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Subscribe to RSSOne Republican lawmaker targeted specifically in a recent "60 Minutes" piece on congressional insider trading fired back on Wednesday, writing the letter to the author of a book that prompted the piece to dispute its claims.
Rep. Spencer Bachus (R-AL), the chairman of the House Financial Services Committee, was alleged to have traded stocks after he was told by Treasury officials in September of 2008 of the impending financial meltdown. The type of insider information that Bachus allegedly received was not available to the general public at the time. The reporting done in “60 Minutes” is based on a book by conservative author Peter Schweizer called “Throw Them All Out.”
Since then, Bachus sent a letter to the publisher of the book and vehemently denied any wrong doing. On the charges that he traded on insider information, Bachus says:
"But above all, the book's insidious allegation that I personally profited from non-public information is a total lie. The author dramatically refers to a "secretive" meeting on September 18, 2008 I attended along with several other members of Congress and alleges I used information from that meeting in making investments the next day. This meeting was so "secretive" that members of the press knew about it beforehand, were waiting outside the door, and a press conference was held immediately after the meeting to inform the public about what we discussed."
In an interview with NBC News, Bachus made a point to say he’s been a lifetime successful trader, citing money he made to put himself through law school: “I paid for law school by investing in the stock market. Did I have any insider information back then? What I do, is I read. I do research.”
When asked if the “60 Minutes” piece was a hit job, Bachus said, “Yeah, what they did is say I shorted the financial markets…you don’t think my 2010 opponent would have said that if he’d found it in his research?”
Bachus said he was a target because “I was chairman of the House Financial Services Committee and I made money.”
He continued, “I’ve never made trades based on knowledge that wasn’t available to the general public.”
On Tuesday night, Bachus was slated to appear on the CNBC Show “The Kudlow Report” alongside Schweizer to talk about the author’s allegations. According to the show’s producers, Schweizer informed them he would not appear on the show, 10 minutes before air.
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If Rep. Bachus is such a brilliant trader in stocks, why is he a lowly Congressman from Alabama?
Can anyone from his district shed light on his career choice?
how elitest of you northstar. Could it be that rep bachus was interested in public service?. That he thought he could make a difference. Same question could be asked of any politician.
Interesting that the article mentioned that he made money by shorting stocks and that the treasury info was given to him in sept 2008. The writing was on the wall for all to see at the end of 2007 and the runup in real estae prices prior to 2007 suggested that a bubble was forming in real estate.
Betting against the housing market was always going to make some people very wealthy. That's for sure.
I do have issue with both parties having such power to create legislation that crushes some companies and helps others while they make their investment choices. But let's be honest: Both parties do it and the American people generally pay the price in the end.
Congressman Bachus is one of the most upstanding men that I have ever been fortunate enough with whom to have had contact. I know the ethics under which he was raised, he is one of, if not the most, clean political figure on Capital Hill.
This is coming from someone who took a "grilling" from him on a very serious, personal matter. He is a true gentleman, and a man of great integrity! P. Postiglione, R.N.
I'm sick to death of hearing politicians and corporations claim "I/we did nothing illegal" - when it is they that wrote the laws that make unethical behavior "legal". It's still WRONG, UNFAIR, and UNDERHANDED.
Without specific evidence I find it difficult to believe. I am no fan of Bacus but fair is fair, for crying out loud.
but bob - we all know this is a left leaning strong liberal supported news sight. O do so like how they promote themselves as...
The first place for news and analysis from the NBC News Political Unit
I guess when they can't keep up with breaking political stories they go for the secondary or tertiary stories instead. Gotta love their humorous attempts at play to the far left. Interesting on how many lib posters are afraid to go anywhere else to post.
opps, my bad... thought I was posting to post 3 below.
Baldeagle that is right fair is fair, but never let FR miss an opportunity to try and denigrate the right.
Interesting how many conservates read and post on this 'left leaning strong liberal supported news sight'. Must not be much happening over at FOX.
They're trolls, astro-turfing for pay by the right.
The article says this was reported on by 60 minutes, a CBS news show. Let's bash NBC? In his position it should be incumbent on Rep. Bachus to show proof positive and close the issue. Most of our politicians are self serving these days and the people deserve to know the facts on this topic.
