Nancy Pelosi was groaning after her husband was caught in this secret deal
Politics has become a lucrative profession for Nancy Pelosi.
She was hoping to keep one move out of the public eye.
And Nancy Pelosi was groaning after her husband was caught in this secret deal.Former Speaker of the House Nancy Pelosi (D-CA) has been a fixture in Washington, D.C.’s “Swamp” for decades.
She and her husband, Paul Pelosi, have amassed a vast fortune estimated to be over $140 million during her time in public service.
Paul Pelosi has been able to add to their wealth with a series of well-timed stock picks of businesses that coincidentally are facing Congressional regulation or in line to receive government subsidies.
He raised eyebrows again after he bought between $1 million and $5 million in call options at a stock price of $122 for the stock of chip maker Nvidia according to Congressional disclosure forms.
This comes as the Biden administration is poised to dole out nearly $52 billion in government subsidies and tax credits from the CHIPS and Science Act to boost American chip makers against their Asian competitors. Paul Pelosi previously made a purchase of $5 million worth of Nvidia stock in June 2022 before the Senate voted on tax credits and subsidies for American chip makers.
Nvidia announced its third-quarter financial results the day before Pelosi’s stock buy, which reported a 34% jump from the previous quarter and a 202% increase year-over-year.
The chip maker has seen massive gains from supplying computer chips to the rapidly growing AI (artificial intelligence) sector.
Secretary of Commerce Gina Raimondo announced that Nvidia is in talks with the Biden administration about what chips the company is allowed to export to China.
Raimondo said that the administration wants to limit the advanced chips the company can export to the communist nation. Nancy Pelosi and her husband are making a major financial bet that a company, that Congress regulates and is going to receive government subsidies, is going to continue to make massive gains.
Public Citizen government affairs lobbyist Craig Holman told the Daily Caller News Foundation last year that the Pelosi family stock trading raises questions about insider trading.
“It certainly raises the specter that Paul Pelosi could have access to some insider legislative information,” Holman said. “This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise.”
So successful are the Pelosis at stock picking that a social media account, Pelosi Portfolio Tracker, was set up to track the couple’s market-beating returns.
A call option is a bet on which direction a stock is headed and to place millions of dollars on one stock an investor would have to be almost certain which way the stock will go.Nancy Pelosi’s stock portfolio is one of the most infuriating examples of corruption coming from the “Swamp.”
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