tag:blogger.com,1999:blog-9180494165171170642.post6809433747989724324..comments2023-06-27T11:12:09.571-04:00Comments on The Spin Cycle: Profiles in Stupidity: Congresswoman Nancy PelosiUnknownnoreply@blogger.comBlogger6125tag:blogger.com,1999:blog-9180494165171170642.post-56403802253116407142012-08-04T13:47:45.370-04:002012-08-04T13:47:45.370-04:00She is one of the top most corrupticians.
In ear...She is one of the top most corrupticians. <br /><br />In early 2008, Nancy Pelosi and her real estate developer husband, Paul, were given an opportunity to buy into a Visa IPO. 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.<br /><br />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.<br /><br /><br />The Credit Card Fair Fee Act was exactly the kind of bill one would think then-Speaker Pelosi would have backed. “She had been outspoken about antitrust problems posed by insurance, oil, and pharmaceutical companies,” Schweizer notes, “and she was vocal about the need for controlling interest rates individual banks charged to use their credit cards.”<br /><br /><br />By 2009, both bills had garnered even broader bipartisan support and were reintroduced. Under Speaker Pelosi, however, neither bill lived to see a vote on the House floor.<br /><br />Pelosi eventually supported something called the Credit Card Reform Act. Curiously, the all-important interchange fees went untouched by that legislation. Instead, the bill stated that the interchange fee issue should simply be “studied.” The bill’s other measures would not affect Visa but rather its client banks. In short, the Credit Card Reform Act ensured that Visa and the other credit card companies dodged a potentially costly bullet.<br /><br />None of that, however, prevented Pelosi from grandstanding. She publicly declared that the Credit Card Reform Act sent a “strong and clear message to credit card companies” that they would be held to account for their “anti-consumer practices.”<br /><br />In the wake of the bill’s passage, the Pelosis’ shares of Visa stock rose. Indeed, according to 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.”<br /><br />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.<br /><br /><br />Throw Them All Out also chronicles the Pelosis’ $100,000 IPO purchase of Clean Energy Fuels at roughly $12 a share. Schweizer alleges that as Speaker of the House, Pelosi pushed several bills beneficial to the company.<br /><br />Similarly, in November 2007, Pelosi bought $500,000 in the IPO for Quest Energy Partners before proceeding to champion the natural gas-related legislation that stood to significantly benefit the company. When Tom Brokaw asked her whether her significant personal investments in natural gas represented a conflict of interest, Pelosi shrugged off the question by hiding behind the crony capitalist’s false credo: “That’s the marketplace.”Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9180494165171170642.post-2572023280293195842012-07-30T12:59:52.658-04:002012-07-30T12:59:52.658-04:00I am the real anonymous and I say there is not one...I am the real anonymous and I say there is not one person ok maybe a few that slither as close to the ground as nancy igot stock in botox pelosiAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9180494165171170642.post-29794480779275417452012-05-24T11:18:27.977-04:002012-05-24T11:18:27.977-04:00Unfortunately, the majority of politicians are cr...Unfortunately, the majority of politicians are crooked, regardless of their position, whether Rep. or Dem. The problem is always there regardless of who "We the people" vote in and vote out. I am an independent voter. This time I will vote for the Republican party since Obama and his administration are indeed for the dividing of this country and for their own Financial gain...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9180494165171170642.post-82080965656227176562012-02-10T10:03:07.297-05:002012-02-10T10:03:07.297-05:00I think anonymous might want to take that back aft...I think anonymous might want to take that back after this came out.<br /><br />http://www.cbsnews.com/8301-504803_162-57323518-10391709/questioning-pelosi-steve-kroft-heads-to-d.c/<br /><br />Hindsight is 20/20eessydonoreply@blogger.comtag:blogger.com,1999:blog-9180494165171170642.post-66563056295554964602011-08-24T10:49:30.972-04:002011-08-24T10:49:30.972-04:00We need an article about "Anonymous" in ...We need an article about "Anonymous" in the Profiles in Stupidity Series. Nancy Pelosi is, like Barack Obama, a far left liberal who is dragging the country down into the pits of economic hell. The sooner gone, the better.Bobhttp://astrocrawler.comnoreply@blogger.comtag:blogger.com,1999:blog-9180494165171170642.post-10296304741912567882011-08-03T05:46:06.020-04:002011-08-03T05:46:06.020-04:00Nancy Pelosi is a great American, and gives more t...Nancy Pelosi is a great American, and gives more to the people of America than any one else! Unlike most, she puts the "good" of the country above her self. Some in congress are there just to fill their own pockets.Anonymousnoreply@blogger.com