One Day After Attending Private Economic Crisis Briefing, GOP Financial Services Chairman Bet On Stocks Tanking
CBS News’ 60 Minutes aired a report last night alleging that several members of Congress have traded stock using information they received during private briefings or meetings, enabling them to profit from inside information. By far the most damning story was about House Financial Services Chairman Spencer Bachus (R-AL), who in 2008, the day after receiving a private briefing from the nation’s chief economic officials on the extent of the financial crisis, proceeded to bet that the stock market would tank:
While Congressman Bachus was publicly trying to keep the economy from cratering, he was privately betting that it would, buying option funds that would go up in value if the market went down. He would make a variety of trades and profited at a time when most Americans were losing their shirts.
http://www.truth-out.org/one-day-aft...an-bet-stock-0
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That's how the plutocracy rolls. Corrupted, and not even bothering with appearances of propriety.

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