'60 Minutes' Explains How Pelosi Makes Cash Using Sneaky Stock Market Manipulation

Here's a transcript of the footage: 

"If I'm a corporate executive and you are a senator and I give you 5 IPO (Initial Public Offering) shares in stock and over the course of one day that stock nets you $100,000, that's completely legal." The expert is talking about the privilege that lawmakers have in this country to get insider information that would have been illegal for an average citizen to trade with. A privilege, Nancy Pelosi has squeezed out, whenever the opportunity has arisen.

Narrator: "In former House Speaker Nancy Pelosi and her husband have participated in, at least, 8 IPOs. One of those came in 2008 from VISA, just as a troublesome piece of legislation that would have hurt credit card companies began making its way through the House. Undisturbed by a potential conflict of interest, the Pelosis purchased 5,000 shares of VISA at the initial price of $44 each. Two days later, it was trading at $64. The Credit card legislation never made it to the floor of the House. Congresswoman Pelosi also declined a request for an interview but agreed with the columnists that we attended a press conference." 

60 Minutes Reporter: "I wanted to ask you why you and your husband back in March 2008 accepted and participated in a very large IPO deal from VISA in a time there was major legislation affecting the credit card companies making its way through the House. Did you consider that to be a conflict of interest?"

"I - I don't know what the point is of your question," responded a nervous and stuttering Pelosi. "Is there some point that you want to make with that?" asked back the House Speaker. 

"I guess what I'm asking is do you think it's all right for a Speaker to accept a very preferential, favorable stock deal, and you participated in the IPO and at the time you were Speaker of the House, you don't think there was a conflict of interest or had the appearance of a conflict of interest?" the reporter asked again.

"No - No, it only has the appearance if you decide that you're going to have a - elaborate on a false premise but it's not true and that's that," Pelosi said to the reporter, who was seeking for a more clear and constructed answer. 

"I don't understand what part is not true," the reporter claimed. "That I would act upon an investment," Pelosi said, proceeding to give the question to another reporter at the briefing. 

In conclusion, Pelosi did not give a clear, coherent explanation of what she and her husband did 12 years ago. But from a non-expert's perspective, it seems Pelosi used her position as Speaker in 2008 to get a pretty good stock deal, knowing before everyone else could possibly know that they were going to block the legislation, benefiting credit card companies.

Source: The Christian Science Monitor