alternet.org — The case is the first of its kind involving a member of Congress. It comes at a time of intense public scrutiny of congressional ethics, with the House passing legislation Thursday to tighten rules against insider trading by lawmakers. The impetus for the legislation, a version of which passed in the Senate a week earlier, came from a “60 Minutes” report and a book mentioning Bachus’s trades, “Throw Them All Out,” by Peter Schweizer."
Feb 10, 2012 View in Crawl 4
h8f8kesFeb 11, 2012
We need to see many more cases like this be enforced on both sides of the aisle.
u2canfailFeb 12, 2012
We need to have "insider trading" against the law, even if in Congress.
Why did CANTOR dilute the new legislation? To circumvent any progress.
eraptorFeb 12, 2012
While I fully support equal application of the law, investigations for the sake of partisan "witch hunts" serves no purpose whatsoever. One only needs to look at House "investigations" since 2010 to see the ugly truth of that idea.
If you're under the illusion corruption is as widespread among DEmocrat's as it is Republicans, you haven't been paying close enough attention to the way BOTH sides BEHAVE. Campaign rhetoric has NEVER been the best way to judge legislator character.
u2canfailFeb 12, 2012
Insider trading is what Congress has for extra income. You however, being a lowly citizen can go to jail for it.
barackalypseFeb 12, 2012
No, he stepped over the line, cushy lobbyist and advisory roles (like historian services) are what they do for extra income, after they retire. Then their cronies reward them for their deeds in office and use them as a means to gain the ear of their former co-workers.
norman619Feb 12, 2012
So insider trading wasn't stepping over the line? It is illegal.
crunchdiggFeb 12, 2012
some insider trading was illegal. some wasn't, and not because there was some subsection of insider trading law that mentioned congress. check out
http://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=1081&context=student_papers&sei-redir=1
barackalypseFeb 12, 2012
The very first words I said were "No, he stepped over the line". Reading is fundamental.
norman619Feb 12, 2012
I'm marking this date. You actually said something I actually agree with.
Dugg
reginaperknsFeb 12, 2012
No members of congress should be able to trade off of the New York stock market. Congress has been doing it long enough. They have inside infromation to what is going on in the stock market. Then they go and buy in on the stocks half of them are already rich. If any citizen Joe off of the street were to do that he would be sitting behind bars. So why is it ok for congress to do it ? Are they special then the average Joe on the street ? It is so unfair now at times like these with so many homeless , poor, and unemployed people under Obama watch.
macparrotFeb 12, 2012
They should put any major investments they have on hold until they have served however long they were elected for. This alone would probably be more effective than term limits.
crunchdiggFeb 12, 2012
to actually know, read
http://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=1081&context=student_papers&sei-redir=1
xeromusFeb 12, 2012
I don't care if you're a republican, democrat, liberal, whatever; this is wrong. Everyone needs to play by the rules, and if Mr. Bachus is guilty of using proprietary information on policy creation/revision to gain an unfair advantage at the expense of law abiding citizens, then he deserves to pay. And I mean really pay, not just some $10,000 slap on the wrist. This bulls**t needs to stop, and I hope the investigation into illegal activity intensifies!
laurahoustonFeb 12, 2012
was max 30k after years of 'inside info' in his account?
May just be me but if he was deeply corrupt he would have had an investment manager and made multi-millions, not a couple thousand.
They are going after a small fry scapegoat.
norman619Feb 12, 2012
Sacrificial lamb to try and appease the masses demanding the law which is supposed to apply to EVERYONE equally be enforced.
miklkitFeb 12, 2012
Why are they going after him when they could be going after Bohner for massive conflict of interest in the keystone xl pipeline?
http://www.dailykos.com/story/2012/01/16/1055222/-John-Boehners-Keystone-XL-conflict-of%c2%a0interest
eraptorFeb 12, 2012
Spencer Bauchus needs to lose his House committee chairmanships in light of this evidence. His legitimacy as a "leader" is GONE.
skews13Feb 11, 2012
I don't think the Republicans realize what's coming down the road. For that matter I don't think most people realize it.
bluenose2Feb 11, 2012
I hope it hits them like a biblical whirlwind. Reap what you sow.
norman619Feb 12, 2012
They won't feel the economic body slam coming our way. the wealthy rarely do.
bluenose2Feb 12, 2012
That is the real sad thing about this issue. And I agree that the democrats are no better.
jivatmanxFeb 11, 2012
The previous chair, Democrat Chris Dodd, is now the head of the MPAA and the architect of SOPA. He didn't know what was coming when the internet blitzkrieged SOPA.
barackalypseFeb 12, 2012
No, I think they do, debt induced doomsday, same as Greece but on a scale too big to be bailed out.
