House Speaker Nancy Pelosi (D-CA) appears to have just been caught with her hand in the cookie jar.
The Daily Caller reports that Pelosi’s husband, Paul Pelosi, has purchased up to $5 million in stock of a computer chip company just as Congress is about to vote on a bill to give billions to computer chip manufacturers.
Maybe this is how Pelosi –a so-called government servant — has managed to accumulate $120 million during her years in government?
Paul Pelosi’s stock purchase took place on June 17. This information comes from a disclosure that was released this past week.
What the documents show is that Paul Pelosi purchased 20,000 shares of Nvidia. Those shares are valued at between $1 million and $5 million.
For those unfamiliar with Nvidia, it is “a technology company known for designing and manufacturing graphics processing units (GPUs).” As such, it is very reliant on semiconductors. The multinational corporation, in fact, is one of the largest semiconductor companies in the world.
Connecting the dots
It just so happens that Congress is about to vote on a bipartisan bill that would, according to the New York Post, “set aside $52 billion to boost domestic semiconductor manufacturing and give tax credits for production.”
Nancy Pelosi’s House of Representatives passed a similar bill in February. And, the U.S. Senate is expected to vote on their bill this upcoming week. It is unclear whether or not it will pass.
But, the alarm is being sounded by many about Paul Pelosi’s stock purchase.
The Daily Caller quotes Craig Holman, a government affairs lobbyist for the left-wing think tank Public Citizen, as suggesting that Paul Pelosi’s stock purchase “raises the specter” of 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.”
We will have to see how this all plays out – the bill, after all, isn’t law just yet. But, the truth is that the chances of Pelosi being held accountable are almost zero. Countless congress members have been caught doing this same thing many times, and we hardly ever seen any consequences for it.