now the report called on house speaker john boehner and former house speaker nancy pelosi and spencer baucus and sixty minutes says that baucus that on the stock market taking a turn for the worse just a day after he met with ben bernanke and hank paulson. these meetings were so sensitive that they would actually call for skate cell phones and blackberries going into those meetings what we know is that those meetings were held one day and literally the next day congressman baucus would engage in stock options based on apocalyptic briefings that he had have the day before from the fed chairman the treasury secretary i mean talk about a stock tip well congressman now it's known here the baucus has denied it these allegations and according to think progress baucus made about twenty eight thousand dollars off of two hundred stock trades during the worst part of the financial crisis so now that sixty minutes is blown everyone's cover on these pretty disgusting practices arnie frank requested a hearing on the issue of insider trading and yesterday the house financial services committee decided tha

guys side by side suicide award and tonight it goes to congressman spencer baucus a g.o.p. representative from alabama is the chairman of the house financial services committee and he found himself in the hot seat after sixty minutes aired a story this past sunday about legal insider trading going on i think congress i'll baucus as well as several other members of congress allegedly use information from private meetings or trades rockets trade stocks and make a killing something that wall totally unethical is unfortunately technically illegal. for example insider trading on the stock market if you are a member of congress those laws are deemed not to apply so congressman get a pass on insider trading they do but fact is if you sit on a health care committee and you know that medicare for example is is considering not reimbursing for certain drug that's market moving information and if you can trade stocks off of that information and do so legally that's a great profit making opportunity and that sort of behavior goes on what is congress now the report called on house speake

committee chairman republican spencer baucus said, quote, these lavish compensation packages and bonusesr, unreasonable, and unjust to the taxpayers whose assistance is the only thing keeping fannie and freddie afloat. martha: what an incredible story this has been. it goes all the way back to the leadership during the financial crisis and franklin raines and the money he had when he left all of this. so what could be the explanation for the bonuses that are being paid by taxpayers, as you point out, jim, to these people who are still accepting taxpayer bailout money? >> reporter: well, the head of the federal housing administration, which oversees fannie and freddie, said yesterday and will say again today that he needs the kind of people who have executive financial firm experience. listen: >> i am trying to encourage these people to stay and continue to mitigate losses and keep the current infrastructure of the country's housing finance system operating. >> reporter: and, he argues that those people require much bigger salaries. now, this development is an uncomfortable one for the ob

have everyone profiled in here from nancy pelosi, a democrat, to john boehner, a republican to spencer baucuslican who have been able and have actually bought or at least traded in certain ways on certain stocks knowing that they controlled legislation that might either benefit or hurt those companies. martha: so boehner and i believe pelosi as well both said they don't have any independent, you know, trades happening in their own accounts. they do it in a blind way as is often the case with a lot of these, with people in these situations. >> if you believe that, martha, we have bridges to sell you. how it is possible that there isn't a phone call made saying, i'm not accusing, i'm just saying if john boehner were very much involved in making sure that the public option in the health care bill that president obama was pushing wasn't going to happen, that in turn would mean that private health care companies might do really well under this if it wasn't just a government option. martha: sure, absolutely. >> he was buying or at least his account was purchasing some health care stocks. if i were