Posted on 02/09/2012 8:48:16 PM PST by fight_truth_decay
The Office of Congressional Ethics is investigating the chairman of the House Financial Services Committee over possible violations of insider-trading laws, according to individuals familiar with the case.
Rep. Spencer Bachus (R-Ala.), who holds one of the most influential positions in the House, has been a frequent trader on Capitol Hill, buying stock options while overseeing the nation’s banking and financial services industries.
(Excerpt) Read more at washingtonpost.com ...
What a coincidence! They are investigating only one person—the top republican on the top financial committee, and just in time to make it a central issue in the elections!
And if you believe this is “just a coincidence,” I have a bridge in New York I want to sell you. . . .
Nothing would be more beneficial to the nation than trials and hangings on the capitol steps.
If they find that Bachus did something wrong, they need to do the same thing to him that they did to Chucky Rangel. Each buffoon gets a chance to go up to the podium and call him a "gunky" in a really, really loud voice.
Leni
Where are the parallel investigations of (for example) Nancy Pelosi and John Kerry?
Ah, they’re Democrats.
I believe you are correct, it was not illegal, but I believe that Congress voted on it sometime within this past week, hence the attacks begin ( like “the Games”)!
If he’s got an “R” next his name, the investigation has legs.
If he’s got a “D” next to his name, it’s an investigation that would involve a broom and rug...if you know what I mean.
Nothing would be more beneficial to the nation than trials and hangings on the capitol steps.
So well-stated it's worth repeating! Thanks Mariner.
If he's crooked nail him to the wall. I don't carer what his party is.
Nothing would be more beneficial to the nation than trials and hangings on the capitol steps.
There's a good recipe for corruption
Evidently, none of his transactions involved more than $10,000. And, in 2008, he reported a grand total of $30,474 in profits from short-term trading.
And the one specific series of trades they reported -- involving Burlington Northern RR -- Bachus profited from one trade and lost on the second. If you're doing "insider trading", just how often do your bets lose money?
"an independent investigative agency, opened its probe late last year after focusing on numerous suspicious trades on Bachus’s annual financial disclosure forms, the individuals said."
When this insider trading conversation came up, some of us have commented on this before: A couple of us here were surprised when Rush acted surprised" there was no law or bill regarding politicians and insider trading. Was there some kind of 60 Min Piece or 30 Sec Piece one of the networks claimed to have "UNCOVERED" this practice?
I even commented to Greta on why no one found it important to address this abuse of trading laws a year or more ago after a reporter interviewed Joe Lieberman on this subject and he stated, they had not found the time, they were always too busy to take time to address the issue, but he agreed it was a good idea to do so. Then comes late 2011 (Oct or Nov?) and there is a push to do so, and Lieberman Resurfaced as a spokesman to the press. No one had cared earlier, no further interest after his earlier response, no interest shown by the media.
Insider Trading: Martha Stewart went to jail for not answering the "same thing twice" to the Feds. This is when this issue started to surface..how many years now since Stewart was dragged into court?
Then it pops up again as now a major issue, right around the time this "independent investigative agency" was brought on board. Then the bill was quickly passed, as now our politicians un-busied themselves and quickly NOW found the time to pass an insider trading bill.
Yes I find this all quite convenient as well..we are not justifying the action taken, of course; just the timing falls suspect.
Option trading has been increasing in popularity over the last few years as options provide traders with several advantages:
Excerpt:1. Leverage – Higher returns and lower cash outlay. Stock trading is expensive. In order to buy 100 shares of XYZ stock at $100 per share, you’ll need $10,000. Although this might not seem like a huge amount of money to some people, $10,000 might be a big sum for new traders. If XYZ moved up five points, you would make 5% on your money. With options, you can control or participate in the movement of a stock for a lot less money and earn a higher rate of return. If instead of buying the stock, you purchased an XYZ January 100 call, which gives you the right to buy 100 shares of XYZ stock at $100 on or before the January expiration date, you would have made over 250%!!! Now that’s leverage!
2. Flexibility/versatility – With stock, traders can be either bullish or bearish. With options, traders can be bullish, bearish or neutral. ..... a little basics
He’s as guilty as the rest of them. The problem is he’s also a coward if he doesn’t point that out and name names. But I’ll be he falls on his sword for his “good friends”.
But, still, only $30,474 in profits doing "insider trading" for a year.
He's either a penny ante player...or not very good at cheating.
REAL friends PING their friends to threads!!!
:)
For a law to be needed to stop these cashers in from insider trading, a law had to have been passed at one time or another ALLOWING them to practice insider trading. If there is no law allowing insider trading, why would a law be needed to allow it?
$$$ so few made..and no it is not much..its doing a little gambling on a company that has probably been reported widely in parts of the press or C-Span etc and he plays in a way it can go either way.
If he’s crooked nail him to the wall. I don’t care what his party is.
Amen.
Hear, hear!
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