Former Dallas Fed chief: Pelosi is taking “advantage” of insider info on stock trades

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WASHINGTON, DC- In 2004, so-called “lifestyle expert” Martha Stewart was sentenced to five months in prison for insider trading.

The CEO of failed energy Enron was sentenced to 24 months in prison, also for insider trading. These are just two of the more “famous” cases, however people get sent to jail for insider trading all the time.

With all of that in mind, it will be interesting to stand by and see absolutely nothing happen to Nancy Pelosi and her husband the drunk, Paul Pelosi. Even amateurs can see that nobody, especially a drunken lush like Paul Pelosi can be that skilled (or lucky) in executing stock trades.

They are clearly availing themselves of information the Speaker gets by virtue of her position. Now, at least one expert has reached the same conclusion.

The Daily Caller reports that a former chairman of the Federal Reserve of Dallas believes the same thing. Appearing on CNBC’s “Squawk Box,” Richard Fischer, who chaired the Federal Reserve of Dallas for ten years between 2005 and 2015 believes the Pelosi’s are indeed engaged in insider trading.

“Clearly people have taken advantage of inside information forever,” Fischer said. “I’m sorry to see that Paul Pelosi and Nancy Pelosi and others appear to have taken advantage of insider information. Something needs to be done.”

Fischer’s comments come on the heels of a Daily Caller News Foundation report last week which detailed that Paul Pelosi sold up to $5 million of stock in a tech company Nvidia just before the Senate approved a bill giving massive government handouts to chip manufacturers.

It was only after the June purchase of the stock became public and people started asking questions of Nancy Pelosi that they suddenly decided to launch the stock, at a loss of approximately $341,000, according to a financial disclosure.

The DCNF reported that Nvidia “designs and manufactures graphics processors and other technology, and is heavily reliant on semiconductors.

Nancy Pelosi’s spokesman Drew Hammill, who clearly thinks the American people are stupid, claimed that Paul Pelosi “does not discuss these matters” with his wife until after the trades have been made.

In other words, he’s claiming that Nancy Pelosi is clueless (which admittedly she typically is) about enormous financial investments being made by her husband, whom she files her tax returns with.

“Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue.”

It’s all legitimate, you see.

The Nvidia purchase is only the latest in a series of stock purchases and sales made by Paul Pelosi which have made the couple one of the richest in Congress.

As reported in ZeroHedge, the couple have come under increasing pressure from watchdog groups and GOP members of Congress over a series of trades over the years which have had questionable timing.

For example, in March of 2021, the couple realized $1.95 million on Microsoft call options only two weeks before the company received a $22 billion contract to supply the US Army with “augmented reality” headsets.

In January of the same year, Paul Pelosi purchased up to $1 million of Tesla calls just before the Biden administration announced a massive push of electric vehicles.

More recently, the couple sold millions in Visa and Apple calls.

For example, on June 21, 2022, Paul Pelosi sold a partial stake of 10,000 shares of Visa, while shortly therafter, the Senate announced a bill which would have targeted both Visa and Master Card over credit card fees, a bill that aimed “to create more competition among U.S. credit card networks.”

Meanwhile, Reuters reported last week that House Democrats are pushing a ban on members of Congress from trading stocks, which is expected to be introduced in August. The ban would extend to spouses of members as well as staff.

DCNF reached out to Pelosi’s comment, however none was received. She has repeatedly claimed the old Hogans Heroes Sgt. Schultz mantra…”I know noooothing! I see noooothing!”

https://fundourpolice.com/

For more on insider trading conducted by members of Congress, we invite you to read one of our prior reports:

DIG DEEPER

The following contains editorial content which is the opinion of the author.

WASHINGTON, DC- This woman is literally insane. Law Enforcement Today has previously reported on the questionable financial dealings of House Speaker Nancy Pelosi (D-CA), whose husband Paul has had some amazingly timed stock purchases over the past several years.

Now, after an investigation revealed that dozens of congressional members had illegally engaged in transactions which break insider trading laws, according to the Daily Wire.

During a press event Wednesday, a reporter asked Pelosi:

“Madam Speaker, Insider just completed a five-month investigation finding that 49 members of Congress and 182 senior Congressional staffers have violated the STOCK Act, the insider trading law,” he said. “I’m wondering if you have any reaction to that.”

“And secondly, should Members of Congress and their spouses be banned from trading individual stocks while serving in Congress?” he asked.

