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HomeOff Topics News & Politics › '60 Minutes' Uncovers Pelosi's Insider Stock Trades
11-14-2011 02:50 PM  6 years agoPost 1
Dennis (RIP)

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'60 Minutes' Uncovers Pelosi's Insider Stock Trades

Sunday, 13 Nov 2011 By Newsmax Wires

Former House Speaker Nancy Pelosi bought stock in initial public offerings (IPOs) that earned hefty returns while she had access to insider information that would have been illegal for an average citizen to trade with – even though it’s perfectly legal for elected officials, CBS’s "60 Minutes" reported Sunday night.

In a piece relying on data collected from the conservative Hoover Institution, "60 Minutes" revealed that elected officials like Pelosi are exempt from insider trading laws – regulations that carry hefty prison sentences and fines for any other citizen who trades stocks with private information on companies that can affect their stock price.

In the case of elected officials – this secret information ranges from timely details on lucrative federal contracts to legislation that can cause companies’ stocks to rise and fall dramatically.

How do they get away with it? Lawmakers have exempted themselves from the laws that govern every other citizen.

Pelosi, D-Calif., and her husband have participated in at least eight IPOs while having access to information directly relating to the companies involved. One of those came in 2008, from Visa, just as a troublesome piece of legislation that would have hurt credit card companies, began making its way through the House.

“Undisturbed by a potential conflict of interest the Pelosis purchased 5,000 shares of Visa at the initial price of $44 dollars. Two days later it was trading at $64. The credit card legislation never made it to the floor of the House,” Steve Kroft of "60 Minutes" reported.

Kroft confronted Pelosi at a regular press conference after she declined an interview.

Kroft: Madam Leader, I wanted to ask you why you and your husband back in March of 2008 accepted and participated in a very large IPO deal from Visa at a time there was major legislation affecting the credit card companies making its way through the —through the House.

Nancy Pelosi: But —

Kroft: And did you consider that to be a conflict of interest?

Pelosi: The — y — I — I don't know what your point is of your question. Is there some point that you want to make with that?

Kroft: Well, I — I — I guess what I'm asking is do you think it's all right for a speaker to accept a very preferential, favorable stock deal?

Pelosi: Well, we didn't.

Kroft: You participated in the IPO. And at the time you were speaker of the House. You don't think it was a conflict of interest or had the appearance--

Pelosi: No, it was not —

Kroft: — of a conflict of interest?

Pelosi: —it doesn't — it only has appearance if you decide that you're going to have — elaborate on a false premise. But it — it — it's not true and that's that.

Kroft: I don't understand what part's not true.

Pelosi: Yes sir. That — that I would act upon an investment.

The Hoover Institution’s Peter Schweizer stressed that what Pelosi did was completely legal.

“There are all sorts of forms of honest grafts that congressmen engage in that allow them to become very, very wealthy. So it's not illegal, but I think it's highly unethical, I think it's highly offensive, and wrong,” he told Kroft.

“… Insider trading on the stock market. If you are a member of Congress, those laws are deemed not to apply,” Schweizer added. “The fact is, if you sit on a healthcare committee and you know that Medicare, for example, is — is considering not reimbursing for a certain drug that's market moving information. And if you can trade stock on — off of that information and do so legally, that's a great profit making opportunity. And that sort of behavior goes on.”

Pelosi’s office issued a statement Sunday saying, “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.”

Schweizer’s books include “Do as I Say (Not as I Do): Profiles in Liberal Hypocrisy,” and “Architects of Ruin,” according to Schweizer’s page on the Hoover Institution website.

http://www.newsmax.com/InsideCover/...omo_code=D800-1

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11-14-2011 06:42 PM  6 years agoPost 2
fla heli boy

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caught.............once again. I wish they would've followed up on the story of her brother in law being a big hitter investor in a new solar company that just secured a 7oo+ million dollar loan guarantee, similar to Solyndra.

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11-15-2011 02:09 AM  6 years agoPost 3
baby uh1

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THese people are stealing us blind and act like there is nothing wrong with it at all. Sickening!

Anything is possible if you don't know what you are talking about!

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11-15-2011 02:20 AM  6 years agoPost 4
steve9534

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Pelosi
It's interesting that the response from Rep. Pelosi says nothing about whether the report is true or whether the actions she took were ethical or not. Her only response was to attack the messenger. steve.

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11-15-2011 02:29 AM  6 years agoPost 5
Dennis (RIP)

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It's interesting that the response from Rep. Pelosi says nothing about whether the report is true or whether the actions she took were ethical or not. Her only response was to attack the messenger.
They have passed laws that allow them to get away with this. But, not everyone else. Everyone else that does the same thing and gets caught goes to jail.

Thats, in part, what the Dodd/Frank bill was all about. That is also, in part, why the repubs want to repeal Dodd/Frank.

But, of course, the repubs are evil and greedy to propose such a thing.

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11-15-2011 03:27 AM  6 years agoPost 6
GREYEAGLE

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Remember the National Minimum Wage - Change ???
When she was speaker she fought tooth and nail for certain amendments were attached for omission in which it did not apply .

One was that the law did not apply to the citizen's Puerto Rico which is I believe a providence /territory or colony of the USA and is protected & governed under US Law's and Regulations.

Guess who's husband is a major stock share holder / plant owner - in a Tuna Processing Plant in the territory Governed under US LAW ???

NO: They didn't get it - and the citizen's are working under the minimum wage -

You Guessed IT ! Slavery

greyeagle

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11-15-2011 03:55 AM  6 years agoPost 7
steve9534

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Puerto Rico
I'm definitely not Pelosi's apologist, but I did spend 10+ years of my life in PR and my wife was born there. We used to fly next to the tuna factory in question. Unfortunately it's long since (~20 years ago) closed and the tuna processing moved to Asia, in large part because the Asian labor costs are much lower. Puerto Ricans are hardly slaves, but the unemployment rate is roughly double that of the US. Raising the minimum wage will only ensure that more jobs are lost there and the unemployment rate will continue to be high. The minimum wage is another liberal idea that sounds great on paper, but only serves to ensure that those who are minimally skilled and unable to produce enough to cover the artificially established minimum will forever remain unemployed. steve.

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11-15-2011 04:24 AM  6 years agoPost 8
csc

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THese people are stealing us blind and act like there is nothing wrong with it at all. Sickening!
Because they can get away with it. No accountability, the morons in her district will keep sending her back no matter what she does, and she knows it. It is PERSON above everything, PARTY above Country, forget about right/wrong or ethics. This goes for all politicians, especially the ones that have been there more than two terms. They have to sell their souls to get elected, and they'll say/do anything to keep getting re-elected and on the gravy train.

Why do you think the Left has worked so hard to get rid of punishment in this country? All in an effort to minimize any potential risk/worry about being punished if caught. Look at the efforts against the Death penalty - public hangings - firing squads, Tar & Feathering, corporal punishment in schools, hell, you can't even discipline/spank your own kid anymore without fear. No accountability, everyone gets a trophy.

How is it that everyone in the Senate is a Millionaire or will be one when they leave? Now you know. Utopia.

______________________
eShuttles

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11-15-2011 04:30 AM  6 years agoPost 9
GREYEAGLE

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Thanx Steve
It's a shame, wages that were very low were found even lower elsewhere: re - making more profit by moving the plant out of state . Wonder if He is still a stock holder / owner. So much for Patriotism and Love of Country.

To bad the mega resorts along the Baja Peninsula in Mexico and the south coast do not set up shop. Puerto Rico is such a Beautiful Place.

greyeagle

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