Spencer Bachus Under Fire Over Trades

Published on 2011-11-14 15:35:00

As you are probably aware, Congressman Spencer Bachus, current Chairman of the House Financial Services Committee, is no friend to legalized online gambling in the United States.

Despite seemingly warming to the idea of online gambling legalization in the past few months, Spencer Bachus has a long history of being a thorn in the side of online poker players in the United States.

Let's not forget some of Bachus' past comments regarding Internet poker and gambling sites:

"Internet poker is the crack cocaine of online gambling"

"We don't want to put a casino in every dorm room in the country"

Source: ABCNews.com

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Spencer Bachus, one of online poker's biggest detractors over the past decade, now finds himself under attack after an investigative report aired on 60 Minutes last night.

The report detailed how Bachus (and other members of Congress) routinely trade (and profit) using insider information.

Trading using insider information (non-public information) is completely legal for members of Congress, but Bachus' alleged trades have certainly pushed the limits.

According to Biggovernment.com, Bachus used his high ranking status on the House Financial Services Committee to acquire information and execute "well-timed, highly risky options trades" throughout the turbulent period of July-Nov 2008 (the height of the financial crisis).

Bachus reportedly made "at least" 40 options trades that included:

-bets against the financial sector
-bets against the Nasdaq 100
-bets against General Electric

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There have already been multiple calls for Bachus to resign over these trades. This story has been kicking around for a while now, but really exploded after the 60 Minutes piece was aired last night.

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