Democrats have carved out quite a distinct segment for themselves because the party of the have-nots, even when it’s mostly a hypocritical marketing ploy. Bernie Sanders, the socialist, lives a reasonably non-socialist life with a town house, a vacation home and all of the comforts of the bourgeoisie while he claims to champion the proletariat.
There’s no shortage of comparable examples. Recall the late Massachusetts senator and liberal icon Teddy Kennedy’s support of forced busing while sending his kids to non-public school back within the Nineteen Seventies. The newest of those “freedom for me but not for thee” hypocrisies involves the matter of Paul Pelosi, the octogenarian hubby of Nancy Pelosi, the octogenarian lefty speaker of the House of Representatives.
Paul Pelosi has been killing it within the stock market lately, based on disclosure forms, for reasons that would well transcend some innate ability to sense swings within the markets. His latest home run: Snapping up between $1 million and $5 million in shares of computer chip darling Nvidia (via exercising call options) on June 17, based on disclosure documents.
His timing, once more, was impeccable: He executed the trades as Congress moves closer to passing tens of billions of dollars in corporate-welfare subsidies for US semiconductor production. That’s excellent news for Nvidia and shareholders like Paul Pelosi. Since his bet, shares have risen nearly 10%. By my math, he could have pocketed a fast $500,000.
Paul Pelosi must have pocketed a minimum of $500,000 in his recent investment into Nvidia. Bruce Glikas/FilmMagic
Perhaps Paul Pelosi knows a thing or two about stock trading. Or possibly he’s only a savant, like Hillary Clinton, who years ago credited her reading of The Wall Street Journal with with the ability to make big bucks trading esoteric cattle futures.
One problem with giving Paul Pelosi the advantage of the doubt is that enough of his winners involve firms that appear to have been benefiting from laws that his wife, because the powerful lefty house speaker, has a hand in.
Ummm . . .
Paul and Nancy have been married for occurring 59 years. He’s been at Nancy’s side during her rise to the top of Democratic Party leadership. She has definitely benefited from his profession as a successful Silicon Valley investor.
A few of Paul Pelosi’s winning stocks involve firms that appear to have been benefiting from laws that his wife helped pass. AFP via Getty Images
His trades are her trades
The explanation we learn about Paul Pelosi’s market prowess is because members of Congress are required to reveal such investments, and since he’s married to Nancy, his trades, under the disclosure rules, are her trades.
And it explains why Nancy Pelosi is one among the richest members of Congress — with an estimated net price of greater than $100 million on an annual salary of about $200,000.
The facility couple have a vineyard in tony Napa Valley plus most of the perks of wealth and standing. She represents the dysfunctional congressional district in and around San Francisco, which suggests she’s recurrently attacking wealth creators while virtue signaling in regards to the poor and downtrodden — who remain so under her watch.
It’s limousine liberalism on steroids. Happily for them, their allegiance to lefty politics someway stops with regards to businesses involving Paul.
Paul is a longtime enterprise capitalist. Where’s Nancy on eliminating that controversial, anti-progressive venture-capitalist tax break often called the carried-interest deduction, which supplies favorable tax treatment to him and other gazillionaires?
Where is she on ensuring members of Congress or their spouses can’t profit from an information edge — particularly on market-moving laws?
Here, Nancy is a born-again capitalist. She and her hubby “should give you the option to take part in that,” she said last yr when asked about her hubby’s trading.
Insider trading — or trading stocks on material, non-public information — is against the law, in fact. Recent laws puts individuals who use information they learned based on their position in Congress (or their spouse’s) in the identical slimy bucket.
But most lawmakers who’ve been investigated for allegedly using their position to trade almost at all times never face criminal charges. See the case of North Carolina Republican Sen. Richard Burr. Lawmakers get private briefings, as Burr did before selling stock just before the pandemic rocked the markets. They’ll and do point to the incontrovertible fact that the identical information was swirling around on the Web or business television.
That’s why any case against Paul Pelosi would likely go nowhere. His timing on Nvidia can have been fishy, but he could just as easily point to countless news reports in regards to the laws going back a minimum of six months, long before his trades were made.
So it will not be illegal — however it sure does look scummy. The Pelosis are in positions of influence with access to information not available to most Americans. And so they haven’t any shame taking thousands and thousands while Nancy Pelosi leads a celebration that is devoted to virtue signaling in regards to the sins of capitalism.
There ought to be a law against that.