'60 Minutes' on Congressional Insider Trading

http://www.futureofcapitalism.com/2011/11/60-minutes-on-congressional-insider-trading

Hoover Institution fellow Peter Schweizer's new book Throw Them All Out: How Politicians and Their Friends Get Rich Off Insider Stock Tips, Land Deals, and Cronyism That Would Send the Rest of Us To Prison was the subject of a segment on "60 Minutes" last night. From the "60 Minutes" piece:

former House Speaker Nancy Pelosi and her husband have participated in at least eight IPOs. One of those came in 2008, from Visa, just as a troublesome piece of legislation that would have hurt credit card companies, began making its way through the House. Undisturbed by a potential conflict of interest the Pelosis purchased 5,000 shares of Visa at the initial price of $44 dollars. Two days later it was trading at $64. The credit card legislation never made it to the floor of the House....

Congresswoman Pelosi pointed out that the tough credit card legislation eventually passed, but it was two years later and was initiated in the Senate.

Pelosi: I will hold my record in terms of fighting the credit card companies as speaker of the House or as a member of Congress up against anyone.

Plenty of Republicans are also named in the "60 Minutes" piece, including Dennis Hastert, John Boehner, Judd Gregg, and Spencer Bachus.

by Editor  |  Nov 14, 2011 at 6:24 am receive the latest by email: subscribe to the free futureofcapitalism.com mailing list