One Day After Attending Private Economic Crisis Briefing, GOP Financial Services Chairman Bet On Sto

http://thinkprogress.org/economy/2011/11/14/367446/one-day-after-attending-private-economic-crisis-briefing-gop-financial-services-chairman-bet-on-stocks-tanking/

CBS News’ 60 Minutes aired a report last night alleging that several members of Congress have traded stock using information they received during private briefings or meetings, enabling them to profit from inside information. By far the most damning story was about House Financial Services Chairman Spencer Bachus (R-AL), who in 2008, the day after receiving a private briefing from the nation’s chief economic officials on the extent of the financial crisis, proceeded to bet that the stock market would tank:

In mid September 2008 with the Dow Jones Industrial average still above ten thousand, Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke were holding closed door briefings with congressional leaders, and privately warning them that a global financial meltdown could occur within a few days. One of those attending was Alabama Representative Spencer Bachus, then the ranking Republican member on the House Financial Services Committee and now its chairman. <...>

While Congressman Bachus was publicly trying to keep the economy from cratering, he was privately betting that it would, buying option funds that would go up in value if the market went down. He would make a variety of trades and profited at a time when most Americans were losing their shirts.

:snip report at the link:

Bachus, who was the ranking member of the Financial Services committee at the time (since the Democrats held the house) made about 200 trades as the financial crisis peaked, netting about $28,000. “What we know is that those meetings were held one day and literally the next day Congressman Bachus would engage in buying stock options based on apocalyptic briefings he had the day before from the Fed chairman and Treasury Secretary,” said Peter Schweitzer, a fellow at the conservative Hoover Institution, whose work was the basis for CBS’ report. “I mean, talk about a stock tip.”

MORE at the link --

Republicans love their business models so much, pay them on a scale that reflects the general economic performance in this country. Maybe they'd stop offering up legislation that hurts us while they short the market and profit.

bartender- i'm having what my friend here is having.

A conservative with a conscience?

“What we know is that those meetings were held one day and literally the next day Congressman Bachus would engage in buying stock options based on apocalyptic briefings he had the day before from the Fed chairman and Treasury Secretary,” said Peter Schweitzer, a fellow at the conservative Hoover Institution, whose work was the basis for CBS’ report. “I mean, talk about a stock tip.”

It's a pretty good bet that the economy is gonna tank if you are using your power to MAKE it happen. :grr:

"While Congressman Bachus was publicly trying to keep the economy from cratering, he was privately betting that it would, buying option funds that would go up in value if the market went down."

It is just not reasonably believable that he, or anyone else, would seriously work towards one goal while simultaneously betting money on the other side. It's like Shoeless Joe saying "yeah, I took the money, but then I played as hard as I could anyways. I didn't want my team to lose because of corruption."

doing anything to advance proactive, pro-public legislation. The sense I got after watching that bit was they were trying to say, nicely, that "the asshole was talking out of both sides of his mouth."

They all have one in their state/district, often in a federal building in a high traffic business area.

Very visible.

News coverage? GUARANTEED.

Issue? Clear as day and loud as a firebell.

PASS THE STOCK ACT NOW!