"Repubican[sic] targeted " . That is what First Read does....targets the GOP generally.
How many snarky posts about the GOP ? About every one.
Snark on Obama or Dems? Very very Rare
bob the defender of the republican/tea bag party. If that were a democrat you would want him banished from the land. It looks like you support insider trading by your lawmakers. Lets just call that a perk of the job. Here is a congressman who's is a part of the 1% , making cash on the side, that wants to cut your Social Security/Medicare so he can get a tax break. So this is how you like your republican/tea bag party members to act?
That's exactly what I was noticing. - You know before Perry even said a word about Obama being "privileged" I thought the same thing. If we don't get someone in there that's knows a bit about hard work and cleaning up tyranny and not the blame game, we are going to be in a bigger mess than we already are.
And to smitty : Nacy Pelosi was an inside trader as well. Its not just the repubs. Unfortunately most of congress does this. Dirty rats.
just another attempt to slander a democrat. Based on what evidence, they shouldn't have done a article on someones say so. Unprofessional
This is not a left-right issue at all. It involves high level members from the 2-party dictatorship that has been blatantly robbing our country right in front of our eyes then laughing in our faces. People in Washington know that our braindead public is too stupid to even bat an eye at this corruption. They know that if any story involving the misdeeds of our government officials ever leaks out, like in this case, their friends in the government-owned mainstream media will step in to whitewash the controversy and make it disappear. I guarantee you won't be hearing anything about this next week.
The fact is that there is a troubling pattern of government officials at all levels who award lucrative government contracts (with your tax dollars) to private companies that they are heavily invested in. The stock of these companies then skyrockets along with their individual portfolios. Strange how Nancy Pelosi's net worth has increased by over 60% in the past 2 years while everyone else's has taken a plunge. Or what about Michael Chertoff peddling the naked body scanners for airports while being a consultant with the same company who manufactures them? Yes folks, insider deals are just business as usual for these crooks and I'm tired of it!
Amen! Your right on! Glad to see someone else see's it. I've been telling others for years this is going on....
Kudo's
Kevin, you are absolutely right. But it is worse than most realize.
There is a core group of people demanding more "regulations" all the time yet all the evidence of strict regulation point to is huge companies being the beneficiary of such laws.
The very same people populating the OWS protests (far left) are actually empowering the companies they absolutely hate the most.
Why is it when restrictive "regulation" bills hit the floor, many of the biggest companies "approve" of them? Easy - it absolutely destroys their competition.
I guess I could be looking at it from the free market perspective though. Anyone on the far left would rather have a few heavy regulated companies the government can get its grips on easier than thousands of more difficult to control businesses.
This article just proves MSNBC's bias against Republicans. How convenient that this article doesn't even mention that Pelosi and Kerry are also guilty of this. Apparently the FACT that Pelosi and Kerry have also been accused of insider trading isn't even mentioned.
If you mental midget's would have really read the article, then you would have noticed that the author of the book is telling the TRUTH! Your so lopesided, brainwashed, mental midget that you didn't notice that he wasn't going to sue the author for false information.
So the author is correct. In that book he also called out Pelosi and Boehner for doing the same thing! Both sides of the aisle!!!!!! BOTH SIDES, so don't try to pull your party crap!
This Govt. we have, has been screwing ALL of us for years and years. BOTH SIDES. But yet all of you want to set back and blame the other side and not look at all!
If you believe in one political party or one religion, YOU have a very weak mind! Your not thinking for yourselves and your letting others do it for you!
The whole time both parties are laughing their asses off at how stupid you are. They both party on OUR dime when they are out of the media's eye! Then when the media catches them partying on OUR dime, they are removed from the Capital building. Cause they don't want you to know!
Everyone in office is crooked! Both parties. That's what this book is pointing out, you need to read it instead of running your mental midget mouth's about any one party.
The book is saying, lets get rid of ALL the crooks! That's exactually what we need to do! Flush the crapper, scrub it down, let it air out and lets start all over again with real honest people running this country!
Everyone in there should be tried for TREASON against all the American people. Then hung from a huge Oak tree on the lawn of the Capital building for all to witness. There shouldn't be any 2 parties, only one, and that one is FAR all of us.
