Paul Pelosi, the husband of US Representative Nancy Pelosi, tried to cover up the couple’s corruption by selling the stock he had bought—and losing some money—after news of insider trading went viral and became a major embarrassment for the faltering Democrat Party at a key moment.
“Paul Pelosi — and to a degree, his lawmaker wife — came under intense scrutiny for making a multi-million dollar purchase of stock in a computer chip company as Congress was debating legislation to provide tens of billions of dollars to American chip makers as part of an effort to rely less on China,” Jon Dougherty revealed.
Social media users expressed cynicism in response to the Pelosis loss:
Paul Pelosi dumped $5 mil in microchip stock he bought days before congress passed a bill to increase microchip production. This means the Pelosis will have to get by on the $250 mil they’ve made doing the same thing for the last 4 decades.”
After accusations of insider trading, Paul Pelosi dumped $5 mil in microchip stock he bought days before congress passed a bill to increase microchip production.
This means the Pelosis will have to get by on the $250 mil they've made doing the same thing for the last 4 decades.
— NotKennyRogers (@NotKennyRogers) July 27, 2022
Even the left-leaning Richard Fisher of CNBC criticized Nancy and Paul Pelosi for alerting program hosts about their insider trading the other day.
“People have been taking advantage of inside information forever. I’m not against their tapping that down and I’m sorry to see that Paul Pelosi and Nancy Pelosi and others appear, It’s all appear at right now, we don’t know the facts- but appear to obtain an advantage of inside information. So something needs to be done, but let’s be careful with the fed. You need people Rob Kaplan. By the way, was a great assistance to the committee and to the chair, he understood markets. So, I’m a little bit worried about this as we go through time,” Fisher added.
The media is criticizing Paul Pelosi.
According to a statement from the Speaker, a California Democrat, “Paul Pelosi invested “millions in Nvidia Corporation” while selling “large quantities of Visa and Apple stocks and call options,” The Epoch Times said.
According to the filing:
Paul Pelosi exercised 200 call options, or 20,000 shares, of Nvidia at a strike price of $100 and expiration of June 17, 2022, worth between $1 million and $5 million.
On that same date, her husband also sold 50 call options in Apple at a strike price of $100, with the transaction listed with a value of between $100,000 and $250,000.
Call options are a contract between a buyer and a seller to purchase a certain stock, bond, commodity, or other assets at a certain price up until a defined expiration date.
Nvidia is a multinational corporation that designs and manufactures graphics processors and other technology and is heavily reliant on semiconductors. The House passed a bill in February that included $52 billion in domestic subsidies for the semiconductor industry, and chip companies, including Nvidia, demanded Congress in June move forward on finalizing semiconductor subsidies for domestic manufacturing.
More on this story via The Republic Brief:
The Pelosis were not able to recover from the scrutiny they received.
“It certainly raises the specter that Paul Pelosi could have access to some insider legislative information,” government affairs lobbyist for left-wing think tank Public Citizen, Craig Holman, told the Daily Caller News Foundation. “This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise.”