Posted on 11/11/2011 6:35:33 PM PST by NormsRevenge
Washington -- House minority leader Nancy Pelosi is bracing for a report on the stock investments of members of Congress that is to air Sunday on CBS' "60 Minutes."
The San Francisco Democrat and House Speaker John Boehner, R-Ohio, were questioned separately at their weekly news conferences Nov. 3 by reporter Steve Croft. Neither had granted Croft's previous requests for interviews.
Croft asked both leaders about stock transactions they made while Congress was considering legislation that could affect the financial and insurance industries. Pelosi and Boehner vigorously denied any connection.
Laws against insider trading - making stock bets based on information the public doesn't have - do not apply to Congress. Studies have shown that stock portfolios on Capitol Hill outperform the market. Legislation that would ban insider trading by members and staff has languished.
Croft asked Pelosi why she and her investor husband, Paul Pelosi, bought an initial public offering of stock in Visa, the San Francisco-based credit card company, in March of 2008.
The same month, former House Judiciary Committee chairman John Conyers, D-Mich., introduced the Credit Card Fair Fee Act, which would have given merchants the power to negotiate lower fees with credit card companies. The bill, hostile to the credit card industry, was passed by the committee but never brought to the floor. Pelosi was speaker at the time, and controlled which legislation came to a vote.
The Pelosis bought the Visa stock in three transactions totaling $1 million to $5 million, according to financial disclosure reports. The first was the IPO, followed by two other purschases of the stock at higher prices, Pelosi said.
Pelosi said the Conyers bill had no chance of being signed by then-President George W. Bush. She said she brought even tougher legislation, ..
(Excerpt) Read more at sfgate.com ...
They all need to be placed up against a wall and shot for treason.
They drained the swamp but filled it with even smellier sludge.UGH.
Have Nancy Pelosi show you how to make 80% returns in the stock market. “””
How much outrage did hillary draw when she invested $1000 in the cattle futures moarket & got a return of $100,000?????
That was a pure manipultion of money to the benefit of Hillary & Bill. A way to get money to them without exceeding campaign limits. No one was outraged about that at the time!!!!
and the fact she didn’t really invest it, it was “loaned” to her (she may not have known anything about it until it was over) and then presented to her. That’s how the Chicago Commodities Board works. The SEC doesn’t ever do any investigating of that rat infested stock exchange.
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