This guy that's yelling now, is a liar! He has been using inside information to profit from it! Or else he'd be sueing the author! Think about It!!!!!
It's more than just hard to swallow that Bacchus never made money from information which wasn't "common public knowledge". Let's get real. There are thousands of lobbiests with Big Business ties scurrying about Washington, D. C., all trying to gain political influence for the companies they work for. And he actually expects anyone to swallow the idea that not one of them--EVER--passed along information that gave him an edge in his stock dealings??? Yes, sure, and I've got toll rights to the Brooklyn Bridge that I'll sell you cheap!
a little jail time , for all inside traders no-matter what side of the isle , all of them !!!!!!!!!!!!!!!!!!
Janet your a hypocrite if this article was about a republican you'd be spouting it as fact. fact is democrats lead by Pelosi and Reed are the most corrupt politicians in the world including the Mexicans.
The GOP/RNC are no longer a poltical party. The are a group of lobbyists for the interests of Wall Street, large Oil Corporations, the very rich, corporate CEO's, and especially the Koch Brothers. The gross thing about the GOP/RNC is that act as many lobbyist groups. They do the poltical bidding of the top 1% of America. As for the other 99%? They are expendible! That is fact!!!
My newest podcast focuses on congressional insider trading, and I give 8 ways to start (tip of the iceberg) cleaning up Washington. I list them below. I'd love other suggestions. We need to mobilize this now more than ever. Until we clean up the corruption, we'll never fix anything else.
We need to create an independent 3rd party to write regulations the people can vote on that should include:
- No more PACs
- 100% public donations
- Only individuals can donate to a candidate (no more corporate donations)
- $5000 total cap on individual donors
- Laws that disbar and ban you from public office if you are caught taking lobby money
- No campaigning until 4 weeks before they cast the first vote
- All 50 Primary votes are done during the same week
- 1 TERM LIMIT ON ALL OFFICES
Ugh.
just disgusting-i am so mad -work only part time huge pay-then your aides make$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$on stocks. part-time term limits.
I agree with indie-voice.com, take all the money out of politics. Though I would add that:Their investments should be handled by a blind 3rd party while they are in office; and their pay and benefits should be based on the health of the nation and the prosperity of the average american.
These same politicians also get FULL PAY FOR THE REST OF THEIR LIFE, and FREE HEALTH CARE.
They should be forced to have the average benefit of the American People, that would force them to work in the best interest of the people. They should have OUR HEALTH CARE at OUR COSTS, they should have the SAME RETIREMENT TERMS AS EVERYONE ELSE, they should be held to the SAME LAWS AS EVERYONE.
Treasonous, Criminals, ALL of them!
What we leave them free to do for themselves is astonishing and abhorrent.
THROW THEM ALL OUT!
The truth of the matter is that we ask our Senators and "Congresspeople" to be more honest and accountable than the rest of us. Yet, when faced with the same advantages most of us would act the same way and do the same things. What makes the difference - it's old fashion character based on honest ethics, and if I may say, The Golden Rule. If you "throw the bums out", what do you get but more expensive bums. A possible answer, my opinion, would be for each State in the Union to establish a court of nonpartisan members, and not lawyers, to hold their own elected officials accountable. (after all juries are not made of lawyers) Crimes would be dealt with and punitive actions dispensed. Lets not make this complicated, "do the crime and do the time", and don't heir a fox to watch the foxes.
"The truth of the matter is that we ask our Senators and "Congresspeople" to be more honest and accountable than the rest of us".
Brian, These people are in a position of trust with all kinds of opportunities to make questionable decisions that can enrich them in a less than ethical way.
They need to held accountable and to show proof otherwise when there are charges such as this.
K Street and Abermoth..Need I say more...
It sure sounds like he 'traded on information not available to the public'. Here is a guy who's got a pension and free medical care for life, benefits that he and his Party insist would be 'socialism' for the rest of us, and he doesn't have to follow any of the laws that the rest of us would be punished for breaking. Why bother to take a bribe, when somebody can just drop a hint that you can profit from? Truly, the pigs are living in the farmhouse, and they're more equal than the rest of us.