Insider trading is considered such a serious offense by the federal government that it routinely prosecutes people and sends them to jail for it — unless you’re a member of Congress, in which case the rules don’t seem to apply.
Spencer Bachus is a Republican congressman from the district in Alabama where I live. I’ve met him and I have friends who know him, but I can’t say I know the man. He’s been in the news lately, but for all the wrong reasons. When CBS News’ magazine “60 Minutes” ran a story last Sunday about members of Congress who were involved in insider trading, Bachus was prominently mentioned. It appears that Bachus was taking secret information he was getting as a member of the House Committee on Financial Services and using that to trade banking stocks that he knew were about to go down in value.
Bachus says that nothing he did was illegal, but he also says he quit trading stocks late last year. I wonder why he quit doing what he was doing if it was perfectly legal and ethical.
Here in Alabama, many conservatives and Republicans are outraged about Bachus’ behavior and are calling on him to resign. About 50 or 6o conservatives gathered at Bachus’ Birmingham office Thursday to protest.

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