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 ...
So is this the person he’s calling to step down?
I thought that Congress was exempt from insider trading laws....
Pelosi is such a crook!
BTTT
Princess Nancy? Could be.....
Corruption-Democrat/Republican
Throw Them OUT!!!!
THey are. That must be changed.
DC is a snake pit. They really all must go.
Princess Nancy, or Porky Pelosi. It is a tough call for the best realistic nickname.
Pelosi re-elected in Landslide!
“This is a great victory for the working man.” says Nancy.
-headline Nov 2012
The trick is Delaware, like North Dakota, legalized usurious rates.
With Pelosi and Biden in charge of Congress it's no wonder 31% rates became legal.
Do we hang them before we draw and quarter them, or is it the other way around ~ and do shysters like these two get jury trials?
She’s made $Million$ of dollars by bending the laws; I’m surprised she would do something so flagarant. But, she’s a Dem; and the laws that constrain us mere mortals, have no bearing on her and her ‘kind’.
Just like Charles Rangel, first he’s Censured for corruption, then 6 months later he receives more awards.
Evil seems to be worshipped in the DNC.
Maybe the will start measuring her for prison garb? Would be the right thing to do.
Maybe Nancy is exempt from the laws but is her husband? How about the companies that bought favor with the sweetheart IPO participation chances? Let the big dog eat.
Hell I’d be thrilled to get a 203% return on $5.
Our founding fathers would have started hanging them long ago.
Boehner not going forward with the following reforms:
* Requiring Congress be no longer exempt from from all the laws they inact
* Requiring all members of the House putting their investment portfolio's in a blind trust for the time of their service as well as a total hands off approach to their investments as it is handled by an adviser.
* Eliminate their pension and make them abide by ERISA pension laws, i.e 5 yrs for vesting ( if the get one at all).
* Make them be the 1st to partake in Obamacare, see how they like it, via eliminating their "Cadillac" plan.
B@ll-less Geldings are Leadership is...
Lawmakers Buy Shares in Companies Affected by Debate, CBS Says
November 13, 2011, 8:04 AM EST
Nancy can only be gone by:
1) losing election
2) SEC/Justice Dept prosecution
3) House ethics
Best move now, IMHO, send a local RINO charging into her election...
With Democrats, the more ethical/moral/legal problems they have the more progress they make in their careers, unless they commit a felony that can’t be brushed aside/hidden/etc.
IMHO...
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