Life can hit hard; even well-off Republicans like Representative Chris Collins who once admitted on national TV that he hadn’t even read the text of the AHCA – the GOP’s repeal and replace plan of Obamacare. Collins lost nearly $17 million in just one day after the stock of a drug company tanked.
Collins Under Scrutiny
Per Bloomberg, the Republican lawmaker lost $16.7 million after the pharmaceutical company he is a major investor in announced that a groundbreaking drug designed to help multiple sclerosis patients showed no positive results in preliminary trials.
Bloomberg found that Collins is Innate Immunotherapeutics’ most important shareholder, with a 17% stake. Plus, he is a member of the board of directors, while his children are also prominent investors.
However, Collins’ troubles don’t end here. He is currently investigated by the Office of Congressional Ethics because of a potential conflict of interest regarding Innate. The OCE unveiled the probe in May. Collins is accused of convincing other investors of pouring cash into the company.
The Buffalo News found that the representative crafted last year legislation that could benefit the pharmaceutical company. His conduct allegedly violated federal ethics rules that bar lawmakers from making use of inside information when placing money in a company.
Collins Admits He Hadn’t Read the Bill He Voted On
The net worth of the lawmaker currently stands at $65 million, so, the massive loss would certainly not make him homeless. But it could teach him a lesson about life’s unexpected situations that can leave you without important sums of money through things that one cannot control, like an illness.
Republicans are currently working on dismantling the safety net for many Americans who might need health insurance when life hits them the hardest. And they’re doing it without even reading it. In early May, Collins admitted in an interview with CNN’s Wolf Blitzer that he hadn’t read the health bill.
I will fully admit, Wolf, that I did not [read it]. But I can also assure you my staff did,
Collins said at the time.
— CNN (@CNN) May 4, 2017