Posted on 11/13/2011 6:41:51 PM PST by Bigtigermike
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. Bachuss 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.
Bachuss 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.
Heres 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. Bachuss Fidelity stock options trading records. The dates of the congressmans trading patterns paint a troubling picture.
In the summer and fall of 2008, Rep. Bachuswho is the current chairman of the House Financial Services Committeewas then the ranking Republican on the committee. That gave him access to high-level private meetings and phone conversations with then-Treasury Secretary Henry Paulson, among other senior financial officials.
From July to November 2008, by executing well-timed, highly risky options trades throughout the turbulent period, Congressman Bachus made at least 40 options trades that netted him as much as $50,000 in capital gains.The timeline of Rep. Bachuss trades is unsettling:
(Excerpt) Read more at biggovernment.com ...
SOP for our elite ruling class. The rules are for the peons, I.E. you and me.
Do we have enough prison cells available for all the “corrput” political hacks in office today?
I doubt it, but the construction industry has quite a few people sitting around doing nothing.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.