Monday, November 14, 2011

Congressional Insider Trading - #3414 - Forget Pelosi, Here's the Most Stunning Details From the Congressional Insider Trading Report - Business Insider

Read shocking details on Congressional Insider Trading from Peter Schweizer new book, 'Throw Them All Out.'
Washington is buzzing about last night's 60 Minutes report that revealed the startling frequency with which members of Congress financially benefit from inside information they get as legislators.
Most of the focus has been on the ethically questionable trading of House Speaker John Boehner and House Minority Leader Nancy Pelosi, the two highest-ranking and most-visible members of the House.  But the most shocking revelation actually concerns a lesser-known Congressman, Rep. Spencer Bachus, who shorted the market as the economy collapsed in 2008, at the same time that he was the ranking member of the House Financial Services Committee.  The 60 Minutes report just touched on the Bachus trades. Luckily, the new book on which the broadcast was based has more details.  Slate's Dave Weigel got an early copy of the book, Throw Them All Out by Hoover Institute fellow Peter Schweizer, and the evidence is pretty damning. According to Schweizer, Bachus and Pelosi got secret briefings from Fed Chair Ben Bernanke and Treasury Secretary Hank Paulson, who basically told the legislators that it was "a matter of days before there is a meltdown in the global financial system.”  Read all the details........

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