Pelosi, in her usual stammering, stuttering diarrhea of the mouth said:

“No I don’t—no, to the second one. Any—we have a responsibility to report in the stock—on the stock,” the mumbling, bumbling Pelosi answered. “But I don’t—I’m not familiar with the five month review, but if they people aren’t reporting, they should be.”

“Why shouldn’t they be banned?” the reporter asked.

“Because this is a free market and people—we are a free market economy,” Pelosi said. “They should be able to participate in that.”

That’s pretty amusing, actually. Pelosi, who is a constant critic of the capitalist system suddenly touts “free markets” when it financially benefits her and her husband.

According to Business Insider, Pelosi’s sudden embrace of the free market flies in the face of progressives in her own party, including bartender turned representative Alexandria Ocasio-Cortez (D-NY) and Sen. Elizabeth Warren (D-MA), both who have publicly called for members of Congress to be banned from trading stocks while in office.

It’s truly scary that in this case, we actually find ourselves agreeing with the two liberal loons.

“It is absolutely ludicrous that members of Congress can hold and trade individual stock while in office,” Ocasio-Cortez wrote in a recent tweet.

“The access and influence we have should be exercised for the public interest, not our profit. It shouldn’t be legal for us to trade individual stock with the info we have.”

Meanwhile Warren told Business Insider that she had seen copies of the investigation and sharply criticized the “brazenness” of Congressional members and their staffs to engage in stock trading even while they had access to privileged information.

“We need both tougher laws and enforcement of those laws,” Warren said. “The American people should never have to guess whether or not an elected official is advancing an issue or voting on a bill based on what’s good for the country or what’s good for their own personal financial interests.”

In response to the report and when asked for clarification of Pelosi’s remarks, Pelosi spokesman Drew Hammill said Pelosi prefers a “transparency-focused” approach to congressional insider trading.

“The STOCK Act exists to shine a bright light on trades by members of Congress,” he said. “Sunlight is the best disinfectant.”

Mediaite of all outlets actually took Pelosi to task for the insider trading, writing that the Speaker “routinely makes headlines with her husband for their prophetic ability to make winning trades.”

The Pelosi’s “stock trading prowess” recently made news for their prolific stock trading acumen from last January, when Paul Pelosi purchased between $500,000 and $1 million in call options in Tesla stock at a “strike” price of $500. Last month, the stock hit a new historical high in November, hitting a price in excess of $1200 per share.

One estimate showed that last year alone, the Pelosi’s made a 45.59% return on stocks, along with a 66.7% return on options trading. Amazing luck, isn’t it?

According to the Business Insider report, the 49 members of Congress and 182 Capitol Hill staffers submitted stock disclosures past the required deadlines for trades executed in the years 2020 and 2021, legally required under the STOCK Act.

Under the law, they face fines of $200 for first offenses, an amount which increases over time. Congressional ethics staff have refused to confirm if any of those who acted illegally had been fined.

From a separate report in Business Insider:

Pelosi, the speaker of the House, reported personal wealth spread out among property holdings, mutual funds, and stocks owned by her husband. The only assets that Pelosi reported owning or joint-owning were here home in Napa, California, and a Wells Fargo bank account containing less than $15,000.

Pelosi’s husband had holdings in corporations such as Slack, Tesla, Disney, Visa, Salesforce, PayPal, Alphabet, Facebook, and Netflix—companies that together spend tens of millions of dollars each year lobbying the federal government.

Pelosi reported at least $20 million in liabilities that mostly involved mortgages on properties in California and Washington, D.C.

According to a tweet from Benny Johnson, Pelosi’s annual salary is $223,500 while her net worth is about $100 million dollars.

The above indicates how members of Congress play fast and loose with the rules.

In fact, Pelosi’s spokesman himself shows how disingenuous the Washington, DC elite are, acting as though because the stocks are in the “name” of Pelosi’s husband that somehow disconnects her from them.

“The speaker does not own any stocks,” Hammill said. “As you can see from the required disclosures, with which the speaker fully cooperates, these transactions are marked ‘SP’ for spouse. The speaker has no prior knowledge or subsequent involvement in any transactions.” 

What a crock.

Business Insider said that numerous examples have been identified by them whereby federal lawmakers engaged in stock trading within industries they oversee as part of their congressional committee assignments, including within the defense, healthcare, and energy industries.

The information is included in a report called “Conflicted Congress,” which paints an interesting picture of who in Congress is engaged in questionable financial shenanigans.

The report also examined what industries or companies saw the most ownership within members’ stock portfolios. Among the leading companies are tech giants Apple, Google, and Microsoft. Members also have significant stakes in two of the companies producing COVID-19 vaccines…Pfizer and Johnson & Johnson.

