For an elected official to have more money after they get into office than before they got there isn’t surprising. If they are invested in the stock market passively, and the market goes up, they should have more money. However, elected officials are making outsized returns.
It doesn’t surprise me. One CME ($CME) board member, Jackie Clegg, unloaded all their stock at the top of the market. She happened to be married to Democratic Senator Chris Dodd. Also worked for a hedge fund. Guess anyone that didn’t sell was just stupid for not reading the “tea leaves”. When an elected officials significant other makes a move, you ought to follow them no questions asked.
In the melt down, it was revealed that Spencer Bachus of Alabama, the Head of the Financial Services Committee in the House of Representatives today, shorted stocks after a meeting and profited handsomely from it. At the time, he was the ranking minority member of the committee. Tea Party supporter Andrew Brietbart has called for his resignation.
In mid September 2008 with the Dow Jones Industrial average still above ten thousand, Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke were holding closed door briefings with congressional leaders, and privately warning them that a global financial meltdown could occur within a few days. One of those attending was Alabama Representative Spencer Bachus, then the ranking Republican member on the House Financial Services Committee and now its chairman.
Schweizer: These meetings were so sensitive– that they would actually confiscate cell phones and Blackberries going into those meetings. What we know is that those meetings were held one day and literally the next day Congressman Bachus would engage in buying stock options based on apocalyptic briefings he had the day before from the Fed chairman and treasury secretary. I mean, talk about a stock tip.
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