House Speaker Nancy Pelosi has made millions of dollars in the stock market on companies she regulates according to noted independent journalist Glenn Greenwald. Pelosi is loaded and even owns one of the toys of the ultra-wealthy – a Napa Valley winery.
Greenwald writes, “ “House Speaker Nancy Pelosi (D-CA) is the sixth-richest member of Congress, according to the most recent financial disclosure statements filed in 2019. As the California Democrat has risen through party ranks and obtained more and more political power, her personal wealth has risen right along with it. Pelosi “has seen her wealth increase to nearly $115 million from $41 million in 2004,” reports the transparency non-profit group Open Secrets. Even by the standards of wealth that define that legislative body — “more than half of those in Congress are millionaires” — the wealth and lifestyle of the long-time liberal politician and most powerful lawmaker in Washington are lavish.”
Greenwald goes on to note that, “the sector in which the Pelosi’s most frequently buy and sell stocks is, by far, the Silicon Valley tech industry. Close to 75% of the Pelosis’ stock trading over the last two years has been in Big Tech: more than $33 million worth of trading.”
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Greenwald goes on with his devastating indictment of our current system using Pelosi and her husband to show its corrosive effects. He wrote:
“Indeed, all five of the Pelosis’ most-traded stocks over the last two years just so happen to be the five Silicon Valley giants that would be most affected by pending legislation. Four of them — Apple, Amazon, Facebook, and Google — were all of the companies identified by the House Antitrust Subcommittee as being classic monopolies, while the fifth — Microsoft — has sent executives to repeatedly testify before Democratic-led House committees to defend Democrats’ pending bills.
“In other words, the Pelosis are trading stock most heavily in the exact companies whose future can be most shaped by the bills Pelosi and her lieutenants are negotiating and shepherding through Congress.
“Sources who refused to be identified tried to convince the Times’ reporters that “Ms. Pelosi pushed back on Mr. Cook’s concerns about the bills.”
“But in doing so, they confirmed the rather crucial fact that Pelosi was having personal, private conversations with the CEO of a company in which she and her husband were heavily invested and off of which they were making millions of dollars in personal wealth. “And Pelosi, according to the report, asked Cook what changes were needed to avoid harming Apple and other Silicon Valley giants.
“All of this is even more disturbing because, as Fox Business put it, “this is not the first time that investments made by Paul Pelosi have been made in close proximity to happenings in Congress.” Two of the most disturbing incidents:
“Paul Pelosi in March exercised $1.95 million worth of Microsoft call options less than two weeks before the tech stalwart secured a $22 billion contract to supply U.S. Army combat troops with augmented reality headsets.
“In January, he purchased up to $1 million of Tesla calls before the Biden administration delivered its plans to provide incentives to promote the shift away from traditional automobiles and toward electric vehicles.
“In response to media inquiries, Pelosi denied that she is involved in or even has knowledge of her husband’s stock trading.
“There is, of course, no way to confirm or disprove that, but what is clear is that the vast wealth generated by those stock trades in companies Pelosi greatly affects — and about which she clearly has non-public information — directly enriches Pelosi herself.
“Can even the hardest-core Democratic partisan loyalist justify this blatant conflict of interest and self-dealing?”
It is a question Nancy needs to answer and one she needs to answer now. You can read Glenn’s full report here.