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November 14, 2011

Hey, How Exactly Did Nancy Pelosi Get Offered A White-Hot IPO, Anyway?

Great piece by Mike Flynn explaining why this is corrupt, and how the media covers up for liberals.

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.”

...


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?

So the offer of a hot IPO is actually a gift to the recipient.

How does Politico cover this -- or cover it up?

Paul Pelosi, husband of the then-speaker, bought $2 million worth of Visa stock in March 2008.

Politico's account here seems extraordinarily mundane compared to Mike Flynn's, like all the Pelosis did was go down to their local market and stand in line to buy some rutabegas. Rather than being offered -- for some reason, despite not being major institutional investors -- an IPO which would spike in value immediately upon the initiation of public trading -- that is, VISA offered Pelosi a ten dollar bill for the unbeatable price of five dollars.

I don't think that's an accident.

To be fair, Politico might just not understand what it's talking about, and might just print up articles without calling anyone with expertise about the subject matter reported.

Not sure that helps all that much, but I guess that possibility is in the mix, too.



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posted by Ace at 11:39 AM

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