Kent Conrad: “I have heard a lot of misinformation on the floor of the Senate this morning. I heard the Senator from Texas talk about…”

“I have heard a lot of misinformation on the floor of the Senate this morning. I heard the Senator from Texas talk about an opinion piece in the Washington Post this morning saying that if this $1.50 a pack were passed, we would have a massive black market. The Senator failed to point out who wrote the opinion piece. That opinion piece, which I cited as being written by a Mr. Nick Brookes, was in fact written by Mr. Nick Brookes. But who is he? He is the chairman and chief executive officer of the Brown & Williamson Tobacco Corporation. Well, there is a credible source on this issue. It didn't end there. I heard another of my colleagues suggest this morning that what has happened here is going to lead to a $3 increase in the price of a pack of cigarettes, even though the proposal is to add $1.50. How does that turn into $3? It is magical. They don't really explain it, but they say that the $1.50 that would be imposed by this Chamber all of a sudden turns into $3. Do you know whom they cite as an expert? It is fascinating whom they cite as an expert. They cite Salomon Smith Barney. They cite their analyst. It is very interesting to check the records on Salomon Smith Barney and see what they might have in the way of tobacco holdings. Do you know what you would find out? Salomon Smith Barney and the other source they have talked about this morning, Sanford Bernstein, together, own over 50 million shares of stock in the two top tobacco firms.”