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Bachus Under Investigation For Insider Trading - What About Nancy?
Yesterday the Washington Post reported that House Financial Services Chairman Spencer Bachus (Ala.) is under investigation for possible insider-trading violations.
The Office of Congressional Ethics is investigating the chairman of the House Financial Services Committee over possible violations of insider-trading laws, according to individuals familiar with the case.
Rep. Spencer Bachus (R-Ala.), who holds one of the most influential positions in the House, has been a frequent trader on Capitol Hill, buying stock options while overseeing the nation’s banking and financial services industries.
There can be no doubt that part of the impetus for this investigation was the 60 minutes investigation into Congressional insider trading and the book on soft corruption "Throw Them All Out" by Peter Schweizer.
One can’t help but wonder how Nancy Pelosi escaped a similar ethics investigation?
Three years ago, then-House Speaker Nancy Pelosi and her husband, Paul, made Hillary Rodham Clinton’s success with cattle futures look like a child’s lemonade stand. The credit card giant Visa was holding an initial public offering, among the most lucrative ever seen. The Pelosis were granted early access to the IPO as “special customers” who received their shares at the opening price, $44. The lucky investors turned in a 50 percent profit in just two days.
Starting on March 18, the speaker and her husband made the first of three Visa stock buys, totaling between $1 million and $5 million. “Mere mortals would have to wait until March 19, when the stock would be publicly traded, to get their shares,” writes Peter Schweizer of the Hoover Institution in his new book. On the surface, it appeared to be quite a gamble. Mr. Schweizer reports that the investment represented at least 10 percent of the Pelosis’ stock portfolio and perhaps as much as half of their equity holdings.
But maybe there was more to it than meets the eye. The Pelosis got their IPO stocks just two weeks after legislation was introduced in the House that would have allowed merchants to negotiate lower interchange fees with credit card companies. Visa’s general counsel described it as a “bad bill.” The speaker squelched it and kept further action on interchange fees bottled up for more than two years. During that time period, the value of her Visa stock jumped more than 200 percent while the stock market as a whole dropped 15 percent.
In a Zerohdge piece from June 2011, Mrs. Pelosi disclosed that she had been privy to material non public information about US sovereign credit review conducted by Moody’s Investor Service:
House Minority leader Nancy Pelosi that it likely wouldn't downgrade the US debt as long as several weeks ago. Per Dow Jones: "Moody's earlier Thursday took the unusual step of warning that it might place the U.S. government's debt rating under review for a possible downgrade. The agency said the review would come if Congress doesn't make progress on raising the country's debt ceiling. Pelosi said she was alerted to the Moody's report just after House Democrats met with President Barack Obama at the White House. She said a few weeks ago she was in New York and the head of Moody's told her that it "would probably not downgrade, so this is interesting news today," she said. "But the fact is we cannot default" on the debt."
At the time Zerohedge wondered if perhaps during some pillow talk with her husband Nancy had let this material non public information slip. One can’t help but wonder over the last 25 years how many times Nancy slipped material non public information to Paul. For those who are unaware Paul Pelosi owns and operates Financial Leasing Services, Inc., a San Francisco, California-based real estate and venture capital investment and consulting firm. The bulk of the Pelosi wealth has come from Pauls investing acumen.
It became so obvious that there was money and lots of it to be made from “insider access and tips” based on the actions that were occurring in Washington, that Hedge Funds wanted in on this “information”.
When Senate Democrats finally brokered a compromise over the proposed health-care law, a group of hedge funds were let in on the deal, learning details hours before a public announcement on Dec. 8, 2009.
The news was potentially worth millions of dollars to the investors, though none would publicly divulge how they used the information. They belong to a select group who pay for early, firsthand reports on Capitol Hill.
Seeking advance word of government decisions is part of a growing, lucrative—and legal— practice in Washington that employs a network of brokers, lobbyists and political insiders who arrange private meetings between hedge funds and officials, including lawmakers and their aides.
With markets moving sharply on actions in Washington, hedge funds and other big Wall Street players are willing to pay for access. News tips, combined with data and analysis, help steer firms to profitable investment decisions.
