60 Minutes News, Bachus and Boehner Insider Trading on 60 Minutes, Ben Bernanke, Nancy Pelosi, Nancy Pelosi Insider Trading, Paul Pelosi, Spencer Bachus, United States House Committee on Financial Services
Turns out that another perk of being a Congress One-Percenter may be what some are calling “soft corruption.” 60 Minutes is under fire due to a story it released about potential insider trading that is available to prominent members of Congress.
Nancy Pelosi and her hubby, Paul Pelosi, are said to be worth a cool $36million and some of that may be because of ‘insider trading’ information that Pelosi continues to deny. Supposedly, Pelosi’s husband bought $2million worth of Visa stock n March 2008, right before Congress (and Speaker Pelosi) blocked a piece of legislation that made investment in the stock very lucretive! In fact, the Visa IPO was one of the biggest in 2008, with about 400 million shares issued at a value of $17 billion! That’s a lot of zeros Pelosi!
Under Congress rules, officials are prohibited from using their political position “for personal gain.” As here, Pelosi is said to have purchased 20,000 shares of Visa before she, along with other members of Congress, opposed legislation that would’ve pointed the stock in the other direction (not as lucretive) and now she is under fire for having a stake in the legislation game- a conflict of interest of sorts.
Meanwhile back at the insider trading ranch, Boehner, who you may recall was the House Minority leader in 2009, bought health-insurance stocks during the health care debate. Well, when the public option became a No-Option, the stocks increased in value as so did Boehner’s investment.
Not to menton Mr. Bachus, a member on the House Committee on Financial Services, who bought options funds, betting markets would go down after meeting with then-Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke and lawmakers about the imminent collapse of the global economy. Gee, I wish I had those kind of friends!
Talk about having your hand on a crystal ball!!I mean, it is not illegal by any means (according to Congress as of now) but I think it is kind of suspect. It’s like being able to call up the CEO of any company, or the CFO, or the Manager at your local Target store, and having insight to first hand information- then turning around and making lucretive decisions based on pretty awesome (insightful) information.
Let’s face it- when you are a One-Percenter and have a seat in Congress, you have access to powerful information. Do I hate them for what they did? Absolutely not- but let’s not kid ourselves here! These guys and gals are in the know and their financial decisions reflect it!
- Forget Pelosi, Here’s The Most Stunning Detail From The Congressional Insider Trading Report (businessinsider.com)
- Pelosi fires back at report on ‘insider trading’ (msnbc.msn.com)
- Pelosi fires back at ’60 Minutes’ report on ‘soft corruption’ (cnn.com)
- THE CONGRESS INSIDER TRADING SCANDAL IS OUTRAGEOUS: Rep. Spencer Bachus Should Resign In Disgrace (businessinsider.com)
- Brian Baird talks congressional ethics on 60 Minutes (seattletimes.nwsource.com)
- Pelosi’s investments questioned in CBS report (sfgate.com)
- Will 60 Minutes Accuse Boehner and Pelosi of Insider Trading (professorbainbridge.com)
- Pelosi defends record after “60 Minutes” report (cbsnews.com)
- ’60 Minutes’ probes Pelosi’s investments (gunnyg.wordpress.com)
- Hey, How Exactly Did Nancy Pelosi Get Offered A White-Hot IPO, Anyway? (minx.cc)
- ’60 Minutes’ Blows The Lid Off Congressional Insider Trading (businessinsider.com)
- Pelosi fires back at ’60 Minutes’ report on ‘soft corruption’ (politicalticker.blogs.cnn.com)
- CBS more than a few minutes short in 60 Minutes hit piece on Pelosi (americablog.com)
- The Wonk Who Slays Washington (thedailybeast.com)
- Is Your Congressman Trading on Inside Information? (theatlantic.com)