On Sunday, Steve Kroft of "60 Minutes" delved into a topic The Atlantic's Megan McArdle recently examined: congressional insider trading.
Members of Congress have tremendous access to information about bills that can make or cost millions for the industries they affect. As The Atlantic Wire explains, the Hoover Institution's Peter Schweizer recently dug up some disconcerting trends:
Schweizer and his team have looked at financial transactions made by Representatives and Senators and found that many, including the past three House Speakers, have made deals that appear to be based on non-public information that they had access to thanks to their position in Washington. Schweizer calls it "honest graft," since many people would consider it unethical, even though it's not illegal.
In the segment, Kroft questioned House Minority Leader Nancy Pelosi, who denied that she had acted on non-public information to buy Visa stock as Congress considered credit-card legislation. Big Government's Wynton Hall outlined an accusation against Pelosi:
Former Speaker of the House-and current Minority Leader-Nancy Pelosi apparently bought $1 million to $5 million of Visa stock in one of the most sought-after and profitable initial public offerings (IPO) in American history, thwarted serious credit card reform for two years, and then watched her investment skyrocket 203%.
The revelation appears in Throw Them All Out, the new book by investigative journalist and Breitbart editor Peter Schweizer ...
Kroft also questioned House Speaker John Boehner about purchases of health-insurance stock during the Democrats' health-care-reform push. Boehner said he does not personally handle his own stock deals and does not use insider information to make them.
Video credit: CBS