Congressional Inside Trader Nancy Pelosi Is A Liar

Does Congresswoman Nancy Pelosi have no shame? She was pointed out recently on the 60 Minutes report about insider trading going on in Congress and in her response through her spokesperson, he diverted and accused others of doing much worse. Her spokesperson also did not even respond to the direct allegations and ended up calling the author writing a book on this whole scandal and bringing these charges to light, a discredited author. The source of the so-called discreditation is a minor inaccuracy in an article in USA Today where Peter Schweizer (the author in question) said Al Gore was receiving royalties for leasing out a dirty zinc mine on his property. The mine had been closed for 3 years at the time of the article in USA Today. However, Gore did receive royalties for years when the mining company failed environmental tests on his property.

Secondly, Pelosi made sure legislation concerning ending swipe fees for credit card companies did not make it to the floor of the House before the big Visa IPO. Visa then offered her husband an insiders cut of their IPO to the tune of 5,000 shares and then a further 15,000 shares. Nancy Pelosi’s spokesperson, Drew Hammill, in a blatant obfuscation of the facts said that the legislation in question was passed out of committee on October 3, 2008 also while the Congress was busy working on TARP legislation. Well, that’s great Mr Hammill, the Visa IPO took place on March 18, 2008 almost 7 months before the legislation passed committee and 2 years before the Credit Card Holders Bill of Rights became law.

The point is, Pelosi spokesperson Drew Hammill never addresses whether or not the Speaker of the House at the time of the Visa IPO profited from insider information or acted favorably towards the company by making sure damaging legislation did not pass out of committee to be voted on by the full House. Your point Mr Hammill, is moot!

These are the actions of an out of control congress addicted to spending, money, congressional perks and being just plain greedy. The hypocrisy of our leaders is astounding and this is a scandal that should bring down Congress and get every member, be they Democrats or Republicans, kicked out of their cushy jobs. Are we to really believe that any legislator acting on this kind of insider trading information is really for the people? How could any moral thinking member of Congress take advantage of insider trading information when they know that the same people who put them in office would be thrown in jail if they were to act on that exact same information?

Those Congress members who are involved in this Wall Street stock insider information scam may have not technically broken the law, but they have broken the spirit of the law and the trust of the American people and they should all lose their jobs for it. Shame on you Congress and shame on you Nancy Pelosi.

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Insider Stock Trading In Congress

Unbelievably, according to a 60 Minutes report entitled Insiders, most Congressmen and Senators that come to Washington manage to leave with more money than they got here with. Forget about the altruistic public service nonsense, our Representatives and Senators are getting rich from their jobs and they are doing it in the stock market with privileged information only they can obtain. They then take that insider information and buy stocks or options on stocks and then turn around and sell them sometimes only days later and profit handsomely.

Some of those that have profited from this information that you and I can’t get our hands on is Alabama Representative Spencer Bachus who purchased stock options that bet on the economy nearly collapsing in the 2008 financial crisis while he made the public show that he was working feverishly to keep that from happening. John Boehner also purchased healthcare related stocks that later went up after he worked to kill the public option (which was later reinserted) in Obamacare. Boehner claimed that he does not make day to day trading decisions on his accounts, but gee whiz, doesn’t that information have to come from somewhere?

Nancy Pelosi and her husband also benefited from insider information when they participated in the Visa IPO and received preferential pricing on 5,000 shares at $44 each. Two days after their purchase the price of Visa stock went up to $64 realizing the Pelosi’s a $100,000 profit. This all happened at the time a piece of possibly damaging legislation to credit card companies was making its way through the halls of Congress. The legislation did not make it to the floor at the time yet 2 years later did pass, well after the time the Pelosi’s benefited from their IPO. The 60 Minutes report did not state whether Nancy Pelosi actually sold her stock 2 days later.

What is even more shocking is that when Nancy Pelosi was asked a direct question by Steve Kroft of CBS in a press conference about why she and her husband participated in this large IPO deal when pending legislation was working its way through Congress, she acted as if she didn’t know the point of the direct question. When Kroft later pressed her on the question, she lied through teeth and said that she did not “act upon an investment.”

Really, are you kidding me? This is the kind of behavior our leaders in Congress engage in and then they expect us to willingly follow the laws? Our lawmakers are engaging in a dangerous game when they claim they aren’t violating the letter of the law, and they aren’t here because this behavior is not technically illegal, but they are blatantly violating the spirit of the law. They know the rest of us cannot trade and benefit on information as they do. They know any of us would go to jail if we were doing exactly as they are doing, but they disregard that and do it anyway.

The bottom line as stated at the end of the 60 Minutes Insiders report is that the United States Congress has taken what would be a criminal organized crime operation anywhere in the country and our elected officials have turned it into a lucrative business model.

Welcome to your criminal Congress. Honestly, why would anybody vote for these crooks any longer?

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