Wait, How Did Pelosi Get in on the Visa IPO?
by Mike FlynnLast night, 60 Minutes aired its report on possible insider trading by Members of Congress. A principal focus of the report was House Minority Leader Nancy Pelosi and her participation in an IPO of Visa, one of the hottest IPOs in recent years. Reporter Steve Kroft questioned Leader Pelosi recently at a press conference about her investment and its possible impact on credit card legislation before the House during her term as Speaker.
I will have much more to say on this soon, as the legislative maneuvering around the recent credit card bill is a rich narrative and suggests there may be something to Kroft’s suspicions. For now, though, I have a more fundamental question: How did Nancy Pelosi get access to Visa’s IPO in the first place?
Participation in a stocks IPO, i.e. Initial Public Offering, is one of the more sought after trades on Wall Street. Often, an IPO investor is able to get into a stock at a relatively low price and realize an almost immediate gain once trading commences, especially if the IPO is “hot” or, rather oversubscribed, meaning more investors wanted shares than were available. Visa’s IPO was blockbuster-level “hot.” As reported by The New York Times:
Visa‘s blockbuster initial public offering is currently oversubscribed for its expected trading start on March 20, Scott Sweet of the research firm IPO Boutique told MarketWatch.
Mr. Sweet told the publication that the I.P.O. is drawing “extreme demand.”
It is very difficult for any individual investors to participate in an IPO, as most of the shares are reserved for major brokerage clients, institutional investors and pension funds. It is so difficult, in fact, the SEC has published an “FAQ” on why it is so difficult for individual investors to participate in IPOs:
The underwriters and the company that issues the shares control the IPO process. They have wide latitude in allocating IPO shares. The SEC does not regulate the business decision of how IPO shares are allocated.
Somebody, somewhere decided to allow Nancy Pelosi-or her husband-participate in what was the most anticipated IPO that year. It could have been one of the underwriters selected by Visa to manage its IPO or it could have been Visa itself that awarded the Pelosis the coveted shares. Who was it? And, did they approach Pelosi or did Pelosi approach them?
In Politico’s attempt to white-wash the burgeoning scandal, they look past the IPO and simply report:
Paul Pelosi, husband of the then-speaker, bought $2 million worth of Visa stock in March 2008.
They completely fail to note or report that Paul Pelosi’s purchase of these shares was an opportunity that the overwhelming majority of investors didn’t have. How were he and his wife, then-Speaker of the House, so lucky?
It is an important question, because Politico does go on to note:
Under House rules, lawmakers are prohibited from using their official position “for personal gain.” This ban includes instances when a lawmaker uses “his political influence, the influence of his position … to make pecuniary gains” or take any official action that affects their own personal finances, the House Ethics Manual states.
So, again, how did Pelosi get access to Visa’s IPO? Did it have anything at all to do with her legislative position? Might be a question worth asking.
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70 Comments
The only thing shocking here is that a main stream media outlet is reporting it.
Normal people can legally invest in these types of things. You must be an accredited investor in order to qualify to take part in these types of investments. Here: http://taft.law.uc.edu/CCL/33ActRls/rule501.html
She's a criminal. There is no other way to describe her. Just because congress tries to exempt themselves from laws that apply to us, doesn't make it right. Shame on her district for electing her since she has absolutely zero integrity. Ask Martha what she thinks …
I think it's time to revisit "Nancy not from this earth" …
http://www.youtube.com/watch?v=PAN9f9clmig
Is this jeopardy? Ok then.
Shes a crook for $10,000
Yeah she looked like she was about to sh!t herself!
Leader of the Congressional Ethics Committee
caught in something less than ethical. Orwellian isn't it?
I read the tea leaves… they indicate Pelosi received this opportunity as payback for hercredit card rullings…
Suspend her position and get her in court.
If found guilty, execute her immediately.
Maybe that will send a message to the rest of them this is not going to be tolerated anymore.
We simply cannot have our elected officials acting like this.
Id like to see or read a body language experts take on that clip. Notice how many times she blinks, chews, and then the incredulity, "What point are you trying to make" . She seems caught, at least slightly, off guard that Croft has the temerity, the audacity to question "moi ?" on something like that, as if its not in his contract or something.
well Breitbart/Schweizer do what they always do, take the story to the big boys and see if they want to report, I guess after having egg on their face a few times, the big boys decided they better get in on it.
Princess Pelousy is just as corrupt as her putative boss, Obummer. Let's hope this story doesn't fall by the wayside and that she ends up getting what she so richly (no pun intended) deserves – jail time for participating in insider trading.
Mike, that would take some intellectual curiousity and investigative reporting. CBS was content with the conflict of interest angle. Too much time and thought on this may uncover something more daming. That's why Breitbart is a leader in the media and may just bring back a sense of dignity to the profession.
Time for the occupiers to bring their tents to the Capital.
Oh my, the MSM is competing with Breitbart and Drudge for hard news.
This must be a sign that the end is near.
Sigh, another thing lost in modern schools. "reading Comprehension"
from the top.
