By Wyatt Earp | November 15, 2011
You guys remember Nancy Pelosi, right? She is the Botox injected former Speaker of the House. She is also one of the most corrupt politicians in history. Well, that is if you think getting bought off by Visa is a form of corruption.
This article is the best argument for term limits in recent memory.
The credit-card industry became concerned that the new Democrats who took charge of Congress after the 2006 elections were intent on passing legislation to curtail credit-card swipe fees to vendors, which were worth billions of dollars in revenues in the industry, and to create new protections for consumers.
[T]he army of lobbyists Visa assembled—it had a total of 14 lobbying firms at its disposal—set out to try to woo Pelosi with a strategic campaign, hoping to forestall action on any credit-card legislation until after the 2008 presidential election.
Not content with simply swaying Pelosi, Visa kicked it up a notch and offered Pelosi’s husband Paul some “lovely parting gifts.”
Of course, these gifts were much better than a ceramic dalmatian.
Pelosi’s husband, Paul, a major investor in California, got a lucrative pre-screen invite in March 2008 to take part in Visa’s $17.9 billion public stock offering, at the time one of the hottest stock offerings in an otherwise soft market. The initial-public-offering price was $44 per share and was limited to institutional investors and a group of specially selected individuals. Almost $18 billion was made available in public stock to preselected investors. Paul Pelosi made the cut.
This story was aired on 60 Minutes this week, hardly a bastion of conservatism, yet San Fran Nan denounced the story as a “smear.” Yeah, Nan, it’s a smear; because when it comes to corruption, you have always been above reproach. Idiot.