After decades in public service, Pelosi has amassed a fortune of somewhere between $40 million and $252 million. Recently, her family invested in call options — betting that the stock price would go up. The companies were Google, Salesforce, Micron Technology, and Roblox.
At the same time, critics said Nancy was “slow-walking” congressional efforts to rein in Big Tech (while claiming this was her goal).
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Her response is that congress should be able to take part in the free market. This comes from an anti-capitalist who has been a harsh critic of the free market.
She further claims that engaging in the free market with insider information does NOT present a conflict of interest. She said this despite the fact that new laws and regulations could impact the company’s performance and stock price.
In mid-December, Pelosi was asked for her reaction to 49 members of congress violating the stock trading on the Congressional Knowledge Act (The Stock Act). She was also asked if congressional members should be banned from trading individual stocks while serving.
She said ‘no’ to the second question and played dumb on the first, saying they have to report the stock but she didn’t know about any five-month review. “…but if people aren’t reporting, they should be. We are a free market economy and they should be allowed to participate in that.”
Federal disclosures show that she and her husband beat the S&P 500 index two years in a row — by 4.9% in 2019 and a stunning 14.3% in 2020. They’re amazing, aren’t they?
Walter Shaub of the government ethics office tweeted, “it’s a ridiculous statement. She might as well have said, ‘Let them eat cake.’ Sure it’s a free market economy but your average schmuck doesn’t get confidential briefings from government experts chock full of nonpublic information directly related to the price of stocks.”
Pelosi didn’t break the law because Congress passed The Stock Act in 2012 allowing Congress to trade stocks using privileged information as long as they reveal it within 45 days of execution.
Pelosi’s husband Paul runs a venture capital firm and has made bets on Google, Amazon, Apple, that his wife helps regulate.
Pelosi doesn’t own any stocks, however. Her spouse owns them. Clever, huh?
While decrying tech monopolies in public, she says something different in private.
Do you think it’s okay for her to profit off the companies she is supposed to rein in?
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