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I have to hand it to Congress… they sure know how to take care of their own.
When Congress started talking about boosting domestic chip production to fight supply chain issues, Paul Pelosi, the husband of House Speaker Nancy Pelosi (D-CA), got the early word and bought a stack of options in NVIDIA, a domestic chip manufacturer.
That bill passed through the House and Senate this week, and Paul Pelosi made a windfall.
Thanks, Guys!
While Pelosi now supports congressional members not being allowed to buy individual stocks, she does not want spouses and immediate family members to be banned.
This is precisely the reason why.
She pretends she knows nothing, but look at this timeline.
In January, Paul Pelosi reportedly purchased 200 options of NVIDIA, with each block being worth 100 shares.
Last week, with this vote looming, Pelosi exercised those options, with the NVIDIA trading around $153.
As I am writing this report, after the legislation passed through the Senate, NVIDIA is trading at $176.75. Let’s call it $176 even for the sake of this report.
That means the Pelosi household just made $460,000 in the space of a week.
I do not care what anyone says, this is the very definition of insider trading and it is how Pelosi has made a killing in the market over the years.
These people are all criminals, and the fact Republicans helped push this legislation through knowing Pelosi stood to make a windfall without demanding an investigation into these stock purchases makes them all complicit.
I would go so far as to say if you look throughout congressional portfolios, a significant number of our members of Congress probably have the same stock in their accounts.
We need legislation to stop this nonsense immediately.
