Former SEC official sees no insider trading violation by Rep. Bachus

The paper reported that Bachuss office asked Sporkin to assess whether Bachus illegally used non-public information to profit through stock trades. The allegation was raised in a November 60 Minutes report that Bachus personally profited by using information gleaned from briefings with the Treasury Department during the financial meltdown.

The Office of Congressional Ethics is looking into these claims, but more broadly, the 60 Minutes report led Congress to approve a bill aimed at affirming that insider trading by members of Congress and the executive branch is illegal.

Sporkin said he was not formally hired by Bachus to review or advise him in the case.