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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (65531)	2/9/2012 11:50:24 AM
From: Hope Praytochange	4 Recommendations Read Replies (1) \| Respond to of 103300

The legislation comes after a recent report on CBS's "60 Minutes" that highlighted details about alleged insider trading by both Democratic and Republican lawmakers. That report was inspired by "Throw Them all Out," a book published in November. The House bill of what is called the STOCK Act includes a provision dubbed the "Pelosi Provision" that restricts lawmakers from using their congressional status to gain special access to initial public offerings of stock. The public has no equal right to participate in IPO shares, which are typically sold to the favorite customers of underwriting banks. As a practical matter, institutional investors and high net-worth individuals usually get access to IPO shares before most retail investors. The "60 Minutes" report said Pelosi and her husband have participated in eight IPOs, one of which took place in 2008 from Visa , just as a "troublesome piece" of legislation that would hurt credit card companies began to come under consideration in the House. Pelosi's husband purchased shares of Visa at the initial IPO price of $44 a share and the credit-card legislation under consideration at the time didn't make it to the House floor for a vote, the report said. Pelosi pointed out that tough credit-card legislation eventually passed, two years later