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Thread: Nancy Pelosi's insider stock trades

  1. #1

    Nancy Pelosi's insider stock trades

    This is something she'll surely try to keep quiet--those OWS folks will find a way to justify it though, I'm sure.

    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.

    Read more on '60 Minutes' Uncovers Pelosi's Insider Stock Trades
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  3. #2
    Lawmakers get a legal pass on insider trading--because after all they are the lawmakers!!
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  4. #3
    When the Ruling Class does it, that means it's not illegal. /Nixon

    That said, we fully commiserate with the pathological excrement that makes up House of Representative these days: it is indeed a sad day when a Congressional member has to rely on honest work to make their millions as opposed to perfectly legal trading on inside information predicated upon laws that these very congress men and women legislate. Something tells us all the world's banana republics are just staring at the US with sheer and utter amazement as layer after layer of the unprecedented depravity of American society is exposed for all to see.
    Based on the idea of natural rights, government secures those rights to the individual by strictly negative intervention, making justice costless and easy of access; and beyond that it does not go. The State, on the other hand, both in its genesis and by its primary intention, is purely anti-social. It is not based on the idea of natural rights, but on the idea that the individual has no rights except those that the State may provisionally grant him. It has always made justice costly and difficult of access, and has invariably held itself above justice and common morality whenever it could advantage itself by so doing.
    --Albert J. Nock

  5. #4
    Down with 1 percenter pelosi. Where is occupy dc at?

  6. #5
    Some animals being more equal,,, and all that.

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  7. #6
    The rules don't apply to Princess Nancy.
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  8. #7
    I have known about this for quite some time . I find her a most sickening type of individual ...

  9. #8
    Nancy Pelosi is a Criminal that should be in prison for the rest of her life, that goes for her husband too.

    Nancy Pelosi & Husband Insider Stock Deal on VISA IPO while pushing Banking/Bailouts 2008

    Graft and Swindling: Pelosi’s Disclosure Belated In Husband’s $117 Million Land Deal & More Nepotism

    Pelosi's brother-in-Law Given $737 Million in Tax $'s for Solar Power Plant in the Desert

    Pelosi's Wealth Grows by 62 percent in the Past Year

    Last edited by HOLLYWOOD; 11-14-2011 at 11:41 AM.
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  11. #9
    Quote Originally Posted by oyarde View Post
    I have known about this for quite some time . I find her a most sickening type of individual ...
    No doubt. She's just disgusting in so many ways...yet they keep re-electing her.

    Apparently Boehner has some shady business of his own too.

    Both are abhorrent.
    Those who want liberty must organize as effectively as those who want tyranny. -- Iyad el Baghdadi

  12. #10
    Quote Originally Posted by Zippyjuan View Post
    Ron Paul know some weird people...

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  13. #11

    Congress: Trading stock on inside information?

    Published on Nov 13, 2011
    Steve Kroft reports that members of Congress can legally trade stock based on non-public information from Capitol Hill.

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