Rep. Bachus (R-AL) faces insider-trading investigation

[Tx4obama]

Thursday, February 9, 8:30 PM

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.

The Office of Congressional Ethics, 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. OCE investigators have notified Bachus that he is under investigation and that they have found probable cause to believe insider-trading violations have occurred.

The case is the first of its kind involving a member of Congress. It comes at a time of intense public scrutiny of congressional ethics, with the House passing legislation Thursday to tighten rules against insider trading by lawmakers. The impetus for the legislation, a version of which passed in the Senate a week earlier, came from a “60 Minutes” report and a book mentioning Bachus’s trades, “Throw Them All Out,” by Peter Schweizer.

SNIP

Full article and quote from a statement Bachus issued today: http://www.washingtonpost.com/politics/2012/02/09/gIQA21Ui2Q_story.html

[a simple pattern]

1. So that's who yelled, "Nooooooooo" during the SOTU.

Instead of sending them to jail, they should just relieve these corrupt legislators of their assets. They were clever enough to make bets against the economy and then destroy it; they can bootstrap their way back up from homelessness, I'm sure.

[MannyGoldstein]

2. I'm proud that Bacchus was in charge of negotiating health insurance "reform"

He did a great job for America.

[Lil Missy]

3. That was MAX Bachus

[Tx4obama]

4. Max Baucus (D-MT) (different spelling of last name)

[Lil Missy]

11. Thank you. I stand corrected. n/t

[MannyGoldstein]

7. Thanks! I've given myself a dope slap! nt

[kag]

8. I'm giving myself one, too.

'Cause I read it and thought the same thing.

[oldhippie]

5. Wait a minute. I thought all the hoopla was because Congresscritters were exempt from all the ..

... insider trading restrictions. Now it is not the case? Then why are they doing up a new law?

[Tx4obama]

6. I think there is a difference ...

article says:

... OCE investigators are examining whether Bachus violated Securities and Exchange Commission laws that prohibit individuals from trading stocks and options based on “material, non-public” inside information, said the individuals, who spoke on the condition of anonymity because of the sensitivity of the matter. ...

As opposed to the NEW law which is tightening up 'normal' trading so that Congresscritters can't profit by 'voting' for bills that they will profit from when the 'info' is 'public'.

[NMDemDist2]

9. wow

whoda thunk?

[agentS]

10. Hand caught in cookie jar, indeed!

And people say Jefferson and Trafficant were corrupt...

[castnet55]

12. Thief

If this guy is guilty then maybe he will be the poster child for the DOJ doing it's job and sending him to jail.

[wordpix]

13. kudos to the media on this one

60 Mins.. the Schweizer book and WaPo all deserve credit.