Two men arrested and charged with the attempted murder of a Chicago cop after shooting him during a traffic stop

For more on the Pelosis’ “impeccable timing” in stock purchases, we invite you to read our prior reporting on the issue:

DIG DEEPER

WASHINGTON, DC- When the founding fathers developed our system of government, it was never intended as a means for our political leaders to get wealthy. Yet here we are. The House and Senate are both chock full of very wealthy people, in many cases multi-millionaires.

One of the more flagrant examples of turning a political career into exorbitant wealth is Speaker Nancy Pelosi, who has served in Congress for nearly 34 years. During that time, Pelosi has managed to amass a net worth of $315 million as of 2020, according to a Watters World investigation by Fox News’ Jesse Watters.

Watters started looking into Pelosi after her pork-laden improperly named “infrastructure” bill failed to gain traction in Congress as members of her own caucus couldn’t reach an agreement. Watters condemned Pelosi’s policies, slamming them for making it “harder and harder for average Americans to accumulate wealth,” while saddling them with confiscatory taxes and “destroying the dollar with reckless spending.”

While average Americans have difficulty accumulating wealth, members of Congress have no such issues, especially Pelosi. While her salary as Speaker earns her a salary in the low six-figure range, Crazy Nancy sits as one of the wealthiest members of Congress.

Watters was curious to know what Pelosi’s secret sauce was and the answer came in the name of her husband, Paul Pelosi.

“After they got married, Paul opened up a real estate and venture capital firm. And through his connections, he pushed Nancy into the political world, helping her get elected to Congress in 1987,” Watters said.

“The couple has timed the market perfectly over the years, while Nancy’s been a Washington insider,” Watters said. “Real estate, stocks, the Pelosi’s always know what the right investment is.”

Among the Pelosi’s holdings include a mansion in Napa Valley worth a tidy $25 million, a waterfront condominium in Washington, D.C. worth over $2 million, and a brick mansion in California’s Pacific Heights. Not bad for low six figures.

Watters found however that wasn’t all of the Pelosi’s real estate fortune. Watters noted that Paul Pelosi owns commercial properties in San Francisco which “combined [are] worth up to $50 million.”

The year 2018 began to accelerate the Pelosi’s wealth, when it exploded.

“That year, her financial disclosure report revealed a net worth of over $114 million. IN 2019, Pelosi’s assets total up to a whopping $271 million and in 2020, those numbers went up even more to as high as $315 million,” an increase of nearly 300%.

Not bad for three years of investment.

The Pelosi’s haven’t only earned their money in the real estate market.

“In 2007, Visa worried the new Democrat Congress would target their swipe fees, costing them billions. So they hired a team of lobbyists who descended on Pelosi,” Watters said. “”Visa’s CEO personally met with her. She got donations from them. One of his advisers left and became a Visa lobbyist himself.”

After this, an amazing stroke of luck befell the Pelosi’s.

“Suddenly, Paul Pelosi got a phone call from his broker. He was in luck,” Watters continued. “Paul was offered a prescreened invite to get in early on Visa’s $18 billion IPO. Did Nancy and her husband hesitate? No, they bought between $1 million and $5 million worth of Visa stock.

But it gets better. While Pelosi was speaker, bills that would have hurt Visa’s stock price were blocked in the House, with Visa’s shares going up over 200 percent during the time, making the Pelosi’s a fortune on paper.”

“In January [2021], the Pelosi’s got a million dollars of Tesla stock right before Joe Biden announced electric car incentives in June. The Pelosi family cashed in big time just before Congress was set to pounce on Big Tech. Mr. Pelosi exercised options on Google’s parent company, Alphabet, making an easy $5.3 million.”

In most places that is called “insider trading.” Remember last year when former Georgia Sen. Kelly Loeffler and others were excoriated by the media for seizing on the COVID-19 pandemic by making some convenient stock moves? Pelosi makes Loeffler look like an amateur, yet all  we hear are crickets.

But wait, there’s more.

“In March, Paul Pelosi exercised $2 million worth of Microsoft options, just two weeks before the tech giant got a $22 billion contract to equip the U.S. Army with high tech headsets,” Watters said.

“The Pelosi’s have never been indicted for insider trading, but her marriage investments and access, combined with extremely fortunate timing, have created a lot of suspicions [emphasis added] All we’re doing is following the money, and there sure is a lot of it,” Watters concluded.

Remember this the next time Pelosi talks about “millionaires and billionaires.”


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