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From: John The Revelator
Date: 5/7/2002
Time: 4:07:11 PM
Remote Name: 208.177.94.174
All I wanted was for them to confirm or deny any correspondence from the listed individuals, or the existence of any applications for regulatory approval regarding any of the above technologies. Even a simple "yes" or "no" answer, for each of the listed names and technologies, would suffice. I don't see how information that basic could result in a run on any particular stock, or an insider trading scandal.
For example:
"FDA, please answer this question for me: are there any pending applications for hair cloning at FDA? Yes or no?"
How could that result in an insider trading scandal?
I think this is the overt justification the agency might use for this policy, but the ACTUAL reason for adopting this policy may have something to do with protecting companies with drugs and procedures up for review. What their policy actually means in practice for pharmaceutical companies is that potential competitors and the public can't even get the most basic information, such as the answer to a simple "yes" or "no" question regarding a generic class of products or a generic procedure.
This policy was most likely adopted after heavy lobbying of the agency and Congress by the pharmaceutical companies for a stricter and stricter interpretation of the FOIA law.
Actually, the policy adopted by the FDA Commissioner is a too-strict interpretation, because, in addition to preventing insider stock trading abuse like the scenario you mentioned, Ali, it also precludes the public from getting simple "yes" or "no" answers regarding to any generic technology that may be under review.
Not only can we not find out which COMPANIES may have drugs, products, or procedures under review, we can't even find out IF an application for review has been filed by ANYONE (without specifying who or what company), for a certain generic category of drugs, products, or procedures.
You think that makes sense, ali?
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