Pelosi, Boehner, Bachus, Hastert, Other Congressional Reps Traded Stock On Inside Tips, But It's All Legal (!?!)

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Ever wonder why Congress seems so willing to help bail out the financial industry? Well, a 60 Minutes report on Sunday says that lawmakers purchased stock in companies while involved in debates on Capitol Hill about bills that would affect those companies.

Conflict of interest? Just a teensy-weensy little one. But it's apparently completely legal.

"Insider trading on the stock market. If you are a member of Congress, those laws are deemed not to apply," says Peter Schweizer, a fellow at the Hoover Institution, a conservative think tank at Stanford University in the 60 Minutes piece. "The fact is, if you sit on a healthcare committee and you know that Medicare, for example, is-- is considering not reimbursing for a certain drug that's market moving information. And if you can trade stock on-- off of that information and do so legally, that's a great profit making opportunity. And that sort of behavior goes on."

California Rep. Nancy Pelosi, the former house speaker, and her husband invested in eight initial public stock offerings in 2008. The Pelosi's, for example, bought 5,000 shares in VISA at $44 a share, while a bill that could have hurt the company was under review in the House. The stock jumped to $64 a share--an increase in value for Pelosi of $100,000.

Likewise, current House speaker John Boehner bought health insurance stock while debating the merits of Obama care.

Both Boehner and Pelosi denied wrongdoing.

In addition, Alabama Rep. Spencer Bachus was shorting the market while he was being secretly briefed on the failing economy, 60 Minutes reported. Bachus made money trading General Electric stock during the financial crisis. "What we know is that those meetings were held one day and literally the next day Congressman Bachus would engage in buying stock options based on apocalyptic briefings he had the day before from the Fed chairman and treasury secretary. I mean, talk about a stock tip," Schweizer told 60 Minutes.

Several years ago, then Speaker Dennis Hastert got a federal earmark to build a highway near land he owned. The value of the land shot up after that, and Hastert sold it for a $2 million profit, 60 Minutes reports.



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hadenough48
hadenough48

Everyone should pull out of the stock market until these pigs at trough are in prison.  I like the one where Pelosi got the airport runway in Napa extended for her jet at tax payer expense.  Our financially ignorant people don't know how they have been extorted by these thieving pig leaders.  The Krats are by far worse than the worthless Repubs.

Avalidemailtocomment
Avalidemailtocomment

When the leadership of the country behaves in this manner, what hope do we have for the rest of the country?  It's time for a zero tolerance policy.  This behavior, legal or not, is not acceptable.

smntstatus1
smntstatus1

Check out this awesome site called http://insidertrading.procon.o... that has a whole bunch of interesting information about insider trading and Congress:1. Top 10 Richest US Senators’ Top Stock Trades in 2007 and Potential Conflicts of Interesthttp://insidertrading....2. US Congressional Ethics Rules on Insider Tradinghttp://insidertrading.p...3. History of Insider Trading, 1611-2011, with an Emphasis on Congressional Insider Tradinghttp://insidertrading.p...4. Potential Congressional Insider Trading during 2008 Bank Bailouthttp://insidertrading.p...5. Should insider trading by Congress be allowed?http://insidertrading.procon.o...

George
George

How would you like to be in jail for insider trading knowing those who made the law are exempt? What other law have Congress exempted themselves from? DUI's, murder. We already know they have a license to lie and steal. They send young people into war with self interest facts. They lie and steal every day from their employers, the people. What a disgusting group. Just when you think they can sink no lower, they manage to become bigger rat bastards than one can even imagine.

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