At this point one can’t help but wonder if Senator Bachus is a mere sacrificial lamb.That Bachus plus the Stock Act (which oddly does not address option trading - which is what Bachus did, or congressional spouses being on preferred IPO lists - Pelosi) is meant to demonstrate how “accountable” Washington is becoming. After all, in Washington the appearance of justice being done is often more important than actual justice being done.
Finally, there is nothing in the Stock Act which prevents Wall Street insiders and Hedge Funds from paying for access to information. In the House version they even scrapped the language that would require political intelligence consultants to register as lobbyists. Perhaps those paying for access would be wise to follow the much cheaper, Paul Pelosi route, and put a ring on it.
One ends where they started.....What about NANCY?
Sources:
http://www.washingtonpost.com/politics/2012/02/09/gIQA21Ui2Q_story.html?hpid=z1
http://www.washingtontimes.com/news/2011/nov/22/legislators-and-honest-graft/
http://www.upi.com/Top_News/US/2012/02/09/House-passes-its-version-of-STOCK-Act/UPI-69781328807781/
http://www.cbsnews.com/8301-250_162-57324034/pelosi-defends-record-after-60-minutes-report/
http://online.wsj.com/article/SB10001424052970204844504577100260349084878.html
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Bitch36
aren't you a canuck
keep out of our politics
"In the House version they even scrapped the language that would require political intelligence consultants to register as lobbyists."
Great article, Lizzy.
As soon as the House passed the Stock bill my Rep. (Shuler NC) decided to not run again. I guess if he couldn't make any money he is pulling up his pants and going home. Good riddance, it was hard watching him try to form a thought anyway.
There ain't no amount of money which would induce me to pillow talk with Nancy. Dude earned every penny.
A little off-topic, but not way out there. I get accused by Obama supporters of being racist when I criticize Obama, and I finally came up with a response that seems to work.I swear to them that if for some reason it came down to voting for either Pelosi, Reid or Obama I would pull the lever for Obama. That usually shuts them up, at least the ones whose next question isn't "Who's Pelosi Reid?"
Ask those Obama supporters if they liked Carter.
they are all a bunch of self-serving criminals, DRIP on them
Don't
Re-elect
Incumbent
Politicians
DRIP
Everytime the congress debates on something, this Nancy person always comes out and use stock market as a measure. It looks like Nancy is a day trader.
"It's all about the bucks, kid. The rest is just conversation" .....Wall Street.
The only Rule of Law left in this country is the fascist boot on your neck; be afraid, be very afraid.
Where is that republican Jon Corzine these days?
It's not what you know, it's who you .................
''it's who you know'' ...now that is the face of political Legion.
If you have ever been to the Capitol you know about the Capitol Crypt and it brings to mind the image of the man possessed by Legion, the man who lived among the tombs. Legion is the fallen image of the spirit based on Lucifer's offer of ''knowledge''. This corrupt branch of government is the branch that writes the law(s) which have sacrificed labor upon the alter of corruption. These ''insiders'' and the insider knowledge is pure evil. We the people are now possesed with the mark of debt defined upon the SEAL on the Federal Reserve Debt Note. That is the mark of the beast, which the insider(s) have based the global economic world reserve currency upon.
In case you do not know, no one can buy sell or trade ''legally'' to escape this mark of debt which is now causing the people to rise up in rebelion against the corrupt governments of the nations. This is prophetic. If you accept the mark of the beast you do it with the same lack of mercy that set the foundation for the law set by the insiders and those political scumbags that accepted the offer of temptation at labors expense.
The fact that Americans are not up on Capitol Hill right now and casting out this Legion of Corrupt scumbags is amazing. They surely cannot do it by casting their vote. The fact that these scumbags have been profiting fron insider knowledge and the FBI and SEC etc... are worthless and compartmentalized by the corrupt system is clear enough. The only defense the people have is to rise up and tell this government it is out of order. That must be done on a State level, a local level and in person. The two party corruption must end now.
...but that is not going to happen. Americans are pathetic and weak. They ride Harelys and drive GM cars to see Madonna at the Super Bowl or on TV as their country is sucked down the black hole.
