Report Claims Rep. Bachus Capitalized on Financial Meltdown
It's already bad to think of a congressman cashing in on his insider knowledge of impending economic catastrophe, as Alabama's Rep. Spencer Bachus stands accused of doing, but it's all the more darkly ironic given his role as chairman of the House Financial Services Committee.
It’s already bad to think of a congressman cashing in on his insider knowledge of impending economic catastrophe, as Alabama’s Rep. Spencer Bachus stands accused of doing, but it’s all the more darkly ironic given his role as chairman of the House Financial Services Committee.
Bachus is denying that he used his position to his financial advantage after a damning report aired on “60 Minutes” on Sunday night, but even conservative rabble-rouser Andrew Breitbart isn’t buying it. Bachus isn’t the only high-profile public servant implicated in the report, but his alleged offense apparently registered higher on the scandal-o-meter. –KA
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While the CBS report also cited the alleged trading activities of Speaker John Boehner (R-Ohio) and House Minority Leader Nancy Pelosi (D-Calif.), the online conversation is funneling most of its outrage toward Bachus.
“Forget Pelosi, Here’s The Most Stunning Detail From The Congressional Insider Trading Report,” reads the title of a post at BusinessInsider, which continues, “the most shocking revelation actually concerns a lesser-known Congressman, Rep. Spencer Bachus, who shorted the market as the economy collapsed in 2008.”
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