REVEALED: Nancy Pelosi Blocked Credit Card Reform While Investing Millions in Exclusive Visa Stock Offering
By Wynton Hall, Big Government
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, which was the focus of 60 Minutes on CBS this evening, and which is featured in this week’s issue of Newsweek.
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? Read more at Big Government …
November 13, 2011 7:06 PM
Congress: Trading stock on inside information?
(CBS News) – Washington, D.C. is a town that runs on inside information – but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it’s time for the law to change.
The following is a script of “Insiders” which aired on Nov. 13, 2011. Steve Kroft is correspondent, Ira Rosen and Gabrielle Schonder, producers.
The next national election is now less than a year away and congressmen and senators are expending much of their time and their energy raising the millions of dollars in campaign funds they’ll need just to hold onto a job that pays $174,000 a year.
Few of them are doing it for the salary and all of them will say they are doing it to serve the public. But there are other benefits: Power, prestige, and the opportunity to become a Washington insider with access to information and connections that no one else has, in an environment of privilege where rules that govern the rest of the country, don’t always apply to them.
Questioning Pelosi: Steve Kroft heads to D.C.
When Nancy Pelosi, John Boehner, and other lawmakers wouldn’t answer Steve Kroft’s questions, he headed to Washington to get some answers about their stock trades.
Most former congressmen and senators manage to leave Washington – if they ever leave Washington – with more money in their pockets than they had when they arrived, and as you are about to see, the biggest challenge is often avoiding temptation.
Peter Schweizer: This is a venture opportunity. This is an opportunity to leverage your position in public service and use that position to enrich yourself, your friends, and your family.
Peter Schweizer is a fellow at the Hoover Institution, a conservative think tank at Stanford University. A year ago he began working on a book about soft corruption in Washington with a team of eight student researchers, who reviewed financial disclosure records. It became a jumping off point for our own story, and we have independently verified the material we’ve used. Read more at CBSNEWS.com ….
Pelosi Spokesman Statement on 60 Minutes Report
Washington, D.C. – Drew Hammill, spokesman for Democratic Leader Nancy Pelosi, issued the following statement on 60 Minutes’ report this evening:
“Congress has never done more for consumers nor has the Congress passed more critical reforms of the credit card industry than under the Speakership of Nancy Pelosi.
“Tonight’s report failed to note that the legislation in question in this story was reported out of the Judiciary Committee on October 3, 2008 – the day the House was consumed in passing TARP and also the last day the House was in session before the November election. It failed to note that in September 2008, the House passed the Credit Cardholders’ Bill of Rights. In the next Congress, the House and Senate passed and President Obama signed the Credit Cardholders’ Bill of Rights and the Dodd-Frank legislation, which included a stronger, more direct approach to addressing swipe fees.
“It is very troubling that 60 Minutes would base their reporting off of an already-discredited conservative author who has made a career of out attacking Democrats.
“Leader Pelosi has been in the lead advocating for Congress to act in the public interest and not the special interest. Three years later, Schweizer’s claims are an effort to revise history and are completely contradicted by Leader Pelosi’s clear record.”