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Nancy Pelosi BUSTED Making MILLIONS by Blocking Bills - Tell Congress to END Congressional "Insider Trading" NOW:
https://secure.conservativedonations.com/rm_insidertrading/?a=8
ALERT: Did you happen to see the 60 Minutes report that just aired, where Nancy Pelosi was BUSTED for what can only be called Congressional "insider trading"?
As 60 Minutes reported, "Martha Stewart went to jail for it. Hedge fund honcho Raj
Rajaratnam was fined $92 million and will go to jail for years for it. But members of Congress can do the same thing -- use non-public information to make stock trades -- and there's no law against it... America's lawmakers can legally make tidy profits on information only they know, simply because they won't pass a law against themselves."
Breitbart editor Peter Schweizer goes even further to explain: "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%."
You read that right: 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. And legislation that would ban insider trading by members and staffers is being STALLED.
THIS IS OUTRAGEOUS -- AMERICANS MUST DEMAND THAT THIS BE STOPPED NOW!
TELL CONGRESS TO END CONGRESSIONAL
"INSIDER TRADING" LIKE "PELOSI-GATE":
SEND YOUR FAXES NOW!
"Insider trading" is the buying or selling of financial instruments on the basis of material, nonpublic information in violation of a "duty of confidentiality" -- either to the issuing company or to the source of information. Under current law, Members of Congress and their staff do NOT owe a "duty of confidentiality" to Congress, and therefore are NOT liable for insider trading -- which means Nancy Pelosi can get away with what WE THE PEOPLE would never be allowed to do!
According to a scathing new report at the BigGovernment website, in early 2008, Nancy Pelosi and her real estate developer husband, Paul, were given an "insider" opportunity to buy into a Visa IPO that most people never get:
"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... according to [Peter Schweizer's book] Throw Them All Out, "the IPO shares they had purchased soared by 203% from where they began, while the stock market as a whole was down 15% during the same period."
Nancy Pelosi is hardly the only member of Congress to be given IPOs, but Pelosi has been especially "lucky" at landing them. She and her husband have participated in at least 10 lucrative IPOs throughout her career. In 1993, Pelosi purchased IPO shares in a high-tech company named Gupta, watched the stock price leap 88% in 24 hours, then seized the profits by selling the stock the next day. The Pelosis did the same thing with Netscape and UUNet, resulting in a one-day doubling of their initial investment. Other fast and lucrative IPO flips included Remedy Corporation, Opal, Legato Systems, and Act Networks."
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.
The bill had strong support in the House AND by the public... but Nancy Pelosi made sure it never saw the light of day. Instead, Pelosi pushed through a bill (the "Credit Card Reform Act") that removed the provisions that would hurt Visa -- and then the IPO shares she and her husband had purchased soared by 203% from where they began, while the stock market as a whole was down 15% during the same period!
PELOSI SHOULD NOT GET AWAY WITH THIS -- but even more importantly, THE LAW MUST BE CHANGED TO PREVENT ANYONE ELSE FROM DOING THIS EVER AGAIN!
TELL CONGRESS TO END CONGRESSIONAL
"INSIDER TRADING" LIKE "PELOSI-GATE":
SEND YOUR FAXES NOW!
Thankfully, there IS legislation that has been introduced to put a stop to this kind of outrageous "insider trading" like Nancy Pelosi has been busted doing... but the bill has been killed every time it was introduced in the past, and it's stuck in committee AGAIN right now -- unless WE get it moving.
Congresswoman Louise Slaughter (NY-28), Ranking Member of the House Rules Committee, and Congressman Tim Walz (MN-01) recently re-introduced their bill to prohibit insider trading on Capitol Hill, saying Members of Congress should play by the same rules as everyone else.
The "Stop Trading on Congressional Knowledge Act," or STOCK Act (H.R. 1148), would prohibit Members of Congress and federal employees from profiting from nonpublic information they obtain via their official positions, and require greater oversight of the growing "political intelligence" industry.
"This bill is about transparency and fairness," said Congresswoman Slaughter. "As it stands today, neither Members of Congress nor their staff can be held legally accountable for making personal investment decisions based on non-public information. Even more troubling is that unregistered firms might be using Congressional nonpublic information to make financial transactions at the expense of the average investor. This bill places those individuals under insider trading rules and enhanced disclosure rules."
"This is a matter of equality under the law," said Congressman Walz. "The same standards we have established for Wall Street should apply to Congress. The potential for abuse is obvious and troubling and there is simply no good reason Congress should get to play by a separate set of rules in the stock market."
This measure provides a balanced application of the laws against insider trading to both the private AND public sectors, and offers the important tool of disclosure for ensuring compliance with the law. The STOCK Act should be adopted by Congress before even MORE scandals arise... LIKE "PELOSI-GATE"!
But it's not going to go ANYWHERE unless we FORCE Congress to MOVE IT NOW!
TELL CONGRESS TO END CONGRESSIONAL
"INSIDER TRADING" LIKE "PELOSI-GATE":
SEND YOUR FAXES NOW!
The original version of the STOCK Act was introduced FIVE YEARS AGO. Nancy Pelosi and her ilk have made sure that the bill never moved forward -- but now that she's been BUSTED in the press for her insider trading, IT'S TIME TO PASS THIS BILL INTO LAW!
We MUST force Congress to put an end to yet ANOTHER scandal like "Pelosi-Gate". Please, take action right away to DEMAND that Congress finally put an END to Congressional "insider trading" TODAY!
P.S. We also need sunlight and transparency of the "political intelligence" industry. Political intelligence firms first appeared in the 1970s and have been on the rise in the past decade, but the industry remains relatively unknown because the firms are currently NOT required to register their clients or their earnings. By having these firms register with Congress along with lobbyists, the public will gain knowledge on who might be gaining an unfair advantage in the financial markets at the expense of the average financial investor.
You can be sure that Congress WON'T pass this bill if we don't FORCE them to! PLEASE, send your faxes RIGHT AWAY to DEMAND that Congress put a STOP to these kinds of activities that would be ILLEGAL if anyone else did it -- Thank you!
TELL CONGRESS TO END CONGRESSIONAL
"INSIDER TRADING" LIKE "PELOSI-GATE":
SEND YOUR FAXES NOW!
As always, you can also send a FREE message directly to your Representative by clicking here, and to your Senators by clicking here. Thank you.
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