Bachus Proposes “Blind Trust” After Insider Stock Trading Expose
Following a segment on the CBS news magazine “60 Minutes” claiming that Alabama Republican Congressman Spencer Bachus engaged in “insider stock trading” during the height of the financial crisis, Bachus himself has now proposed legislation that would require all members of Congress to place all their stocks, bonds and other securities into a blind trust that would be managed without their consent as long as they are members.
"While laws that prohibit insider trading already apply to Congress, this bill sets a higher standard of public service," Bachus said after helping to draft H.R. 3549. "It is an extra step that will strengthen accountability and, hopefully, the public's trust that no representative or senator benefits financially from non-public information."
The “60 Minutes” piece profiled the book titled “Throw Them All Out”, that includes allegations of insider trading, not only by Representative Bachus, but also by former House Speaker Nancy Pelosi and current House Speaker John Boehner.
Bachus has denied the allegations, citing one example in which he was accused of benefiting from a bet in which GE stock would tank. The Congressman claims he actually bought call options at the time, which would result in a profit should GE stock rise.
Bachus has long been one of the online gambling sector’s biggest obstructionists.
- Chris Costigan, Gambling911.com Publisher
