by Hillary LaClair, Senior Editor
For a man who so strongly opposes the “immorality” of offline and online casino gambling, the Associated Press reports that Representative Spencer Bachus has made a number of investments in stocks that were plainly affected by Congressional activity and the Financial Services Committee – a committee in which he is an active member.
Bachus is very well known in the industry as a politician that has made extreme efforts to criminialize internet gambling due to its immoral nature. According to Online-Casinos.com, “while many members of Congress hold long-term positions in the stock markets, day trading on stocks directly influenced by Congress is considered both unusual and inappropriate, if not illegal.” The Congressman’s trades have mostly been puts or calls, signifying an expected quick stock adjustment, a common insider trade bid.
Yet, Bachus for all of his opposition to things immoral has on many occasions traded and quickly sold shares in companies that were impacted by activity in Congress, some occurring in less than a week. The Alabama Representative refused to comment on the issue. Instead he relied on his spokesperson to speak for him – insisting that because Bachus had never invested in banking or financial institutions he was within his legal rights.
Law Professor at Duke University, James Cox, who specializes in corporate law – and more importantly, the consequences of insider training – told the Associated Press, “We get very upset about baseball players and other sports players and other sports players who gamble…because we’re worried about the temptation that they might bet on their own games. I think this is the same problem.”