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Lawmakers Deny Insider Trading in ‘60 Minutes’ Report

Scott J. Ferrell/CQ Roll Call File Photo
The office of Rep. Spencer Bachus denied he has ever engaged in insider trading after a “60 Minutes” report of his investments just before the 2008 financial meltdown.

A source familiar with the issue said that Boehner’s investments in health care came at the behest of his financial adviser, who also recommended a suite of other “blue-chip stocks” to replace a retirement fund associated with his former business.

In a statement today, Pelosi’s office said that her husband’s participation in the Visa IPO was not “preferential” and came at the recommendation of his broker at a Wells Fargo in San Francisco.

Her staff added that Schweizer has previously written books criticizing liberals.

“It is very troubling that ‘60 Minutes’ would base their reporting off of an already-discredited conservative author who has made a career [out of] attacking Democrats,” Pelosi spokesman Drew Hammill said in the statement.

He added that the credit card legislation mentioned in the piece was reported out of the Judiciary Committee while the House was “consumed” with the Troubled Asset Relief Program bailout.

Hammill also said that the House passed the Credit Cardholders’ Bill of Rights in September 2008, a proposal that became a law in the next session of Congress, along with the Dodd-Frank financial regulation bill, which limited credit card fees.

John Stanton contributed to this report.

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