Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, May 28, 1995 TAG: 9505300080
SECTION: VIRGINIA PAGE: B5 EDITION: NEW RIVER VALLEY
SOURCE: ASSOCIATED PRESS
DATELINE: RICHMOND LENGTH: Medium
Bliley, R-Richmond, said he has turned over control of his investments to an independent financial adviser. He said he felt the step, while not required, was appropriate for the chairman of a panel ``with jurisdiction over such a vast segment of the economy.''
The ABC News show ``Day One'' on Thursday said Bliley had at least $50,000 invested in American Home Products Corp., a large pharmaceutical maker. The news magazine show also said Bliley was instrumental in preserving an amendment ``to help reduce lawsuits against drug companies.''
American Home Products is based in New York. The company absorbed A.H. Robins Co. Inc. of Richmond.
``What should I do, take my money and bury it in the back yard?'' Bliley fumed during an interview shown on the broadcast.
When asked by an ABC interviewer if the stockholding was cause for concern, or if it gave any appearance of conflict that concerned him, Bliley said it did not.
``No, it does not because I have owned the stock, as I said, for a long time and I have no plans to sell it,'' Bliley replied.
The segment went on to say that Bliley announced he and his wife were surrendering control of their investments to an independent adviser.
According to a Commerce Committee spokesman, Bliley provided ABC a statement on April 7. In it, Bliley said, ``Throughout my career, I've avoided even the appearance of any conflict of interest.
``I acquired most of my stocks before I ever entered the Congress, and I've consciously refrained from actively trading them, entrusting my few investment decisions to the advice of a trusted professional adviser.
``Even though we are under no requirement to do so, I believe that as chairman of the committee with jurisdiction over such a vast segment of the economy, it is appropriate to take the additional step of formalizing this arrangement, legally surrendering all control over my investments.''
He and his wife executed documents relinquishing ``all control over our assets to a fully independent financial adviser, who will now make all future decisions concerning the stocks and investments that constitute our life savings,'' the statement said.
Committee spokesman Mike Collins said the documents turning over control to the independent financial adviser were signed March 15.
``When this issue was raised, [Bliley] felt the appropriate way to handle it was to relinquish legal control over his assets,'' Collins said. ``Until that time, it had never been raised.''
Collins criticized the newscast as ``a real reach by ABC News,'' saying Bliley has never gained financially from his actions, and ``it never enters into his thinking.''
As for the legal reform legislation, Collins said, ``Bliley is a free-market, pro-business, anti-regulatory conservative. If Tom Bliley never heard of American Home Products, he would have supported this legislation.''
by CNB