U.S. Representative Spencer Bachus (R-AL) had access to highly sensitive financial information during the 2008 bailout debates that may have helped him earn tens of thousands of dollars by trading stock options, even as most Americans’ portfolios took a beating.
On Sunday, Rep. Bachus’s trading behavior came under fire in a 60 Minutes report based on Throw Them All Out, the book by investigative journalist and Breitbart editor that has triggered a political earthquake in Washington. Schweizer, who is also a Breitbart editor, devotes a significant portion of the book to exposing possible congressional insider trading.
Bachus’s trades during debate over the Troubled Asset Relief Program (TARP) raise serious questions about whether he invested based on information he acquired as a result of his political power.
“Here’s the rub: all too often his trades coincided with his congressional work,” says Schweizer. “Bachus was neck-deep in crucial financial decision-making at the highest levels.”
BigGovernment.com has obtained and reviewed Rep. Bachus’s Fidelity stock options trading records. The dates of the congressman’s trading patterns paint a troubling picture.
Read the rest, including actual Fidelity records of Bachus’s trades, here.
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But it’s actually not illegal for congressmen to do that. So where do we go from here?
I’m not sure. Seems they should play by the same rules as the rest of us. Its not so much the profits that I worry about but the fact that it may change how the vote or enact legislation, which truly affects the entire country.
hey wood. you give government too much credit. they only have power if the people have confidence in it. they are imploding on that front. the people dont even pay their mortgages now. the whole system is cracking. albiet slowly. but like never before post ww2. boomer blow up.
Also, it seems like he should have made a lot more than he did. Are they limiting their gains to be more inconspicuous? If you know what’s going to happen, why wouldn’t you go leveraged balls-to-the-wall?
“I’m not sure.” That Kool Aid perrty good.
what a scumbag