This may surprise many people (sarcasm intended), but House Speaker Pelosi’s (D-CA) husband, Paul Pelosi, just cashed in again.
With a huge vote about to hit the floor, Pelosi exercised millions of dollars in stock options for one of the bigger chip manufacturing companies in the business.
On Monday alone, he made more than $100,000 from the trade.
Insider Trading?
I have long been an advocate for blocking members of Congress and their immediate family members from being able to trade individual stocks.
The reason for that is made abundantly clear in this trade.
Pelosi’s husband purchased somewhere between $1 and $5 million in stocks for NVIDIA Corporation.
He exercised the options last week, with the vote coming on Tuesday in Congress.
If the vote passes, $52 billion in subsidies will go to chip manufacturers, with NVIDIA surely getting a massive chunk of that cash.
Pelosi wants us to believe that she had nothing to do with this trade.
Her 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.”
So we are supposed to believe that several months ago, when the options were first purchased, Nancy did not whisper to Paul what the feel on this legislation was, right?
Rep. James Comer (R-KY) responded, “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.”
Technically, you don’t have to “know” which way the stock is going to go, but I think we get the idea.
Options are a big gamble, yet Pelosi always seems to make the right move.
You tell me… insider trading or is Paul Pelosi just the smartest investor in the world?
Source: Fox Business