Judgment is coming and most people do not wish to deal with it. When it comes they will accept the ''change'' offered by the government thinking this will secure them from harm. It will not. Americans will accept the new world order and the nations will do the same. This crisis we see now will turn into a ''sudden destruction'' event and what will rise from it will lead to the fulfillment of prophecy. It will not take long for this to happen. The insiders have already sealed the future and that is a fact proven by what we now see before us, like these corrupt people on Capitol Hill now making a show after they already proved they are a corrupt body possessed with the knowledge of insider information etc...
Meets Nancy Peloski...
Hey WillyB. Do you give Adobe PS classes? You are hands down the undisputed fucking Photoshop lord master king. I am not worthy.... I am not worthy.
cereal running out my nose ...so funny!
So wrong on so many levels... But funny.
You've compromised the sweetness of my sleep indefinitely.
Impeach Pelosi? Capitalism hard at work in the Capitol.
That's a pole dance I would pay good money to see....
Graft is God for these assholes.
http://www.theinsider.org/reports/dollar-bill-symbols/
http://bible.cc/revelation/11-18.htm
http://bible.cc/luke/10-18.htm
The Saints are grafted in by the mercy of our Father in Christ, the fruit of the tree of life.
http://bible.cc/galatians/3-13.htm
http://www.biblegateway.com/passage/?search=Revelation+9&version=KJV
''change'' that big government ''G'' http://2.bp.blogspot.com/_KKM-Bq5Rbm8/R7EazFzm0HI/AAAAAAAABnM/sJgLrbnjjdI/s400/GW_MasonicMemorial.jpg
Replace it with ''CRAFT'' ...the root of the corrupt tree
http://bible.cc/daniel/8-25.htm
Now do ^ you see the Masonic New World Order?
http://www.youtube.com/watch?v=Z4iOBvAJTe8
This Branch of the big government ''G'' is ''Fed'' by the hidden secret beast.
The big govvernment ''G'' http://bible.cc/mark/11-21.htm
insider ''know l edge'' defines the hidden line
^^^^^^^^^^^^
the New World Order
EVIL
insider edge''Lies''on the surface..HELL GATE..criminal ground.....prosecution.
^^^^^^^^^^^
THE ROOT OF BIG GOVERNMENT ''G'' ''GRAVEN IMAGE OF LUCIFER'' Of The BLACK HOLE
THIS IS THE ROOT OF THE CURSED TREE WHICH BARES NO FRUIT
IT IS THE SUICIDAL VAMPIRE SQUID OF THE GREAT WAL MART OF CHINA
AND
THE DARKNESS OF THE BLACK HOLE
OF THE
BOTTOMLESS PIT
OF
HELL
??? http://www.youtube.com/watch?v=sgHUZXgNAWo ???
http://www.youtube.com/watch?v=RsApTrDY2fE
they will be hanging from light poles at a gas station one day....Nancy upside down
Life's on Easy Street when you're a member of The Club...but it's MLK Blvd for everyone else.
An old childhood friend of mine makes big bucks working for a consultancy firm founded and run by Ted Kennedy's son. Their whole business model is "consulting" hedge funds (and insurance companies etc) on issues surrounding healthcare legislation, enforcement and the like.
Now, it may be the case that Ted Kennedy's son just happens to be a medical and legal genius whose keen insights are worth paying big money for or you can draw your own conclusions about how value is added for clients. In any case it's apparently legal...or may as well be.
Whether or not an idiot like Pelosi can trade her PA out of a paper bag even with tomorrow's newspaper in her hand is just the tip of the iceberg here.
But, but...Nancy needs the money for the 55 gallon drum of botox she goes through in a week!!
I've heard if you drink it straight, it will take the wrinkles right out of your tongue.
Led by Bachus, the GOP fought like hell to have the insider trading bill watered down.
http://themoderatevoice.com/137685/weakening-the-stock-act-stock-and-trade-of-the-house-republicans/
Excerpt:
Once again, House Republicans have been unwilling to take a strong stand against insider trading. Though a revised version of the STOCK Act (Stop Trading On Congressional Knowledge) was passed yesterday by the House by an overwhelming margin, it was only after Republicans had weakened the bill. In December, Republican Spencer Bachus from Alabama, Chairman of the House Financial Services Committee postponed voting on a bill that would have prohibited insider trading by members of Congress. This was despite the fact that the bill had over a hundred co-sponsors and overwhelming public support. Today the Washington Post reported today that Bacchus is under investigation by the Office of Congressional Ethics for possible insider-trading violations. How’s that for having the fox in the henhouse?
