02 May 2012
- Last Updated on Tuesday, 07 August 2012 16:27
- Published Date
By Brandon Moseley
Alabama Political Reporter
On Friday the Board of the Office of Congressional Ethics voted unanimously to recommend that all allegations against Congressman Spencer Bachus (R) from Vestavia be immediately dismissed. Rep.Bachus issued a statement following his being informed by the Board that it had voted unanimously 6-0 to recommend the dismissal of allegations made against him.
Rep. Bachus said, “The OCE's unanimous dismissal of these false allegations is a welcome conclusion to a destructive and disruptive, media generated assault. It has been a long, painful, and frustrating experience to have a reputation built over many years sullied by untrue accusations.”
Congressman Bachus had been labeled one of the ten most corrupt Congressmen in America by the group, Judicial Watch. The harsh judgement was based on widely reported allegations in the book, ‘Throw Them All Out’ by author Peter Schweizer, which claimed that Rep. Bachus and numerous other members of Congress had allegedly profited in the financial markets by trading on insider information. Bachus as well as Speaker of the House John Boehner and House Minority Leader Nancy Pelosi were all attacked by the book and by the CBS news magazine show, ’60 Minutes.’
Schweizer and 60 Minutes alleged that Congressman Bachus traded short-term stock options in 2008 after receiving a private briefing for congressional leaders by Secretary of the Treasury Hank Paulson and Federal Reserve Chairman Ben Bernanke on the then pending meltdown in the global economy. The book and the TV show both claimed that Bachus was guilty of insider trading. There was even some media speculation that Rep. Bachus would be removed from the Congress because of these allegations.
Rep. Bachus said, “I also appreciate former SEC Chairmen Harvey Pitt and Roderick Hills and Federal Judge Stanley Sporkin for reviewing the allegations, determining they were false and meritless, and publicly coming to my defense. Perhaps the most gratifying aspect is that my constituents who know me best recently reaffirmed their faith in my character and my ability to serve their interests, and my personal commitment to them is to continue to serve with the highest level of effectiveness and accountability. Finally, I want to thank the OCE staff for their professionalism and the OCE Board for unanimously coming to the right conclusion. While their review and report should never have been necessary, I am pleased that they have helped clear my name.”
Despite the allegations and the ongoing Congressional investigation, Rep. Bachus crushed three Republican opponents in the Republican Primary while seeking his eleventh term in the Congress representing Alabama’s 6th Congressional District. Rep. Bachus faces retired U.S. Air Force Colonel Penny Huggins Bailey (D) from Leeds in the November 6th General Election.
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