"It is very difficult for any individual investors to participate in an IPO, as most of the shares are reserved for major brokerage clients, institutional investors and pension funds. It is so difficult, in fact, the SEC has published an “FAQ” on why it is so difficult for individual investors to participate in IPOs:"
I would suspect there are people far more in the know than Mr and Mrs pelosi that weren't able to get in on this. The impression is that this was a bribe. and Clearly it is.
Ooooooh this is so dirty. What thieves these politicians are. The law doesn't apply to them. Wow. Who woulda thunk?
lol I am now picturing mrs Piggy. "moi…?" lol thnaks for the chuckle
The Daily Double…… http://www.youtube.com/watch?v=E5LTzcDevrk
Just imagine that this was made a criminal offense……..not just a matter for the House Ethics Committee, which is worthless. Now imagine that all the money made in this way over the DECADES that these people have been doing this had to be returned to the American people.
I imagine that we could pay off the debt tomorrow and have enough left over to buy Australia.
I agree – Piggy Pelosi is a better moniker than princess.
It’s time to send a ferret into the snakes den.
Bribery by any other name… VISA understands that lobbying really is the best investment.
Shorter Pelosi: "Token resistance to credit card issuers justifies my insider trading"
Shorter Nancy Pelosi: "Do as I say, not as I do – peons."
Shorter Nancy Pelosi: "I am above the law."
What??? A socialistic Democrat in bed with a big evil for-profit company while supporting those dirty, filthy occu-tards? Who woulda thunk it?
Dear Breitbart & Co.,
Bang this drum loudly and bang it often (a la Pigford). This is one of the most disgusting practices I've seen from our elected representatives, which is obviously saying something. The people that are proven to have engaged in such corruption must be exposed, and they must be prosecuted.
Perhaps one day we'll learn to not give government so much sway over private enterprise in the first place.
well said!
Disgusting people are elected to congress once…the MOST DISGUSTING are re-elected over and over!!!
Maybe as America wakes up from sleeping all these years we look to ourselves for changing America back into something great. If these politicians keep cheeting the system them vote them out. Teach others ethics, values and understanding of morals. Most of all teach the Constitution to others for a chance at a better future.
"Peanut butter and jelly" ain't got nothing on "Corruption and Nancy Pelosi."
The Empress has no clothes.
Strike that thought, that is to ugly.
It is time Nancy Pelosi eats the Cake that she demands the rest of us eat.
Off with her head I say!
On a side note it sure looks like Botox sure has some terrible side effects. Serpents tongue and flashing eyelids.
You wrote that normal people "can legally invest" in these IPOs.
You write that as if you're contradicting the article. The author wrote that it is DIFFICULT for ordinary investors to get IN ON such a "hot" IPO, not that it would be illegal.
I can see reading comprehension isn't your strong suit.
Gee a corrupt politician. What a shock. I am so surprised I almost snorted my corn flakes out my nose this morning. Luckily, I wasn't eating Frosted Flakes. I notice the texture of Frosted Flakes burns a lot more when it passes through my sinuses. Tomorrow, I think I'll try Cheerios.
She's busted and she knows it. How people keep electing her is beyond me. Pelosi and her Stygian sisters from CA (Feinstein and Boxer) are corrupt, lying, evil people.
This is the skinny on IPOs for the better part of the population.
If you can get IPO stock then go ahead and assume that you do NOT want to buy it.
Let's see. Putting it another way….Run For The Hills.
Allowing her to participate in the IPO was a bribe. Her blocking 2 different votes in the House which would have cost VISA money was the payback. At least one of these 3 events must be illegal I would think.
Q: How Did Pelosi Get in on the Visa IPO?
A: Because she is 150 years old.
this deal was more lucrative then hilary's cattle deal!!
Don't worry Nancy, we are going to start where we left off on the last election cycle, when we continue draining the swamp! BYE BYE! Hopefully, her whole conduct as Speaker can be reviewed. If her response to that question is any indication of how she felt very comfortable manipulating the rules to her advantage. Their must be a trillion tid-bits of information that tell quite a story about how determined she was to pass a certain item called Obamacare. Keep digging reporters, there is alot of dirt to be sifted through. Both sides may becoming very nervous Nellie's.
"The time is near at hand which must determine whether Americans are to be free men or slaves."
George Washington
And a self proclaimed Doctor of the Church to boot. Oh my!
Pelosi had NO BUSINESS making that sort of investment during credit card legislation. She'd be demanding a resignation if a republican had done anything remotely similar.
Unfortunately Ethics are not followed, an investigation would be another Charlie Rangel Circus. Nancy knows it.
It gets more discouraging all the time. Few up there deserve the privilege of Office.
Well, after all there are Republicans with their a double ess hanging out on this as well.
I still remember a comment the late Senator George Aiken of Vermont said when he retired about 30 years ago now, that he was appalled and disgusted by the number of ignorant, incompetent, and well financed people in Congress.
The botox is way too tight .. just saying…..
It was a typo. It should read "can't" I should have checked before posting.
Arkansas Whitewater…..
Sorry it was a typo. Should read can't (not can). I didn't check it before posting it.
Put Nancy on the spot and ask her to explain how she was included in the IPO and if she simply says her husband invested ask how he has the clout to warrant what most major companies and people are unable to do? Follow the money is the rule.
