Notorious 'Congress Insider Trader' Spencer Bachus Wins His Primary, Likely To Stay In Congress

spencer bachus

In the past six months, Spencer Bachus, a Republican House member from Alabama, has been exposed as probably the most notorious figure in the Congressional ‘Insider Trading’ scandal. 

But last night it didn’t matter. Bachus won in a primary contest against a state senator, Scott Beason. 

In fact, Bachus crushed him 59 to 27 per cent. Read the full story by Alex Isenstadt at Politico

To recap: Bachus, a powerful figure on the House Financial Services Committee, made more than 40 trades in his personal account in the summer and fall of 2008, in the early months of the financial crisis, when he was receiving confidential private briefings from the Treasury Department. 

But his opponent, Beason, had ethical problems of his own. He once wore a wire during an FBI investigation of gambling operations in the state, and was recorded referring to rural blacks as “aborigines.” 

By winning over 50 per cent of hte vote, Bachus avoids a run-off contest. Even with his lapses, it is extremely unlikely that any Democratic challenger will be able to beat him in deep-red Alabama. 

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