*ahem* Right winger Rep. Specer Bachus is up for an insider-trading investigation!

omgyay.jpg

From the Washington Post (2nd page of article):

On Sept. 18, 2008, at the height of the economic meltdown, Bachus participated in a closed-door briefing with then-Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben S. Bernanke. At the time, he was the highest-ranking Republican member of the Financial Services Committee. According to a book Paulson would later write, the topic of the meeting was the high likelihood of decline across the entire economy if drastic steps were not taken.

The next day, Sept. 19, Bachus traded “short” options, betting on a broad decline in the nation’s financial markets, and collected a profit of $5,715. Also that day, he cashed out options in which he had bet that General Electric stock would rise, and collected a $12,713 profit, before GE’s stock price started to tumble, The Post found.

Related Posts Plugin for WordPress, Blogger...
Share

One thought on “*ahem* Right winger Rep. Specer Bachus is up for an insider-trading investigation!

Comments are closed.