NO ONE in governement should be allowed to invest in the stock market or anyone in their immediate families. If they refuse to accept this then they simple dont need to run for office. I am applying this to Dems and Repubs.
Correct. Repubs are normally exposed by the MSM, Dem's not by a few light years.
As a 66 year resident of CA I can assure you that Diane Feinstein is the worst of the lot. Her husband Richard Blum has profited greatly from insider deals involving TARP and Santa Fe Land Co holdings. Look-up Catellus Corp some time.
http://www.geoffmetcalf.com/bixman_20010615.html
That's sickening!
Can you explain why these 3 slags keep getting elected??
Keep it up Breitbart, next thing you know, Allred will be on TV bringing out all kinds of affiants, witnesses, victims and innuendo about you and your wily, wascally ways! Rumors already abound that you are a straight guy living in a gay state. Sure you are! /sarc
For the most part… IPOs that are the result of some existing entity that is being acquired, where the management or talent is bailing out, are often nothing more than buyout money for the goodwill. It helps to read the offering.
Oh, and Hillary Clinton turned $1000 into $10,000 by reading the Wall Street Journal and trading cattle futures. Sure she did (ROFLMAO). They make the rules so they can do as they wish…
Re-elect NO-ONE!!!!
Lie detection based on body language, tone, speech, and facial expressions can be very tricky and not 100%. However it does give great insight into a person’s actions and feelings. Now I don’t have a baseline of her to work from (an assessment of her mannerisms under normal conditions). So this is just generalizations.
She starts to breathe deeper and faster during the question (a sign of fear). But remember she could be afraid of the question or afraid of what the question could do to her (even if not true). I also noticed a slight wrinkle between the eyes during the question (most likely anger or maybe disgust). During her response she puts her hand up in a flat position between her and the reporter. Liars tend to create “barriers between them and the person they are lying to.
…Her first response is a classic “deflection”. She doesn’t address the question at all but puts the attention back on the reporter. Also noticed a few hard swallows during the question and after her response (fear). At :49 she states “What we’re talking about…” This is a classic “re-framing” Notice her answer really has nothing to do with the true question. This is a basic politician verbal maneuver. She also frames her answer in a group dynamics (we, we, we) People lying don’t want the focus just on them. She also gives more detail than needed about things that are not relevant (another sign of deceit). At :51 you will notice her eye brows raise and her eyes widen and be this way for most of her answer after that (a sign of high concern and fear) She does blink somewhat extra but remember there are very bright lights there so you can’t really use that one. But it is true rapid blinking can be a sign of anxiety which in certain situations can indicate lying.
At 1:52 there is a half shoulder shrug during “no use spending any more time on this”. The shrug can be sign of not believing that statement. Most politicians are trained not to shrug so it doesn’t surprise me not to see many of them. At 2:10 she puts her hand up in a “stop” position which can be a sign of wanting this to end and being uncomfortable with the situation.
Again all of this is mostly circumstantial evidence and can’t be 100%. However given the overall feel of her response and the high level of concern and fear she showed during it; I would say something isn’t right.
She and her husband should be behind bars. I ,for one, would so enjoy that turn of events!
Who is . . . Nancy Pelosi ?
Ding ding ding ding ding ding ding ding ding
Big, big bucks from Hollywood and Silicon Valley plus lots of voter fraud in San Francisco and LA keep the slime balls in office. Same with Pete Stark, Henry Porky Waxman, and all the rest. What with gerrymandering and voter fraud California has become a one party (Democrat) state with no prospect for change without armed insurrection.
If you're ever in San Francisco, you should stop by crazy, corrupt pelsoi's multi-million dollar mansion in the most ritzy section of town. It's easy to find it – it's the ONLY place where the ows scumbags do not go near, out of respect for their favorite One Percenter.
Breitbart is a tool of the political right. Everything he does has a political agenda and is suspect.
You can replace the left wing cheaters with right wing cheaters but nothing will have changed. Campaign finance laws are the problem. The system will never change until we take the profit motive out of public service.
Your eating habits are disgusting.
Hilary Clinton is worth $50 million. She has no need to fuss over $10k investments.
Glass houses bagger… glass houses.
errr… ummmm… you didn't really think that was real, did you? That would take a remarkable lack of intelligence to believe that.
BTW, sorry to hear you only have 4 more years to live.
Break her, break her, and break her again. Take everything away from her. Then throw her and her husband et. al. in prison for the rest of their days. Is it clear how much I can't stand the woman?
All I know is in 2001, I was into the IPO craze and they would limit you to 100 shares and that was if you got in. Some like Morgan Stanley limited the best ones to accounts which held $100,000 or more to even get in. So, your question is right on? How did they get to purchase so much without preferential treatment?
If this was China, that's what would happen to her.
No outrage here over Boehner? I'm shocked…shocked, I tell you.
That's horribly unfair… to Miss Piggy.
Plus a bit dangerous. I mean, the last words you might hear are "Hiiiiii-YA!!!"
Your wasting your time (unless someone is paying you to be a hack) and your life. Keep posting here 'cus you ain't going to convince anyone of that.
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