In the current bill, Republican Representative Eric Cantor of Virginia and the House Republican leadership eliminated a provision that would have regulated the collection of intelligence gleaned from political insiders; ie members of Congress, senators and other federal officials. This valuable knowledge can be passed on to hedge funds, mutual funds and other financial industry personnel who use it to determine investment strategies. The Senate had previously approved the bill with a provision that required “political intelligence consultants” to register as lobbyists and divulge their activities. Republican Senator Grassley of Iowa, who had crafted the amendment on political intelligence, was quite angry over the House Republicans’ actions, saying- “It’s astonishing and extremely disappointing that the House would fulfill Wall Street’s wishes by killing this provision.” But Congressman Cantor wanted further study of the issue by the Government Accountability Office which could delay action for up to a year.
According to Democratic Representative Louise Slaughter of New York, one of the originators of the STOCK Act, Wall Street and those involved in the political intelligence industry had been lobbying against the Grassley measure. They were concerned that the required registration would have compelled transparency from investment advisors regarding clients to whom they transmitted political intelligence. And Wall Street and their lobbyists were successful in their efforts to gut the bill of the troublesome provision.
That's funny about hte Cantor thing, since he is known to have a short position on US Treasuries.
Where would he get that advice? Well, Goldman Sachs, of course!
Nothing new here....they're ALL crooks....If you are in Congress, neither you or your spouse should be allowed to own anything more than a mutual fund....
Asswipes
Unless they are democrats, because we all know democrats are as pure as the driven snow and if we'd only disband the GOP we could really get the whole world humming!
Are you unaware this committee investigation was initiated by GOP?
if there was anything to your assertions about piglosi she would already be under investigation.
You are seriously mistaken.....
They will throw Bacchus under the bus first before going after Piglosi...Otherwise the Dems would scream it's a "witch hunt"
Of course, she is a witch, and does need to be hunted........Oh well
We'll never get anywhere if we don't admit both parties are corrupt pieces of shit. Go ahead and elect your precious Republican candidates and watch them act no better, or be more effective, than any Democrat.
actually, we should just select tow people from each distict in Sep of every even number yr to run for the HR. Then once one is elected, his/her assets are submitted to the public, and if in two yrs that have increased more than the cost of living, the representative is hung the last day of their term and the family loses all of the increase in value.
for those that survive, if there net worth increases in the next two years and the increase is from work done while a member of Congress, the person is executed and the funds recovered. This includes spouses income.
Well, you know, it is sort of like truth in advertizing: with a Repub, you expect a business loving neo-con warmonger; with a progressive Dem, you get a business loving neo-con warmonger, the opposite of expectations.
Calling Pelosi a witch disparages witches.
I think seditious hag is closer to the mark.
....really?....
nancy is a nazi democrat. bacchus is a innefectual useless no spine repub....democrat nazis do't go to jail.
WHERE IS JON "LOOK DOWN HIS NOSE " CORZINE?
I REST MY CASE
+ another 1
Correct.
Democrats don't suffer the consequences of their actions.
Corzine & Pelosi. Indeed, your case is rested. They are guilty, but no jail for them.
I prefer to think of Nancy as a Democrat Nazi.
That is a Nazi who happens to be a Democrat rather than a Democrat who happens to be a Nazi.
Moonbats love Nancy. Hence the avoidance of conflict. Election year also, wouldn't look right.
Yes, we love Pelosi, but we don't condone this bullshit. Who isn't on the fucking take? If there is no law enforcement, there is no law. Party leaders are paid to protect the status quo, not threaten it.
Hasn't Congress always protected themselves, the US government, and the big business interests? In any protection scheme, you get paid for providing protection.
Wait... are you admitting to being a real, live moonbat? Clearly "we" signals some sort of identification here it seems. Anyway, you need not explain to me but Lizzy might want see your take as moonbats are so rarely spotted in real life.
Erybody in the club gettin' twisted!
NO ONE close to Obama gets touched.
the only politicians that will get thrown under the bus are the ones who won't play ball for the cabal, or who no longer serve any useful purpose (scapegoat).