This is more than a bit strange. I was looking for something else, and came across this. Steve Kroft, a trusted fixture of CBS’s 60 Minutes, attended a press conference held by Nancy Pelosi (D. Ca.). This is more than unusual as neither Mr. Kroft, nor the “regulars” on 60 Minutes typically materialize as such press conferences.
Here is the full text of Mr Kroft’s questions, and Ms. Pelosi’s answers.
Q: Madam Leader, I wanted to ask you why you and your husband back in March of 2008 accepted and participated in a very large IPO deal from Visa at a time there was major legislation affecting the credit card companies making its way through the House. Did you consider that to be a conflict of interest?
Leader Pelosi. I don’t know what your point is of your question. Is there some point that you want to make with that?
Q: Well, I guess what I am asking is do you think it is all right for a Speaker to accept a very preferential, favorable stock deal?
Leader Pelosi. Well, we didn’t.
Q: At a time when there is major legislation affecting that company in the House?
Leader Pelosi. Well, first of all let me say this. What we are talking about is an industry. What we are talking about is a Congress that passed more protections for credit card holders. The [Credit Cardholder’s Bill of Rights] bill, you know Carolyn Maloney has been our champion on, to the point where the industry spent $3 million to try to defeat her last time.
So the issue that you are talking about, first of all, what you are contending is not true. But second of all, we are very proud of our record of what happened.
Now, what Congressman or Senator Durbin was able to do in the Senate is quite remarkable, and when he was able to achieve that, then it was on this same issue, it was included by our Chairman Barney Frank in the bill.
Q: That was 2 years later though.
Leader Pelosi. But it was when we had a President who could sign the bill, and that is when we passed what Carolyn Maloney had. There was no interest on the part of President Bush to sign such a bill. But the fact is your basic premise is a false one, and it…
Q: I don’t understand. Why is it false? You participated in the IPO.
Leader Pelosi. Well, I have many investments.
Q: You were Speaker of the House, and there was a bill very unfavorable to the credit card companies.
Leader Pelosi. Well, I will hold my record in fighting the credit card companies, as a Speaker of the House or as a Member of Congress, up against anyone. We had passed the Credit Cardholder Bill of Rights. I don’t know what your point is. You like one bill better than another bill. No, this was the big powerful bill, and in fact we were able to achieve both once we were able to have a Democratic President. That is really all I am saying.
Q: You don’t think it was a conflict of interest or have the appearance of a conflict of interest?
Leader Pelosi. No, it only has the appearance if you decide that you are going to elaborate on a false premise. But it is not true, and that is that.
Q: I don’t understand what part is not true.
Leader Pelosi. That I would act upon an investment.
What I’m hearing is that it is OK to be Speaker of the House and invest in an industry when a bill is pending before Congress concerning that industry as long as you know the bill, even if it passes, will never be signed by the President. Otherwise…