Nancy Pelois Questioned On Her Insider Trading
CBS notices how Nancy Pelosi uses legislation to further enrich herself.
House Minority Leader Nancy Pelosi is the subject of a report on the stock investments of members of Congress that is to air Sunday on CBS' "60 Minutes."
The San Francisco Democrat and House Speaker John Boehner, R-Ohio, were questioned separately at their weekly news conferences Nov. 3 by reporter Steve Kroft. Neither had granted Kroft's previous requests for interviews.
Kroft asked both leaders about stock transactions they made while Congress was considering legislation that could affect the financial and insurance industries. Pelosi and Boehner vigorously denied any connection.
Laws against insider trading - making stock bets based on information the public doesn't have - do not apply to Congress. Studies have shown that stock portfolios on Capitol Hill outperform the market. Legislation that would ban insider trading by members and staffers has languished.
Kroft asked Pelosi why she and her investor husband, Paul Pelosi, bought an initial public offering of stock in Visa, the San Francisco-based credit card company, in March of 2008.
The same month, former House Judiciary Committee Chairman John Conyers, D-Mich., introduced the Credit Card Fair Fee Act, which would have given merchants the power to negotiate lower fees with credit card companies. The bill, hostile to the credit card industry, was passed by the committee but never brought to the floor. Pelosi was speaker at the time, and controlled which legislation came to a vote.
posted by Michael at
5:58 AM
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