Rep. Spencer Bachus, an Alabama Republican, faces an inquiry by the Office of Congressional Ethics over his trading activity, including bets he made against the financial markets at the height of the 2008 banking crisis, when he was receiving closed-door briefings from top officials describing the severity of the situation.

According to the paper, congressional investigators “have found probable cause to believe insider-trading violations have occurred.”

One series of trades by Bachus is the subject of particular scrutiny. On September 18, 2008, as the financial crisis was rapidly escalating and Wall Street bank Lehman Bros. teetered on the brink of collapse, Bachus received a closed-door briefing from then-Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben S. Bernanke, who described the perilous state of the U.S. economy. The next day, Bachus, who was the highest-ranking Republican on the House Financial Services committee, placed heavily leveraged “short” trades betting that U.S. financial markets would fall. Bachus ceased his stock-trading activity in 2010 following a Wall Street Journal report that found he made about $28,000 betting against financial markets.

http://business.time.com/2012/02/13/lawm...z1mNavBqOo

I thought this was legal for Congressional Reps? 60 Minutes did a story that detailed that Reps can use inside info and it isn't criminal.

(02-14-2012 12:51 PM)SuperFlyBCat Wrote:  I thought this was legal for Congressional Reps? 60 Minutes did a story that detailed that Reps can use inside info and it isn't criminal.

Insider Trading is always a violation of Securities and Exchange Commision Laws regardless of circumstance. What you're referring to is that 60 minutes reported that it's technically not barred under official House/Senate rules. That is why the STOCK (Stop Trading on Congressional Knowledge) Act was passed last week. However, it has always been a violation of SEC laws and the chairman of the House Financial Services Committee would certainly know that so ignorance is not a good defense in this case if he tries to use it.

Burn them.... burn them one and all!!!

Quote: Former House Speaker Nancy Pelosi bought stock in initial public offerings (IPOs) that earned hefty returns while she had access to insider information that would have been illegal for an average citizen to trade with – even though it’s perfectly legal for elected officials, CBS’s "60 Minutes" reported Sunday night.

In a piece relying on data collected from the conservative Hoover Institution, "60 Minutes" revealed that elected officials like Pelosi are exempt from insider trading laws – regulations that carry hefty prison sentences and fines for any other citizen who trades stocks with private information on companies that can affect their stock price.

In the case of elected officials – this secret information ranges from timely details on lucrative federal contracts to legislation that can cause companies’ stocks to rise and fall dramatically.

http://www.newsmax.com/InsideCover/pelos.../id/417848

(02-14-2012 02:30 PM)Crewdogz Wrote:  Burn them.... burn them one and all!!!

Quote: Former House Speaker Nancy Pelosi bought stock in initial public offerings (IPOs) that earned hefty returns while she had access to insider information that would have been illegal for an average citizen to trade with – even though it’s perfectly legal for elected officials, CBS’s "60 Minutes" reported Sunday night.

In a piece relying on data collected from the conservative Hoover Institution, "60 Minutes" revealed that elected officials like Pelosi are exempt from insider trading laws – regulations that carry hefty prison sentences and fines for any other citizen who trades stocks with private information on companies that can affect their stock price.

In the case of elected officials – this secret information ranges from timely details on lucrative federal contracts to legislation that can cause companies’ stocks to rise and fall dramatically.

http://www.newsmax.com/InsideCover/pelos.../id/417848

Just another example of politicians voting themselves exempt from the rules and laws that apply to the rest of Americans.

I heard Obama wanted to make a new law that said the president only had to campaign and vacation everyday during his 4-year tenure, and not do anything else.

(02-14-2012 03:45 PM)BearChatter v2.0 Wrote:  

(02-14-2012 02:30 PM)Crewdogz Wrote:  Burn them.... burn them one and all!!!

Quote: Former House Speaker Nancy Pelosi bought stock in initial public offerings (IPOs) that earned hefty returns while she had access to insider information that would have been illegal for an average citizen to trade with – even though it’s perfectly legal for elected officials, CBS’s "60 Minutes" reported Sunday night.

In a piece relying on data collected from the conservative Hoover Institution, "60 Minutes" revealed that elected officials like Pelosi are exempt from insider trading laws – regulations that carry hefty prison sentences and fines for any other citizen who trades stocks with private information on companies that can affect their stock price.

In the case of elected officials – this secret information ranges from timely details on lucrative federal contracts to legislation that can cause companies’ stocks to rise and fall dramatically.

http://www.newsmax.com/InsideCover/pelos.../id/417848

Just another example of politicians voting themselves exempt from the rules and laws that apply to the rest of Americans.

I heard Obama wanted to make a new law that said the president only had to campaign and vacation everyday during his 4-year tenure, and not do anything else.

Obama is going to sign an executive order naming the GOP as a Terrorist organization then give a Freedon award to Bill Ayers.