This report is absolutely sick for the average hard working, tax paying, law abiding Joe.
EXCLUSIVE: Financial Documents Suggest GOP Rep. Bachus Profited from ‘Insider Trading’ on TARP Bailout
Excerpt:
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.
*snip*
July 14th: Bachus bets $4,500 that the financial sector will fall, and sells short. Bachus comes up a winner and cashes out the next day for $1,500 in profit.
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August 15th and 22nd: the Alabama congressman buys over $11,000 of SPDR sector option contracts, and sells them a few days later for $5,000.
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September 8th: Paulson gets a troubling call from General Electric CEO Jeffrey Immelt, saying GE is having trouble moving its bonds. Two days later, Bachus shorts GE options four times in a single day, more than doubling his money.
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September 10th and 15th: Bachus shorts GE a total of 12 times and comes up a winner 9 times—an impressive average for the high-risk options game.
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September 18th: Bachus and congressional leaders receive a private briefing from Paulson and Federal Reserve chairman Ben Bernanke inside then-Speaker Nancy Pelosi’s office. Bernanke warns of a total financial meltdown in a matter of days.
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The very next day, September 19th, Bachus shorts the market by buying contract options on Proshares Ultra-Short QQQ, an index fund that strives for results 200% of the inverse of the Nasdaq 100. He nearly doubles his money when he sells his shares four days later for over $13,000.
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October 21st: the Federal Reserve announces it will spend $540 billion to buy debt from money market mutual funds. The next day Bachus buys over $5,000 of options in Market Vectors TRN, and more than doubles his money.
MUST READ THE ENTIRE PIECE!
Crony capitalism. The RINO Political Class is every bit as bad as the Democrats.
I, for one, am not surprised to see Boehner’s name on this list. He’s always struck me as the “perfect” Congressman — although I don’t mean it as a compliment.
This is exactly what the Tea Party was formed to fight!