60 Minutes Outs Baltimore Maryland carpetbagger Pelosi

[OB]

The Democrats are masters of corruption. They talk about hating
evil corporations and helping the poor, but it’s all for show:
the Democrats use government to enrich themselves. The reason
they’ve gotten away with this for so long is the media covers up
for them. So why did 60 Minutes just “out” Pelosi?

Here’s the story. In 2008, Nancy Pelosi “somehow” got the chance
to buy into (subscribe to) the Visa initial public offering
(IPO). For those who don’t know, this is something only insiders
get to do. IPOs are almost always limited to company employees,
their families, and large companies connected to making the
public offering happen, i.e. the investment bank, a few
institutional clients, company creditors and lawyers. Pelosi was
none of these, yet she got in.

Indeed, Pelosi bought between $1 million and $5 million worth of
stock. She paid $44 per share to buy in. Two days later, the IPO
was issued to the public and the stock price soared to $65 per
share. Two month later, it was $85 per share. She had almost
doubled her money in two months.

So how did Pelosi get into this IPO? Well, it turns out that
companies looking to build good will in Congress will sometimes
let selected members of Congress in on their IPOs. And why would
Visa care about Nancy Pelosi? Because two weeks after Pelosi
bought into this IPO, the Credit Card Fair Fee Act was
introduced in the House. This bill would have prevented credit
card companies like Visa from charging certain fees. How much in
fees? The credit card companies took in $48 billion in these
fees in 2008 alone.

This bill passed the Judiciary Committee and apparently had
broad public support as high as 77% in one poll. Yet, for some
strange reason, Pelosi never let this bill get to the House
floor for a vote. Imagine that.

And Pelosi wasn’t done there. Another bill, called the Credit
Card Interchange Fee Act of 2008, which would have required
credit card companies to disclose rates, met the same fate:
Pelosi killed it. Instead, she brought to the floor a vote on a
similarly named bill which only provided for further study.
That's not a bad return on investment for Visa since it cost
Visa nothing to let Pelosi ride along on their IPO.

Other IPOs in which Pelosi made money include Gupta (88% profit
in two days), Netscape and UUNet (100% profit in one day),
Remedy Corp., Opal, Legato Systems, Act Networks, etc. In 2007,
Pelosi put $100,000 in an IPO with natural gas company Clean
Energy Fuels and $500,000 in an IPO for natural gas company
Quest Energy Partners. Then she started pushing natural gas
bills in Congress. Tom Brokaw actually asked her if she had made
significant personal investments in natural gas companies and if
this represented a conflict of interest and she dodged the
question.

But this is nothing new for Democrats. In just the last couple
years:

? Pelosi got special treatment for donor Kaiser Permanente
under ObamaCare.

? Democrat Max Baucus, who made his girlfriend the US
Attorney for Montana, apparently made the same kinds of insider
trades Pelosi did.

? Democrats Jim Moran, Peter Visclosky, and John Murtha
directed $137 million in defense contracts to clients of a
lobbyist who funneled more than $380,000 in illegal campaign
contributions to them.

? Democrat Chris Dodd, who wrote banking regulation
legislation, got sweetheart loans from the banks that would have
been effected.

? Pelosi budget supercommittee appointee Xavier Becerra,
sent out a fundraising letter to the companies whose programs he
could now cut.

? The Congress Black Caucus has been particular good at
illegally giving federal money to their friends and family, see
e.g. Democrats Sanford Bishop and Eddie Bernice Johnson
(scholarships to relatives), Charlie Rangel (tax breaks to
donors) and Maxine Waters (money to relatives’ banks).

? As a Senator, Democrat Joe Biden, who was basically owned
by MBNA worked to make credit card debt harder to discharge in
bankruptcy.

? Democrat Obama gave the Treasury to Goldman Sachs and GM
to his union friends. His donors at GE had record profits yet
paid no taxes. GE also gets waivers from Obama for laws they’ve
lobbied for. Of course, Obama also gave thousands of Obamacare
waivers to donors.

? It’s getting increasingly obvious Obama steered $535
million in taxpayer dollars to big-time Obama donor ($100k) and
“green-jobs” showpiece Solyndra as it was failing.

? Democrat Jon Corzine managed to “lose” $700 million in
client money when his new company, MF Global went belly up. . .
after donating $500,000 to Obama’s reelection.

Of course, the MSM has long ignored all of this. So why report
the Pelosi story now? Could the MSM be about to become honest
about exposing Democratic corruption? Or did Pelosi just cross
some secret line?

How about this: this information was first uncovered by the
Heritage Foundation. They were, in fact, writing a book about
it. I suspect 60 Minutes realized this information would reach
the public, no matter how hard the MSM tried to ignore it
because Pelosi has such a high profile. Rather than let this
blow up during the election and hurt all Democrats, 60 Minutes
chose to cover this now, during the silly season where little is
happening in Washington and the public is preparing for the
coming holidays, i.e. 60 Minutes wants to defuse this now.

If I’m wrong, then 60 Minutes will follow up on this and attempt
to get Pelosi to disgorge the profits and/or resign from
Congress. But I wouldn’t hold my breath.

What do you think is going on?

http://commentarama.blogspot.com/2011/11/60-minutes-outs-
pelosi.html