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Tuesday, November 22, 2011 : Bachus urged by Frank to do something about political profiteering on non-public information
The political repercussions of last weekend's "Sixty Minutes" program on political enrichment by using non-public information are rippling outwards, according to the latest media reports from the United States.
In the latest development, Rep. Barney Frank has written to Rep. Spencer Bachus, one of the politicians named in the Sixty Minutes expose and the current chairman of the powerful House Financial Services Committee, urging him to support a measure to combat the so-called 'soft corruption' of politicians using confidential information obtained in their duties to make shrewd and profitable share buys.
The television expose catapulted the STOCK Act, first introduced in 2006 but condemned to obscurity by a lack of interest from Congressional delegates, to prominence this week, and it has already attracted 46 co-sponsors.
The Washington DC publication Politico quotes from Frank's letter:
“I did not pay sufficient attention to this when it was first discussed with me, in part because I did not see this as a problem that was of any great substance,” Frank wrote, explaining why he had not taken the measure up whilst he was chair of the Financial Services Committee..
“I am still not sure that this is widespread, but given the attention that we have seen on this matter now, and given the importance of those whom we represent being fully assured that we are behaving appropriately, I think that we should now take up this legislation and, after suitable study, enact some version of it.”
Bachus has been quick to react to the Sixty Minutes program, denying any suggestions that he acted inappropriately, and agreeing to schedule a hearing on the Stop Trading on Congressional Knowledge Act.
The politician, who is infamous among online gamblers for his opposition to the pastime, appeared midweek on the Kudlow Report, a news television program about business and politics hosted by Lawrence Kudlow, and airing on the CNBC network.
Bachus denied the allegations made against him in the book “Throw Them All Out” by Peter Schweizer, claiming that he had profited on stock deals because of his market knowledge and diligence in studying the movement of shares every day.
His denial was later refuted by Schweizer, who described Bachus's claim that the book and subsequent television coverage was a plot against him as "ridiculous", pointing out that the politician had made 40 options trades during the sub-prime financial crisis and profited therefrom whilst he was involved in Congressional discussions.
Bachus has also reportedly protested to the publisher of Schweizer's book claiming he had not been approached for comment, and that the publication contained serious untruths and errors of fact.
Schweizer has rejected these claims, saying that Bachus failed to respond to an invitation to comment, and that he had access to information that enabled him to make profits from non-public information.
NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday -
Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.
Pro League Reveals Sportradar Contract Details -
The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.
NFL Odds: Steelers Visit Undefeated Chiefs #TNF -
The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.
Mega Moolah strikes again -
The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.
2 New Slots For Microgaming Casinos -
David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.
MLS Odds: Red Bulls vs. Whitecaps -
The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.
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