Ha Ha Ha! Pelosi Backs Ban on Congressional Insider Trading

Posted by on Dec 01, 2011 at 1:37 pm

Why not, she already got hers. Now she can just pretend she’s against raking in millions due to her insider knowledge.

“I do think that this will have a momentum and, yes, I would like to see it come to the floor,” she said.

“I would hope that it’s not as necessary as the whoop-dee-doo over it makes it seem,” Pelosi added. “But I do think we all disclose what we do, and that’s really important and that everything we do is a matter of record, is in the public domain, so it’s not so insider.”

The House version of the Stock Act has gained more than 100 co-sponsors since the “60 Minutes” report. Hearings have already been scheduled.

She should be testifying about all that whoop-dee-doo. Could you please explain this, Queen Nancy?

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. If passed, the bill would have cut into Visa’s profits substantially by lowering so-called “interchange fees,” the 1% to 3% charge retailers pay Visa when customers use Visa cards for purchases. Interchange fees are a critical source of revenue for the four credit card companies–$48 billion in 2008, to be exact.

Amazingly, multi-millionaire Pelosi also today said the GOP is out to get the middle class.

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