Devine's Intervention

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He's not a socialist.

Representative Spencer Bachus, a Republican from Alabama's 6th district is on record as saying 17 members of the House of Representatives are socialists... In 2007, Bachus made trades with a number of short term stock options, betting that stocks would rise or fall for a quick profit or loss. Bachus made up to $160,000, including a bet in March that the stock market would drop that earned him be...tween $15,000 and $50,000. Most members of Congress hold some stocks or mutual funds, but Bachus' rapid-fire trades are unusual for a leading member of Congress, particularly one with the key role of ranking member of the House Committee on Financial Services.[11]

From July through November 2008, Bachus traded in options at least forty times, making money from betting against the market as it collapsed that year. During this period, Bachus was one of the Congressional leaders getting private briefings from Secretary of the Treasury Hank Paulson and Federal Reserve Bank Chairman Ben Bernanke about the worsening financial crisis.[12] Bachus said that he "never trades on non public information, or financial services stocks".[13]

Bachus bought option funds that would go up in value if the financial market went down right before the Financial Crisis in 2008 directly following a closed door session with Fed Chairman and Treasury Secretary, in which he was informed of the pending financial crash.

Well...he's not a socialist. They wouldn't have him.

Tags :  
Topics : Business_FinancePolitics
Social :
Locations : Alabama
People : Ben BernankeHank PaulsonSpencer Bachus

02/20/2012 3:50PM
He's not a socialist.
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