House Speaker Nancy Pelosi vehemently denied her husband had inside knowledge when he made a major stock purchase last month — ahead of a possibly lucrative move by Congress.
On June 17, Paul Pelosi purchased as much as $5 million in Nvidia shares. This is a major computer chip and software company, and Pelosi exercised 200 call options, or 20,000 shares, according to the required financial disclosure.
He is a longtime venture capitalist and presumably does not purchase millions in stock on a whim.
To be clear, Nvidia and affiliated companies stand to benefit from a Senate bill under discussion that directs a whopping $52 billion in subsidies to the semiconductor industry. Its shares enjoyed a profitable decade but have tanked in 2022 to the tune of a 47% loss.
That, however, may be about to turn around, and tens of billions in subsidies can only help its revenue going forward. And it’s not just Republicans who see the shady side to such a purchase — insider information or not.
Left-wing Public Citizen notes that the specter is “certainly” raised that the Speaker’s husband could have the inside track on legislative actions. There is a stock trading app that has one job, and that is to monitor Paul Pelosi’s stock deals and pass them along to investors.
The bill has bipartisan support and targets grants, tax credits, and other incentives towards U.S. companies as they compete with China for primacy in the industry.
Americans who still get their news from the mainstream media will find news of Paul Pelosi’s purchases startling — if they find it at all. A search of transcripts for CNN, ABC, CBS, NBC, and MSNBC found that for four days after the news broke last week, it was not mentioned.
At any given moment there are multiple proposals floating around Congress to block trades by member’s families, and there is merit to this idea. But they never seem to get anywhere.
It’s almost as if this faction and that faction take turns killing each other’s ideas, giving ample evidence that each legislator supported reform but it’s the “other side” that blocked it from going through.