Friday, November 18, 2011

Nancy Pelosi's Culture of Corruption

At IBD, "Pelosi Leads List Of Conflict Of Interest Dems":

Ethics: As Democrats demonize Wall Street CEOs as the "greedy" fiends of the financial crisis, they've lined their own pockets — both before and after the crisis. Nancy Pelosi's just the latest example.

The former House speaker allegedly gamed financial reforms to boost her personal stock portfolio. The brewing scandal is complicated, but here's the Reader's Digest version:

After a Pelosi staffer left to lobby on behalf of credit-card giant Visa, Pelosi delayed bringing to the House floor a bill to end lucrative "swipe fees" for Visa and other credit providers.

The bill couldn't have come at a worse time for Visa. It planned to launch an $18 billion public stock offering, so stalling Hill action became a priority. The San Francisco-based company curried favor with Pelosi by pumping cash into her re-election efforts, earning its CEO a rare one-on-one meeting with the speaker.

At the same time, Visa offered her husband a VIP cut of the IPO. Paul Pelosi jumped at the offer, buying 5,000 shares at the $44 initial price. In a couple of days, the shares soared to $64. Pelosi later bought 15,000 more, raising the total value of his investment to about $5 million. In the end, the legislation Visa fought starting in 2007 was forestalled two full years.
More at the link.

And recall Sarah Palin hammered the epic trail of Democrat Party corruption: "Sarah Palin Slams Occupy Wall Street (and Obama's Culture of Corruption)."


Katielee4211 said...

Interesting to watch her countenance change. Without being able to hear the question, you can see how she disturbed she was at first just trying to dismiss it with '...we didn't.' and then reverting to their record in credit card reform, and then blame Bush, and let's not waste our time here.
She'll fight the credit card companies when she no longer has vested interests in them.

She certainly isn't used to being questioned, is she? More of that should happen.