ABC, CBS Ignore Pelosi Dragged into Supporting Stock Trading Ban

On Wednesday, both ABC World News TonightCBS Evening News ignored a report that Democrat House Speaker Nancy Pelosi has finally been dragged kicking and screaming to support a ban on stock trading by members of Congress. After having ignored the story for nearly four weeks, NBC eventually reported that Nancy Pelosi was being dragged to support a ban on stock trading by members of Congress. Nightly NewsThe only broadcast network to report on this story was one of the three.  

(Video forthcoming)

ABC and CBS missed the opportunity to report on the proposed ban. Instead, they wasted their airtime discussing local issues like the Philadelphia water main breaking and stories about other incidents in Philadelphia. 

NBC began their reporting with Tom Costello (NBC) “rare bipartisan support to prohibit lawmakers from owning any individual stocks.” He went on to explain that “while insider trading is already illegal, lawmakers have still profited from background briefings or legislation that can influence stocks.”

Costello reminded viewers “lawmakers from both parties bought and sold stocks after receiving closed-door COVID briefings before the pandemic began to rage.” Despite a recent poll showing that “63 percent of voters believe lawmakers should be banned from stock trading” Costello reported that Speaker Nancy Pelosi is only just coming around to the idea: 

Speaker Pelosi is married to a successful financier and has fought against a ban on stock ownership. Now under pressure from her own party, she’s open to the idea if the Supreme Court is also included.

The report ended with a moment of cynicism from Costello saying “with midterm campaigning heating up, both sides want to remove the potential of insider trading claims and counterclaims from staining their own reelection efforts.” 

ABC and CBS should be embarrassed that even CNN’s Jake Tapper beat them to cover Pelosi’s conspicuous reluctance. The broadcast networks at least pretend to be objective. CNN abandoned objective broadcasting a while back. 

This is the latest example of bias through omission. United HealthcareABC News, Capital OneCBS. This link allows you to contact them about biased information they finance.

You can click the “expand” button to see this section’s transcript.

NBC Nightly News
2/9/2022
7:21.08 PM

LESTER HOLT – Tonight, there’s growing pressure from Congress to stop lawmakers from trading individual stocks. These stocks often fluctuate based on the activities of those very same members. Here’s Tom Costello. 

TOM COSTELLO Even though insider trading is illegal, politicians have still made a profit from background briefings on legislation which can affect stocks. With support from the Left, a plea is made to make this even more complicated. 

SENATOR ELISABETH WARREN: The stock is not owned by the member.

COSTELLO: The right. 

SENATOR STEVEN DAINES: This is a significant step in restoring the trust and faith of American citizens in the institution.

COSTELLO – Lawmakers of both parties purchased and sold stock after being briefed by Covid in closed doors. This was before the outbreak. Recent polls found that 63% of Americans believe stock trading should be prohibited from lawmakers. However, Speaker Pelosi is married to a successful financier and has so far opposed any stock ownership ban. Now under pressure from her own party, she’s open to the idea if the Supreme Court is also included. 

SPEAKER NANCY PETLOSI: The company does not report stock transactions and makes crucial decisions daily.

COSTELLO – One compromise: The lawmakers might have their own mutual funds or blind trust.

SENATOR MICHELLE MITCH McCONNELL: I tell members that it is because this prevents insider trading.

COSTELLO – Both sides are keen to eliminate the possibility of counterclaims and insider trading allegations that could impede their reelection campaigns. Lester?

HOLT: Tom, it’s okay, I appreciate that.