars which is that ridiculous Connie. And letting my head potentially go to jail for trading on inside information so they don't moot. 7500. Dollars. You when you put in an adult parents. Really good point. That's a really really good point. You breaking it down for them for for everyone else out there that did yet have in our income world or your ten dollars off right in the face but let me number Tripoli right you you you have second by the way it's out of here about Chris Collins is personal tribulations. I don't give a damn about his personal trials and tribulations. I really don't care about the fact that a district look at route in saying we gotta vote for guy that's got a 70% chance to go to jail so that we can vote for a person that's not gonna embarrassed us. I mean that's that's what. D.'s chairman to sell to their committees and their party members. And I don't know I don't know what nick worthy did deserve that I don't know what any Ed Morgan out Orleans county. These guys do win. They're death chair congressman you expect them pick up the phone to be like hey chairman language it hit the fan last night. Here's what's gonna happen here's what I advise it doesn't get a phone call he. It's out from 20 Megan if you ought to find out if you wanna say more please hold on we need to break we've read united thirty WB and volley ability I'm pretty sure you guys know we're talking about yeah it's a fireman's day affair which means that at auxiliary firemen and volunteers. Fulltime firemen you have to provide ID at the gate agent for free and appropriately at 6 PM at the fair. So if you guys have. For a two under volunteer firemen auxiliary firemen where the case or woman you're hear the sirens for that we're going to be broadcasting live that's going to be. Awesome yeah. It's. I've always there for fireman's little what is it fire hose hockey wouldn't make there we go it's actually. We hit and run played last into the plains and that the pro agree music theory county fair this year food food and animals and in the LC in. Ally via I look forward to the poultry exhibit with relish hears them again no pun intended making itself Buffalo's bet with is making a fascinating analogy you drew before what ails you wanna say about the Chris Collins situation. Honestly I think this is just the tip of the iceberg right like this is what they can actually curb this as they have evidence to constituents. And the American public is never gonna not what kind of influence he's had behind closed door. Well just just remember though Megan and I I know that you were aware of this but it I cannot repeat this enough in our system of justice it is up to the government to prove beyond a reasonable doubt that Chris Collins actually engaged in a criminal. Conduct a criminal pattern of behavior as outlined in the indictment it isn't his job to prove he's innocent it's the government's job to prove he's guilty beyond a reasonable doubt and as of right now he is as innocent as the child just being conceived. Now. Well no that's that's that's the way our system works and it's the best way to do it. It'd but I mean look he has not played out as the pretty damning evidence I think listed in the indictment. I have to tell you I I agree with you reading reading the indictment. Aside to be as a layman to be very very strong and it's not the first indictment of ever read yet it's never good sound in the US attorney wants to do the press covered themselves and wants to be hands on that usually means that they're pretty confident that they're going to be able to put this to bed. Thank you vegan but who knows pre Behar has lost before all the the big US attorneys have all lost and Rudy Giuliani lost the dirt and I want to take to get John Gotti there is no such thing as a layup and you know what if the area is the best lawyer in the world and you've got the money that counts as I can guarantee you that they will be in his corner and that's his right.