Posted on 11/13/2011 5:14:43 PM PST by Bigtigermike
Former Speaker of the House–and current Minority Leader–Nancy Pelosi apparently bought $1 million to $5 million of Visa stock in one of the most sought-after and profitable initial public offerings (IPO) in American history, thwarted serious credit card reform for two years, and then watched her investment skyrocket 203%.
The revelation appears in Throw Them All Out, the new book by investigative journalist and Breitbart editor Peter Schweizer
Schweizer’s investigation of Pelosi and other members of Congress–from both parties–raises a critical question: should it be legal for lawmakers to buy stocks in companies directly affected by their legislative efforts?
In early 2008, Nancy Pelosi and her real estate developer husband, Paul, were given an opportunity to buy into a Visa IPO. It was a nearly impossible feat–one that average citizens almost certainly could never achieve.
Despite Pelosi’s consistent railing against credit card companies, on March 18, 2008, the Pelosis bought between $1 million and $5 million (politicians do not have to report the exact amounts, only ranges) worth of Visa stock at the IPO price of $44 per share. Two days later, the stock price rocketed to $65 per share, yielding a 50% profit. The Pelosis then bought Visa twice more. By their third purchase on June 4, 2008, Visa was worth $85 per share.
How did Nancy Pelosi snag one of the most coveted initial public offerings in history? The facts are still emerging. Yet according to Schweizer, corporations that wish to build congressional allies will sometimes hand-pick members of Congress to receive IPOs.
Pelosi received her Visa IPO almost two weeks after a potentially damaging piece of legislation for Visa, the Credit Card Fair Fee Act, had been introduced in the House.
(Excerpt) Read more at biggovernment.com ...
If a Big Bad Banker had done what Princess Nancy did, the Banker would be in Jail yesterday.
Nancy “29.99% APR” Pelosi
Ah come on folks, if you think this is abnormal, you have been living in a cave... All politicians take advantage of these deals (with insider knowledge) - with the normal every day living... Just a side benefit!!
Either get use to it or demand a change!! Your choice!
No, that would be Spencer Bachus (R-Ala) who did something similar.
ping
just what we need
even more reason to hate the democrats
Sounds like they are all doing it.
So, they all need to be investigated and let’s not forget that POS in the White House. And how about all his cronies, the union bosses?? These people all take care of each other at our expense.
Investigate ‘em all!!!
MSM”Umm..ummm....get another Cain accuser, STAT!”
Politicians are corrupt by DNA. They can’t help themselves to help those that fund their campaigns. That’s the crux of the problem. One crony helping another at the expense of the masses.
Wouldn’t that be wonderful, if both Nancy AND Holder had to go...?!
HOME RUN..!
Oh please, Lord, pllleeeease...!!!
Looks like 60 Minutes did they’re little show because this book was coming out.
We the people have allowed this to go on for decades. And it will continue to happen as long as we elect people based on personality.
It’s funny that Martha Stewart went to prison for the same thing congress people do every day. And I think she saved herself around $15,000. Maybe she went to prison for being stupid and greedy.
The Pelosis did the same thing with Netscape and UUNet, resulting in a one-day doubling of their initial investment. Other fast and lucrative IPO flips included Remedy Corporation, Opal, Legato Systems, and Act Networks.
Schweizer says Nancy Pelosi’s financial disclosure forms typically mask the precise dates of her stock buys. He cites the Pelosis’ December 1999 stock purchase of between $250,000 and $500,000 in shares from high-tech company OnDisplay. A few months later, OnDisplay was bought by Vignette, which resulted in up to $1 million in capital gains for the Pelosis. What was unusual about the transaction is that Vignette’s IPO was underwritten by a major campaign contributor and longtime friend of Nancy Pelosi, William Hambrecht.
Similarly, in November 2007, Pelosi bought $500,000 in the IPO for Quest Energy Partners before proceeding to champion the natural gas-related legislation that stood to significantly benefit the company. When Tom Brokaw asked her whether her significant personal investments in natural gas represented a conflict of interest, Pelosi shrugged off the question by hiding behind the crony capitalist’s false credo: “That’s the marketplace.”
Think that insider trading is wrong? Congress can do it legally. And as you can see here, they do it all the time to enrich themselves at the expense of companies and people.
So, which fox is going to investigate the hen house?
Occupy The Voting Booth In 2012
BTW the Rs are as corrupt as the Ds, just represented by different corrupt players. They want what is yours so as to give to others and especially those that help them gain power. Politicians spending OPM (other peoples money) to help them stay in office and to get rich on your dime is the game plan.
Look at Queen Nancy face when confronted at news conference. She flat out denied it but the BS detector pegged.
You got that right. They don’t make men like that anymore. The politicians are stealing us blind and we barely even whimper.
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