A Nov. 13 Newsmax article repeats a claim from CBS' "60 Minutes" that "Former House Speaker Nancy Pelosi bought stock in initial public offerings (IPOs) that earned hefty returns while she had access to insider information that would have been illegal for an average citizen to trade with – even though it’s perfectly legal for elected officials."
The Newsmax article, however, made no mention of Republican members of Congress who allegedly engaged in similar behavior.
According to the "60 Minutes" transcript to which Newsmax links -- from which Newsmax excerpts only the Pelosi section -- the program examined the behavior of four Republicans:
- Rep. Spencer Baucus, who during the 2008 financial crisis was "buying option funds that would go up in value if the market went down";
- House Republican Leader John Boehner, who bought health insurance stocks after theso-called public option was removed from health care reform;
- Former House Speaker Dennis Hastert, who owned land near a proposed highway for which he obtained a $207 million federal earmark; and
- Sen. Judd Gregg, who helped steer nearly $70 million in government funds towards redeveloping a defunct Air Force base in which he and his brother both had a commercial interest.
Funny how that selective reporting works, isn't it?