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Insiders (60 Minutes)

60 Minutes report broadcast on 13 November 2011 on members of Congress, stock trading and non-public information.

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Dates
13 Nov 2011
Also known as
60 Minutes: Insiders

Connections 7

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  • John Boehner bought health-insurance stocks in 2009, as CBS reported; he and his office said he did not make day-to-day trading decisions and his adviser chose the investments Scholarship & press 23
  • Nancy Pelosi asked whether a speaker should accept “a very preferential, favorable stock deal” in the 2008 Visa IPO; she answered “Well, we didn’t”, and her office said the purchase was not preferential and came on a broker’s recommendation Scholarship & press 23
  • Paul Pelosi with his wife, bought Visa shares in the 2008 IPO, as CBS reported Scholarship & press 2
  • Spencer Bachus named by Schweizer; his office said he never trades on non-public information Scholarship & press 2

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Timeline 2 dates
  1. 13 Nov 2011 Insiders (60 Minutes)
  2. 13 Nov 2011 CBS News authored Insiders (60 Minutes)
Proof 3 sources
  1. Insiders: The road to the STOCK act, CBS News, 2012. Scholarship & press
    When we first broadcast this story in November it was legal for members of Congress to trade stock based on non-public information gathered during the course of their duties -- this story would change that.
  2. Congress: Trading stock on inside information? (script of “Insiders”, 60 Minutes), CBS News, 13 Nov 2011. Scholarship & press
    But now, at least 93 members of Congress have signed on as cosponsors of the Stock Act, and for the first time the bill has been introduced in the Senate.
    It became a jumping off point for our own story, and we have independently verified the material we've used.
    Just days before the provision was finally killed off, Boehner bought health insurance stocks, all of which went up.
    I have not made any decisions on day-to-day trading activities in my account. And haven't for years.
    Later Boehner's spokesman told us that the health care trades were made by the speaker's financial adviser, who he only consults with about once a year.
    Kroft: Well, I-- I-- I guess what I'm asking is do you think it's all right for a speaker to accept a very preferential, favorable stock deal?
    Well, we didn't.
    Congresswoman Pelosi pointed out that the tough credit card legislation eventually passed, but it was two years later and was initiated in the Senate.
    Democratic Congresswoman Nancy Pelosi's office called the report a "right-wing smear."
    the Pelosis purchased 5,000 shares of Visa at the initial price of $44 dollars. Two days later it was trading at $64.
    Look we're not alleging that Congressman Bachus has violated any laws.
    What we got was a statement from Congressman Bachus' office that he never trades on non-public information, or financial services stock.
    The following is a script of "Insiders" which aired on Nov. 13, 2011.
  3. Lawmakers Deny Insider Trading in ‘60 Minutes’ Report, Roll Call, 13 Nov 2011. Scholarship & press
    A source familiar with the issue said that Boehner’s investments in health care came at the behest of his financial adviser, who also recommended a suite of other “blue-chip stocks” to replace a retirement fund associated with his former business.
    her husband’s participation in the Visa IPO was not “preferential” and came at the recommendation of his broker at a Wells Fargo in San Francisco.
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