- Out of touch
- All of the above.
CNN wants to know, so they asked an impartial and unbiased source – Obama.
From Real Clear Politics:
“Last night at the Republican debate, some of the hopefuls, they hope to get your job, they defended the practice of waterboarding which is a practice you banned in 2009. Herman Cain said, quote, ‘I don’t see that as torture.’ Michele Bachmann said that it’s, quote, ‘very effective.’ So I’m wondering if you think that they’re uninformed, out of touch, or irresponsible?” CNN’s White House correspondent Dan Lothian asked President Obama in Hawaii.
No bias there, huh?
As Stacy McCain writes: “It Ain’t ‘Whining’ If the Bias Is Real“.
I’m waiting for the day when Nancy Pelosi is asked if she is:
- A hypocrite
- A liar
- A criminal
- All of the above
When she is asked about this little stock deal reported at Big Government:
Last night, 60 Minutes aired its report on possible insider trading by Members of Congress. A principal focus of the report was House Minority Leader Nancy Pelosi and her participation in an IPO of Visa, one of the hottest IPOs in recent years. Reporter Steve Kroft questioned Leader Pelosi recently at a press conference about her investment and its possible impact on credit card legislation before the House during her term as Speaker.
Participation in a stocks IPO, i.e. Initial Public Offering, is one of the more sought after trades on Wall Street. Often, an IPO investor is able to get into a stock at a relatively low price and realize an almost immediate gain once trading commences, especially if the IPO is “hot” or, rather oversubscribed, meaning more investors wanted shares than were available. Visa’s IPO was blockbuster-level “hot.” As reported by The New York Times:
Visa‘s blockbuster initial public offering is currently oversubscribed for its expected trading start on March 20, Scott Sweet of the research firm IPO Boutique told MarketWatch.
Mr. Sweet told the publication that the I.P.O. is drawing “extreme demand.”
It is very difficult for any individual investors to participate in an IPO, as most of the shares are reserved for major brokerage clients, institutional investors and pension funds. It is so difficult, in fact, the SEC has published an “FAQ” on why it is so difficult for individual investors to participate in IPOs:
The underwriters and the company that issues the shares control the IPO process. They have wide latitude in allocating IPO shares. The SEC does not regulate the business decision of how IPO shares are allocated.
Somebody, somewhere decided to allow Nancy Pelosi-or her husband-participate in what was the most anticipated IPO that year. It could have been one of the underwriters selected by Visa to manage its IPO or it could have been Visa itself that awarded the Pelosis the coveted shares. Who was it? And, did they approach Pelosi or did Pelosi approach them?