Alabama Congressman, Accused of Insider Trading, Defends Himself in Ad March 6, 2012, 1:19 pm f voters in the Sixth Congressional District of Alabama did not know that Representative Spencer Bachus was the subject of an Congressional ethics inquiry, they do now, thanks to an attack ad approved by ... Spencer Bachus. Mr. Bachus, the Republican chairman of the House Financial Services Committee, said last month that he expected to be cleared of wrongdoing in an inquiry by the Office of Congressional Ethics. The investigation, according to a report in The Washington Post, concerns trades listed on the congressman's annual financial disclosure forms last year, and possible violations of insider-trading laws. A new ad airing in Alabama, where Mr. Bachus is facing a primary challenge, blames "liberal Washington reporters" for reports on the inquiry, but then credits "news reporters" with being clear that "the attacks are false," as headlines roll across the screens. The voice-over says, "Obama's Democrat allies want to destroy Spencer Bachus," and adds that such efforts are propping up his March 13 primary opponent, Scott Beason. The final line: "Send a message to Obama. Stand with Spencer Bachus. Mr. Beason, who has been offering himself as the conservative alternative to Mr. Bachus, now in his sixth term, has his own "super PAC"-supported ad.