Once again, the Pelosis are about to cash in big.
Several months ago, when legislation was on the table, Paul Pelosi, the husband of House Speaker Nancy Pelosi (D-CA), threw down a couple of million on stock options on NVIDIA, a chip manufacturer.
These options were recently exercised, conveniently, only days before the legislation that would send a massive subsidy to chip manufacturers if passed.
Yet, Nancy’s office says nothing is wrong because it was not Nancy Pelosi that purchased the stock.
If This Isn’t Insider Trading…
This is a big problem in Congress on many different levels.
If you look at how quickly many members of Congress on both sides of the aisle become millionaires, you can see how badly the system is broken.
If the legislation mentioned above gets passed, the chip industry gets handed $52 billion, and Paul Pelosi is holding a nice chunk for a company that is likely to get a nice piece of that subsidy.
On Monday alone, if my math is right, Pelosi made about $60,000.
Yet, Pelosi’s office stated, “The Speaker does not own any stocks. As you can see from the required disclosures, with which the Speaker fully cooperates, these transactions are marked ‘SP’ for Spouse.
“The Speaker has no prior knowledge or subsequent involvement in any transactions.”
How dumb do these people think we are? As if Nancy is not running home to tell Paul what legislation is on the floor and who will benefit from it.
Rep. James Comer (R-KY) slammed Pelosi, but he may have also accidentally spilled the beans on the rest of Congress.
When you read his statement, it sounds like he is saying everyone else is happy just getting a small piece of the pie to not raise questions, but Nancy is being a pig about it.
Comer stated, “Nancy Pelosi is the ultimate insider.
“Not only is her husband buying stock options on a much higher level than the average member of Congress.
“The average member of Congress may buys $5,000 or $6,000 of stock. He’s buying $500,000 worth of stock.
“He’s buying stock options which expire. To be able to trade stock options profitably, you have to know exactly which direction that stock’s going to move, and you can make a huge profit. This is wrong.
“This is another example of the media turning a blind eye to Nancy Pelosi’s bad behavior and unethical behavior.”
How about we just ban members of Congress from taking lobbyist money and strip the ability for them and their immediate family members to trade individual stocks.
Then let’s see how rich members of Congress are getting.
Source: Fox Business