New York Magazine reports that Representative Spencer Bachus of Alabama, Chairman of the House Financial Services Committee and one of the main subjects of a recent 60 Minutes exposé on insider trading in Congress (based on Peter Schweizer's book Throw Them All Out), is under investigation by the Office of Congressional Ethics for possibly running afoul of insider-trading laws.
The OCE, an independent investigative agency established in 2009, has reportedly found "probable cause" to examine specifically whether Bachus's stock options dealings violate Securities and Exchange Commission laws prohibiting individuals from trading based on “material, non-public” inside information. The OCE is focusing on "numerous suspicious trades on Bachus’s annual financial disclosure forms," and is also considering whether his trading disregarded congressional rules that prohibit members of Congress from using their public positions for private gain, the Washington Post reports….
Find out more at http://nymag.com/daily/intel/2012/02/insider-trading-rep-bachus-congressional-investigation.html
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