Oh, you meant some political consequence like losing another Presidential election? Honestly nothing bodes better for GOP members of Congress than an Obama victory.Comment is buried, click here to see the rest.
norman619Feb 12, 2012
It would be interesting to see what investments they are making. Most likely gold and other precious metals and land. It's sickening they aren't advising the general public to prepare.Comment is buried, click here to see the rest.
caredjoFeb 12, 2012
Yep, commodities. They don't give dividends but they aren't linked to any currency and have a value of their own. It's great.
aofo1Feb 12, 2012
http://www.supercarsupercar.com
cherwilcoFeb 13, 2012
ok normally I just bury this crap but seriously dude? supercarsupercar? xzibit is that you?
magicmarker44Feb 10, 2012Submitter
Bachus is a typically corrupt GOP bastard and this has been a long time coming... Check out these direct quotes from the pig:
"In an interview where he spoke about the outlook he would bring to his chairmanship of the Financial Services Committee, Bachus received criticism for suggesting that it was government's role to "serve the banks". To the Birmingham News, Bachus said "In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks." Bachus later clarified his words by saying that he meant that regulators should set guidelines for banks but not micromanage them."
Yeah, right...
dualaudiFeb 12, 2012
Drink the hateraide much? It's not just the GOP.
magicmarker44Feb 12, 2012Submitter
Of course I know the Dems are corrupt too... I'm not a Democrat - I'm an Independent and I call out Dems too, but the Republithugs are worse, especially this bastard Bachus!
scottyeaFeb 12, 2012
It's politicians in general, dude
magicmarker44Feb 12, 2012Submitter
Of course I know the Dems are corrupt too... I'm not a Democrat - I'm an Independent and I call out Dems too, but the Republithugs are worse, especially this bastard Bachus!
macparrotFeb 12, 2012
Right, absolutely no Democrats are using inside information to benefit themselves financially. Good to know
/s
magicmarker44Feb 12, 2012Submitter
Of course I know the Dems are corrupt too... I'm not a Democrat - I'm an Independent and I call out Dems too, but the Republithugs are worse, especially this bastard Bachus!
norman619Feb 12, 2012
You do get that it's not just Republicans who are doing this right? Or are you giving the Democrats who are doing the exact same thing a pass because you like their politics?Comment is buried, click here to see the rest.
magicmarker44Feb 12, 2012Submitter
Of course I know the Dems are corrupt too... I'm not a Democrat - I'm an Independent and I call out Dems too, but the Republithugs are worse, especially this bastard Bachus!
cherwilcoFeb 13, 2012
hey its not just the republicans...
lol jk. sorry just had to screw with the broken record brigade
magicmarker44Feb 13, 2012Submitter
Yes, I know... thanks. I was getting tired of replying to everyone on that! ;-)
dualaudiFeb 15, 2012
Oh you were getting tired of copying and pasting? Life must be getting tough.
magicmarker44Feb 15, 2012Submitter
Wow, someone is cranky and has too much free time to make that sort of comment...
dualaudiFeb 15, 2012
:) got me there..
norman619Feb 12, 2012
Now how about all the others?
killersquirelFeb 12, 2012
Throw them all in jail, regardless of what party they belong to.
irinelgnldFeb 12, 2012
add me...
irinelgnldFeb 12, 2012
add me...
crimenr1Feb 12, 2012
http://howiw.com/
davidnivenFeb 12, 2012
Weird how Alternet gets their panties in a wad about Republicans breaking the law and being devious...but is almost silent when Democrats do it. Must have been an oversight.Comment is buried, click here to see the rest.
killersquirelFeb 12, 2012
Weird how the rightwingers on digg get their panties in a wad when the Democrats break the law and ALWAYS make excuses or ignore it when the Republicans do it.
Thanks david for being a perfect example of that behavior time and time again.
crashdvisFeb 12, 2012
Did he make an excuse? You supposedly brilliant reply is wrong on it's face. He just pointed out alternet's hypocrisy.
killersquirelFeb 12, 2012
It's the same childish BS I've heard from many. "Well, so and so does it....blah,blah,blah..."
Did he say anything condemning the Republican that this story is about? Of course not. What david did (and does all the time) was make a very childish comment where he deflects away from the issue at hand (A Republican breaking the law) and attacks Democrats.
Before all of you cry like little bitches, if a Democrat or a Republican breaks the law, they should be prosecuted to the fullest extent of the law. Period.
davidnivenFeb 12, 2012
Wrong. Republicans should go to jail just like Democrats when they break the law.
Don't you think so?
killersquirelFeb 12, 2012
Keep skirting the issue david, it's so like you.
I think that they should all go to jail, as is evident by my other comments that I made in this article and at the end of my comment that you obviously aren't smart enough to read.
Let me quote myself "Before all of you cry like little bitches, if a Democrat or a Republican breaks the law, they should be prosecuted to the fullest extent of the law. Period."
Cry like a little girl, then you try so hard to twist it around. David you're always pathetic. Always pathetic.