Blogs target Bachus after 'insider' report

[Bozita]

Source: Politico

Blogs target Bachus after 'insider' report
By TIM MAK | 11/14/11 1:36 PM EST

The knives are out for House Financial Services Committee Chairman Spencer Bachus (R-Ala.), as bloggers on the left and right call for accountability over allegations he profited from insider knowledge of the 2008 financial meltdown.

The allegations, which aired as part of a CBS 60 Minutes investigative report Sunday evening, are that Bachus traded stock options after being briefed by Treasury Department and Federal Reserve officials about the impending economic collapse. Bachus denies that he traded on any non-public information.

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.”


Read more: http://www.politico.com/news/stories/1111/68319.html#ixzz1di7ZYUsc

[SpiralHawk]

1. Freaking Republicon Ripoff Family Values

Yet another in the endless string of Republicons with debased 'values.'

What a load of crap the Republicons have been shoveling at America.

Disgustipating.

[leftynyc]

2. Don't take the bait

This comes from the breitbart folks and they're just luring you in talking about republicans. The very second you start to pay attention, they will come down harder, much harder on the democrats.

[banned from Kos]

3. The 60 Minutes report produced trade confirmations that proved his "guilt".

But what is he guilty of?

He took Hank Paulson's warning that the system was about to blow up and shorted. Insider trading is when you take CORPORATE info from an officer and profit from it.

Spencer is a punk but he has a valid defense.

[russspeakeasy]

4. ...took info from a secret briefing and used it to profit ?

I would think that is considered insider trading...How much money would you have put into precious metals if you knew where they were going ?
What about housing ? Would you have shorted that just a little.?

[banned from Kos]

5. good question - its because he shorted GE. But he got no info from GE.

His "inside" info was from Treasury. (GE had a huge financial services arm and he avoided banks due to his seat at Fin Services)

Slimy? for sure.

Illegal? Congress is supposed to be public info.

[BlueToTheBone]

6. Didn't Eric Cantor do the same thing just recently over

the debt limit?

[bluestateguy]

7. He comes from an ultra safe district

So Republicans will have little difficulty throwing him overboard if need be.

And then he'll be replaced by a 32 year old University of Alabama frat boy who will hold the seat for the next 40 years.