Senator wants SEC to probe leaks of drug-research secrets

[deminks]

The chairman of a Senate committee overseeing the financial markets yesterday urged regulators to investigate the findings of a Seattle Times report that medical researchers routinely accept money to reveal secrets about drug studies to Wall Street firms.

Reacting to yesterday's story, Sen. Charles Grassley, R-Iowa, head of the Senate Finance Committee, said, "I'm asking the Securities and Exchange Commission to pursue the findings of this investigative report."

Grassley said the revelation that doctors are selling clinical-trial information to investors shocked him. "Selling drug secrets violates a trust that is fundamental to the integrity of both scientific research and our financial markets," he said.

Legal experts say paying doctors for research secrets violates federal securities laws.

http://seattletimes.nwsource.com/html/localnews/2002426761_hedge08m.html?syndication=rss&source=politics.xml&items=16

Didn't Martha Stewart go to jail for just sharing info ahead of time (and lying to authorities)? And these guys get paid for it? Will this get whitewashed?

[Hotler]

1. A repub looking into corruption, that's odd. eom.

[PSPS]

2. HAHA. That's a laugh.

> Sen. Charles Grassley, R-Iowa, head of the Senate Finance
> Committee, said, "I'm asking the Securities and Exchange Commission to
> pursue the findings of this investigative report."

TRANSLATION: Where's my cut?

[tanyev]

3. It's a crime if you freely give out information,

but if you are selling it, it must be OK because the market will self-regulate. IOKIYAR.

[katsy]

4. BWA HA HA HA... this is a joke, right?

<<<< Grassley said the revelation that doctors are selling clinical-trial information to investors shocked him. "Selling drug secrets violates a trust that is fundamental to the integrity of both scientific research and our financial markets," he said. >>>>


----------------------------------------------------------

He's shocked? Leaking info about covert CIA operatives are okay. Halliburton selling nuke parts to Iran is okay. Lying to bring an entire nation to war in order to benefit halliburton is okay.

STFU grassley you POS.

[Judi Lynn]

5. Insider Trading Probe Sought Over Drugs

Insider Trading Probe Sought Over Drugs

By KEVIN FREKING
The Associated Press
Monday, August 8, 2005; 4:07 PM

WASHINGTON -- The chairman of the Senate Finance Committee called Monday for a federal investigation into whether doctors are supplying investment firms with information about clinical drug trials before companies announce the results.

The Seattle Times reported Sunday that, despite confidentiality agreements, doctors are divulging details about ongoing research for a fee. The newspaper's investigation cited 26 cases in which doctors leaked confidential details of their research, including 24 in which firms issued reports to select clients that advised whether to buy or sell a drug stock.

"The serious nature of the reported findings and allegations, coupled with the grave implications if these allegations are meritorious, compel me ... to refer these matters to the Department of Justice and to the Securities Exchange Commission for consideration," wrote Sen. Charles Grassley, R-Iowa.

"Selling drug secrets violates a trust that is fundamental to the integrity of both scientific research and our financial markets," Grassley wrote.
(snip/...)

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/08/AR2005080800823.html