Confronting Pelosi on insider trading

By: Overtime Staff
Topics: Correspondent Candids

"Nobody would talk to us." That's what 60 Minutes correspondent Steve Kroft says happened when he tried to get members of Congress to talk about "insider trading" on Capitol Hill.

Back in November, when 60 Minutes aired "Insiders," it was illegal for member of Congress to make stock trades using inside information they learn while working on legislation. Kroft had some questions about unsavory-seeming stock trades by lawmakers, but unsurprisingly nobody would give him an interview. So, Steve had to find other ways to get some answers.

As you'll see on Overtime this week, Steve called on lawmakers at their homes, attempted to track others down in their offices, and finally ended up asking questions at press conferences held by Nancy Pelosi and John Boehner.

"You don't like to do that stuff," Kroft told Overtime producer David Rubin. "But on the other hand, if they don't want to talk to you and they don't want to give you an interview, and they are in powerful positions and play a prominent role in the story that you're doing, then you feel like sometimes you've got to do it."

Steve's 60 Minutes piece, Insiders, was produced by Ira Rosen and Gabrielle Schonder.

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by ameier5309 June 26, 2012 4:30 PM EDT

If you're angered by Congress' insider trading (and you should be!), the Project On Government Oversight is organizing a mass letter-sending effort to tell members of Congress that the public will no longer stand for them profiting on companies that they regulate. Participate here: https://secure3.convio.net/pogo/site/Advocacy?cmd=display&page=UserAction&id=283&autologin=true.

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by pmd33 July 20, 2012 5:47 AM EDT: Extremely angered by this....people in congress are elected to help run the country...NOT RUIN.... insider trading is illegal, but somehow they get away with it.....just by using technicalities.. law was passed in the last couple of days, but with loop holes.. gotta love this country.... just a bunch of thieves if you ask me, but yet nothing will ever get done about it. gotta wonder how free we really are...


by BerkLaw June 26, 2012 10:51 AM EDT: These lawmakers used non-public information to gain an investing advantage. How would you like to be on the other side of the trade? Aren't these guys elected to represent their constituencies, not comb the halls of the treasury seeking information to enhance their portfolios?

The Stock Act just is not enough. Congress needs to stop using the old parenting excuse of "do as I saw not as I do" and impose laws to hold itself to the same standards as it holds others.

Read more at www.thecorporateobserver.com; Reply to this comment


by marzxyz June 23, 2012 7:34 AM EDT: Outstanding job, 60 Minutes. It is a throwback to the best days of the legendary Mike Wallace.; Reply to this comment


by AJFan101 June 23, 2012 7:26 AM EDT: Pelosi is about as creepy and corrupt a politician as they get. She's in that position of congress because of her wealth and no other reason. I'd love to see her holy than thou ass hung in public. Don't think Boehner is far behind her... politicians make me sick.; Reply to this comment


by DayKayaker June 22, 2012 10:26 PM EDT: Yes, please follow up on this, please.; Reply to this comment


by gwajean June 21, 2012 12:24 PM EDT: Please do a follow up on possible money made by these congressmen when the healthcare bill is fully implemented. With Obama and his followers declaring that no matter what the Supreme Court decides, no matter how much the American people hate this bill, and no matter how it is going to financially sink this country they are going to push forward with the law. This indicates to me that there are some huge profits coming down the pike for those who were involved in back door negotiations when this bill was conceived.; Reply to this comment


by justthetruth1967 June 19, 2012 12:46 PM EDT: Was anyone really surprised? Power corrupts - absolute power corrupts absolutely! Senators and Congress should only have 1 term! We always wonder about the newly rich, and they always tell us that this country has more millionares than any other, who knew that all you had to do was run for Senator and Congress. My local politician ran and won started out with a late 90's Honda Civic now drives a 2011 Mercedes in 1 year, went from a modest home to now owning 3 homes. If thats just at the local level imagine, when you have a state behind you! Cha Ching$$$$$; Reply to this comment


by whatsings June 19, 2012 9:03 AM EDT: How did Martha Stewart's situation differ from some of the trading activity that was covered in this report and why was she punished?
Who makes up the laws on stock trading? (Those are straight questions not rhetorical.) I also have heard, through other sources, about the wealth some aquire during & after serving in political office. Several things come to mind: "The feudal system" "It's not what you know but who" "Avoid the appearance of evil".... And totally off subject: "Why isn't there a spell check feature on this program?"
While growing up I heard frequently: "You can't help others if you
are not strong yourself" Just to throw it out there - if I win the
lottery I would like to build a homeless shelter for the homeless in our area and a University.; Reply to this comment


by fiddlestickawshucks June 18, 2012 2:48 PM EDT: Martha Stewart went to prison for taking advantage of insider information.

I am totally disgusted with all these politicians who think they are better than John Q. Citizen.!

The give themselves automatic raises, they have elite health and pension programs, they are constantly abusing the power of thir positions to save themselves and screw the average American.

They think they are "entitled" to all kinds of perks and privileges that are not available to the rest of.

However, just ask them about Social Security and Medicare and they scream their heads off (especially Boehner) that "entitlements" for the average American should be eliminated, because they are costing the government too much money.

If these "elite" politicians had not stolen the money from these accounts years ago (accounts which we Americans "deposited into all their working lives) these programs would have contained enough funds so that there wasn't even the remotest chance it would ever go broke.

Now, Obama has "decreed" a program that adds 1 MILLION more people to the job market ( and most likely the welfare rolls) creating even more remote chance that any of us who are already unable to find jobs in a situation they created.

Of course, Oama is claiming that this is not idea ( this is not a political move to gain Latino votes in November 2012).

One more time he is claiming that it was someone's elses idea (Janet Napolitano).

He obviously has reached the point where he believes his own lies. and he thinks we already struggling Americans are so stupid they cannot see through him.

Among other lies he told while campaigning; he told us there would be no back-door or closed-door deals.

Almost everything he has done since being elected has been a back-door or closed-door deal.

Some of them are so obvious they are pathetic.!

Many of them have been shoved down our throats under his power of Executive Privilege.

Many of his fellow thugs were appointed while Congress was in recess ( which seems to be most of the time) so they would not have to be vetted by Congress.

Our government is being destroyed by these money hungry, power hungry, corrupt people who are stealing more and more from the American people and creating situations where we are PAYING FOR OWN DESTRUCTION.!!

They are continuing to line their pockets while taking away more and more of our freedoms and sending money to other countries who are our enemies instead of using OUR TAX money to benefit Americans.

Obama has asked Congres to provide funds for vital public servants (police, firefighters teachers etc,) .

These funds should have been alloted to the States before anything else.

Where would we be without these people.??

Every one of the politicians should be prosecuted for betraying the public trust, mis-appropriation of public funds and outright theft.

"We The People" should demand that Congtessional Reform be put on the November ballot as a referendum.!!!

We are currently being led down the garden path by a government that thinks this is a country "of the politicians, by the politicians, for the politicians".

Almost every day we hear that consumer confidence is dwindling.

I wonder why.!!

I hear more and more often everyday that people are considering arming themselves to defend their families when prices for everything skyrockets and there are severe food shortages; leadin to possible civil rioting.

We should not have to live like this; in constant fear of what's going to be taken away from us today or tomorrow.

America IS the greatest country in the world.!!

Don't let it be taken from us by a corrupt minority.!!!; Reply to this comment


by CreeIndianChief June 18, 2012 11:23 AM EDT: After seeing this. It is true! The People in Power are Criminals and must be dealt with as so. If we did what they do we'd be in Jail. No they are above the Law. BS Kick'em all Out.; Reply to this comment

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