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Confirmed: Corrupt Pelosi bought Visa stock, then stopped credit card reform to give her stock time to skyrocket in value

San Fran Nan, a friend to the common man…right?  Details:

Former Speaker of the House–and current Minority Leader–Nancy Pelosi apparently bought $1 million to $5 million of Visa stock in one of the most sought-after and profitable initial public offerings (IPO) in American history, thwarted serious credit card reform for two years, and then watched her investment skyrocket 203%.

The revelation appears in Throw Them All Out, the new book by investigative journalist and Breitbart editor Peter Schweizer, which was the focus of 60 Minutes on CBS this evening, and which is featured in this week’s issue of Newsweek.

In early 2008, Nancy Pelosi and her real estate developer husband, Paul, were given an opportunity to buy into a Visa IPO. It was a nearly impossible feat–one that average citizens almost certainly could never achieve. The vast majority of purchase opportunities went to institutional investors, large mutual funds, or pension funds.

Despite Pelosi’s consistent railing against credit card companies, on March 18, 2008, the Pelosis bought between $1 million and $5 million (politicians do not have to report the exact amounts, only ranges) worth of Visa stock at the IPO price of $44 per share. Two days later, the stock price rocketed to $65 per share, yielding a 50% profit. The Pelosis then bought Visa twice more. By their third purchase on June 4, 2008, Visa was worth $85 per share.

How did Nancy Pelosi snag one of the most coveted initial public offerings in history? The facts are still emerging. Yet according to Schweizer, corporations that wish to build congressional allies will sometimes hand-pick members of Congress to receive IPOs. Pelosi received her Visa IPO almost two weeks after a potentially damaging piece of legislation for Visa, the Credit Card Fair Fee Act, had been introduced in the House. If passed, the bill would have cut into Visa’s profits substantially by lowering so-called “interchange fees,” the 1% to 3% charge retailers pay Visa when customers use Visa cards for purchases. Interchange fees are a critical source of revenue for the four credit card companies–$48 billion in 2008, to be exact.

That bill never made it to the floor.  When a weaker version did emerge, the aforementioed interchange fee reduction was not in it, thus protecting Visa’s (and Pelosi’s) financial interest.

Read the whole thing.  This two-faced (both sides are Botoxed, I think) wench is so stinkingly corrupt that it’s sickening.

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November 15, 2011 - Posted by | corruption, hypocrisy, Pelosi

6 Comments »

  1. Drain the swamp indeed….. she IS the skankiest swamp creature of all.

    Comment by Kanaka Girl | November 15, 2011

  2. So, are the squatters going to camp out on HER front yard, pooing on the porch and throwing bottles at her security personnel??????

    Comment by Kevin | November 15, 2011

  3. LOL! Pe-loco is now saying that 60 Minutes, shown on CBS, is running a “right wing smear” against her.

    CBS? Home of the forged memo to attempt to sink George W. Bush’s campaign? Former home of Dan “I Swear That Memo is REAL!” Rather and Walter “The War is Lost” Kronkite? THAT CBS?

    She’s such a moron.

    Comment by crushliberalism | November 15, 2011

  4. I LOVE IT!!!!!! When CBS (Corrupt Bull-Crap Socialists) perform a totally random act of actual journalism, she launches utterly unfounded claims. That is DELICIOUS! The moment her corruption is even fractionally exposed, she calls TRUTH a smear…any doubt that the left has great contempt for the truth???? There you have it folks. Man, that is sweeter than dessert.

    Comment by Kevin | November 15, 2011

  5. Just another reason to dislike her intensely. Notice I refrained from using the “H” word, I’m so proud of me. And just another reason to get rid of them all. Prosecute them for insider trading, whether it is legal(by their standards and rules they wrote just for them). If we can’t use insider trading, why them? Simple answer, cuz they write the rules. That needs to stop. I wonder how many of her constituents in San Freako knew that little tidbit about her. Hope they have seen the light this time and vote her out.
    I severely dislike lefties, and most of the establishment righties. C’mon 2012.

    Comment by J. Guidry, Battlefield, MO. | November 15, 2011

  6. seriously…they’re liberals. No set of facts will EVER motivate them to vote against her. Liberalism is just that way

    Comment by Kevin | November 15, 2011


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