“This is a bogus scandal…This is the woman who presided over the toughest consumer legislation, ever.” – Ellis Henican
CBS reported that lawmakers can legally go into confidential meetings with corporate leaders, understanding new legislation is going to come out next week, and are free to trade on that information. This form of “insider trading” is , according to CBS, one of the reasons why there are so many wealthy members of Congress -Including Occupy Wall Streetsupporter, Nancy Pelosi.
As reported on “60 Minutes,” Pelosi is one of many lawmakers, from both parties, whose stockmarket trades could have been seen as a conflict of interest. The formerspeaker and her husband have participated in at least eight IPOs, one of which was from Visa in 2008 – just as a piece of legislation that could have hurt credit card companies began making its way through the House. The Pelosis purchased 5,000 shares of Visa at the initial price of $44 dollars. Two days later it was trading at $64.
Category: On TV