Pelosi Made Biggest Killing Off Insider Trade

Written on by V2A, Filed under
Business, Constitution, Politics
 193


Nancy Pelosi and her husband doubled their stock investment on a highly sought after Visa IPO in a matter of only weeks, according to Peter Schweizer.“She and her husband were given access to low price, pre-IPO shares of stock — 5,000 shares that they were able to buy for $44 apiece and then they were able to see that value go up by 50 percent in one day, and then more than double in value within a couple of weeks,” he says, adding that the deal took place during Pelosi’s reign as Speaker.

As Congress weighs a measure that would ban insider trading among lawmakers and federal workers, the conservative author whose book touched off a national maelstrom on the topic, insists that the practice rises to the level of corruption. “There’s no question about it. We are supposed to be a country governed by laws, not by men,” charges conservative author Peter Schweizer in an exclusive interview with Newsmax.TV.

A research fellow at Stanford University’s Hoover Institution, Schweizer chronicles alleged abuses by members of both the House and the Senate in his new book, “Throw Them All Out,” which was heavily featured on “60 Minutes” with reporter Steve Kroft going after leaders of the two parties in the House on camera. Both Speaker John Boehner and former Speaker Nancy Pelosi denied they had done anything wrong. But officials have been considering various measures to stop the practice, including the STOCK Act, which has attracted wide support.

“There’s no laws that are broken. They’re free to take these sweetheart, so-called friends and family [Initial Public Offering” IPO stock,” explains Schweizer. “One of the reforms I propose is that we need to ban them because they are doled out to friends in terms of people looking for favors.” Schweizer says there should be a “zero tolerance policy” for any lawmaker who benefits financially from knowledge acquired through their House or Senate jobs, similar to trading rules that have existed for years with respect to corporate executives.

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  • Gray

    Here's another example of the democratic party's favorite demand: DO AS I SAY, NOT AS I DO!

  • Deborah P

    This and all of the other corrupt practices of our LOVELY government are nothing new. This has been going on for decades. The problem is, if we all sit around and do nothing, nothing will change. "We get the govenment we deserve". Lets get out there and do someting!! Lets wake up the Tea Party, and get them back to work, and then we must help them. While I'm at it, if you out there think that our lovely president will not be re-elected, don't be so confident. If we had exposed the voter fraud alone, during the last election, that would have been enough keep him out of office. He will be up to his old tricks, plus an arsenal of new ones. Also every wealthy "fat cat" that wants ''favors", from that Chicago thug, will be funding his election, he will be armed will millions to fund his re-election. Lets get out there and do something!!

  • Sunny97478

    I hope this CORRUPT Dingbat ends up in Prison if she ever tries that again. Congress HAS TO PASS A BINDING LAW THAT FORBIDS THIS TYPE OF CORRUPT ACTIVITY. Or, We the People will take care of it! That's not a threat, it's a PROMISE!

  • Robert

    THE ADMINISTRATOR CAN KISS MY ASS. WHAT A PUSSY.

  • Sumflow

    Transparency and accountability..

    Not having real time disclosures of securities trades is the loophole, which gives members of congress and legislative staffers immunity from enforcement of insider-trading laws. The delayed reporting of securities transactions by congress, defeats, obstructs, and impairs their use as timely evidence. Insider-trading cases are hard to prove, because the trades must be tightly linked to the events or information on which they are allegedly based.

    About one hour and eight minutes into the Senate hearing on insider trading http://goo.gl/mW3Qv. I think it might have been Robert Walker who told congress why blind trusts are not a workable solution to insider trading. These kinds of trusts cost a lot of money. “They are only blind is so far as .. they are not blind what you put into them initially, they are only blind if you put in cash, or after a period of time the assets are sold down to a particular level, then you are notified that you do not have those any more.”

    The first blind trust used in modern times was that of President Lyndon B. Johnson. He knew what was in the trust and it was managed as he wanted. It would have been public information had the assets been sold. Anyone with half a brain can get around a blind trust. This just shows the depth of research the employee of the Boston Globe used, or the people who change there own opinion because of it.

    The way to catch these people is to have real time disclosures. Their constituents can send them back, or throw them out. If they fail prompt disclosure, put them in jail, just like corporate insiders. They can inside trade as much as their voters allow, the enforcement that will work is failing to disclose.

    The SEC, which conducts most insider-trading investigations, urged faster disclosure of stock trades by members of Congress on electronic, searchable forms. This is why no Congress people were investigated under the current laws. Trades need to be disclosed in "real time or near real time," so that the memories of potential witnesses are fresh and suspects do not have time to cover up their actions.

    Blind trusts are not blind, only the people who think they are. See: http://goo.gl/iuCkO

  • Jack Powers

    The Sons of Liberty have been calling out to the public for many years. They have not only robbed the American public, they have aquiesced to the enemy of our fore-fathers. We are on the cusp of communism. Awaken friends. Voter fraud and voter registration fraud has now removed the certainty of the ballot, (electronica). The left has systematically put into place, deceiving schemes to collapse the nation. The p.o.t.u.s., of questionable birth-right, and fraudulent S.S.A.N., has steadily, from the beginning of his presidency, used devisive, disrespectful, controlled, and controlling behavior. He's following the destruction plan to disarm amerika, declare martial law, or declare a dictatorship. We were SOLD, and SOLD OUT!
    Jack Powers,
    Son of Liberty

  • Sumflow

    The more effective mechanism would require pre-approval or pre-clearance of each trade that is what the SEC requires for any SEC staff member who buys or sells a security. Disclosing a month after you make the trade gives congress time and an opportunity to build a record around it.

    Jacob Frenkel, former SEC attorney http://www.cnbc.com/id/46252444

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