Top House Republican cleared of insider trading
May 1st, 2012
03:35 PM ET
3 years ago

Top House Republican cleared of insider trading

Washington (CNN) – The chairman of the House Financial Services Committee has been cleared of allegations that he used his position to engage in insider trading and improperly profit from the 2008 market meltdown.

The Office of Congressional Ethics unanimously dismissed all of the potential charges against 10-term Alabama GOP Rep. Spencer Bachus, according to a statement released late Monday by the congressman's office.

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Filed under: Spencer Bachus
soundoff (15 Responses)
  1. PaulCat

    Of cause he's cleared, we olny go after democrats. Everyboby knows this.

    May 1, 2012 03:46 pm at 3:46 pm |
  2. The Real Truth and Nothing But Real Truth

    Where does he go to get his reputation back?

    May 1, 2012 03:59 pm at 3:59 pm |
  3. Marie MD

    Somebody received some money under the table. Martha Stewart should sue this creep!

    May 1, 2012 03:59 pm at 3:59 pm |
  4. The Real Truth and Nothing But Real Truth

    Now when can we expect the the results of the investigation into Nancy Pelosi's insider trading?

    May 1, 2012 04:01 pm at 4:01 pm |
  5. d

    i hate to be cynical but did anyone expect anything different? isnt the commettee gop?

    May 1, 2012 04:15 pm at 4:15 pm |
  6. The Real Tom Paine

    Bacchus has been cleared, hopefully this will curb some of the blatant abuse of power both sides have demonstrated at various times. The threat of investigation forced Bacchus to defend his seat in a primary with more vigor than he otherwise would have faced. Perhaps its an indication that he needs to do the right thing and retire, rather than be placed in that situation of temptation again, but i doubt he'll think its time for him to leave. Truth, is anyone proposing an investigation into Pelosi, or is this just another example of your active fantasy life at work?

    May 1, 2012 04:17 pm at 4:17 pm |
  7. Democrat Class Warfare - Destroying the economy, destroying the country

    The Real Tom Paine
    Truth, is anyone proposing an investigation into Pelosi, or is this just another example of your active fantasy life at work?
    =============================================================================================

    "Former House Speaker Nancy Pelosi bought stock in initial public offerings (IPOs) that earned hefty returns while she had access to insider information that would have been illegal for an average citizen to trade with – even though it’s perfectly legal for elected officials, CBS’s "60 Minutes" reported Sunday night."

    Please try keeping up Tommie. Pelosi needs to come clean. Just ask 60 Minutes.

    May 1, 2012 04:30 pm at 4:30 pm |
  8. Joe from CT, not Lieberman

    Bachus has a reputation of being a shrewd stock trader. He doesn't need "insider information" to figure out from looking at a company's financial statements as to where it is headed. He works with brokers to find out what companies are looking at new technologies, and what companies are just keeping going with what they have. If The Donald had half the clue that Bachus has, then he wouldn't have had to declare bankruptcy three times in the past 30 years.

    May 1, 2012 04:34 pm at 4:34 pm |
  9. Another Day in the RW Idiot Mines

    "Former House Speaker Nancy Pelosi bought stock in initial public offerings (IPOs) that earned hefty returns while she had access to insider information that would have been illegal for an average citizen to trade with – even though it’s perfectly legal for elected officials, CBS’s "60 Minutes" reported Sunday night."

    So you want her investigated for doing something that was "perfectly legal for elected officials." What's wrong with this picture?

    May 1, 2012 04:43 pm at 4:43 pm |
  10. Namejkane fl live from teapublican moon base no taxes, no regulation no health care, free gas.

    Doesn't matter ,all house teapublican are leaving after Dem lands in Nov , thanks teaparty clowns and they should strip them of their taxpayers paid pensions and health care. If they don't want it for the American people, why should they have it ???

    May 1, 2012 04:48 pm at 4:48 pm |
  11. Pete

    What about the Democrates that were demonized after this story got out,Pelosi and the rest are hung out to dry ,ha!!No insider trading,better yet make lobbying illegal also,get the bums out of Capital Hill,jail time if caught,that's it,no excuses.Have a non- political committee investigate the wrong doing on Democrates and Republicans,plus throw in Independents for good measure,make it even all around.Censure all involved and make no exceptions,plain and simple,bring a new sheriff to town with free reign,show all who don't listen the door.If ya want real corruption,read up on John McCain and his wives involvement with the KEATING 5,a real example of political wrangling and corruption with McCain,his wive and 4 other senators walk away but KEATING was left holding the bag with McCains testimony against him and got a hefty jail sentence,plus the U.S.government was on the hook for over 3.5 billion dollars,way back in the 80's.Point your fingers now you republican hypocrites,that's the guy that almost occupied the White House,neat ,ha!!!Now that corruption!!!

    May 1, 2012 04:48 pm at 4:48 pm |
  12. Namejkane fl live from teapublican moon base no taxes, no regulation no health care, free gas.

    Truth, your wanted in somila for propaganda minister .

    May 1, 2012 04:53 pm at 4:53 pm |
  13. The Real Tom Paine

    -Democrat Class Warfare – Destroying the economy, destroying the country

    The Real Tom Paine
    Truth, is anyone proposing an investigation into Pelosi, or is this just another example of your active fantasy life at work?
    =============================================================================================

    "Former House Speaker Nancy Pelosi bought stock in initial public offerings (IPOs) that earned hefty returns while she had access to insider information that would have been illegal for an average citizen to trade with – even though it’s perfectly legal for elected officials, CBS’s "60 Minutes" reported Sunday night."

    Please try keeping up Tommie. Pelosi needs to come clean. Just ask 60 Minutes.
    *************************************************************************************
    All I asked was is there an active investigation by Congress in Pelosi? No reason to get snarky. Try paying attention to what I am writing, rather than going with your spasmodic form of posting. I was actually saying it was a good thing Bachus was cleared, since it was nothing more than a side show.

    May 1, 2012 04:54 pm at 4:54 pm |
  14. Larry L

    The GOP cleared the GOP. I'm shocked!

    May 1, 2012 05:00 pm at 5:00 pm |
  15. Namejkane fl live from teapublican moon base no taxes, no regulation no health care, free gas.

    Dem landslide coming in Nov , all crooked republican bums will be gone. Move forward with DEMS , not back to horse and buggy days with republican morons.

    May 1, 2012 05:02 pm at 5:02 pm |