OPINION: This article contains commentary which may reflect the author's opinion
After reports of insider trading went viral and became a massive embarrassment for the failing Democrat Party at a crucial time, Paul Pelosi, the husband of US Rep Nancy Pelosi, tried to cover up the couple’s corruption by dumping the stock he had purchased- and losing some money.
“Paul Pelosi — and to a degree, his lawmaker wife — came under intense scrutiny for making a multi-million dollar purchase of stock in a computer chip company as Congress was debating legislation to provide tens of billions of dollars to American chip makers as part of an effort to rely less on China,” Jon Dougherty reported.
Posters on social media were cynical about the reported loss to the Pelosis:
Paul Pelosi dumped $5 mil in microchip stock he bought days before congress passed a bill to increase microchip production. This means the Pelosis will have to get by on the $250 mil they’ve made doing the same thing for the last 4 decades.”
After accusations of insider trading, Paul Pelosi dumped $5 mil in microchip stock he bought days before congress passed a bill to increase microchip production.
This means the Pelosis will have to get by on the $250 mil they've made doing the same thing for the last 4 decades.
— NotKennyRogers (@NotKennyRogers) July 27, 2022
Even leftward-leaning, Richard Fisher of CNBC, blasted Nancy and Paul Pelosi for insider trading telling show hosts the other day.
“People have been taking advantage of inside information forever. I’m not against their tapping that down and I’m sorry to see that Paul Pelosi and Nancy Pelosi and others appear, It’s all appear at right now, we don’t know the facts- but appear to obtain an advantage of inside information. So something needs to be done, but let’s be careful with the fed. You need people Rob Kaplan. By the way, was a great assistance to the committee and to the chair, he understood markets. So, I’m a little bit worried about this as we go through time,” Fisher said.
Paul Pelosi is getting slammed in the media.
“Paul Pelosi invested “millions in Nvidia Corporation” while selling “large quantities of Visa and Apple stocks and call options,” The Epoch Times noted, citing a disclosure from the Speaker, a California Democrat.
The outlet added:
According to the filing, Paul Pelosi exercised 200 call options, or 20,000 shares, of Nvidia at a strike price of $100 and expiration of June 17, 2022, worth between $1 million and $5 million.
On that same date, her husband also sold 50 call options in Apple at a strike price of $100, with the transaction listed with a value of between $100,000 and $250,000.
Call options are a contract between a buyer and a seller to purchase a certain stock, bond, commodity, or other assets at a certain price up until a defined expiration date.
Nvidia is a multinational corporation that designs and manufactures graphics processors and other technology and is heavily reliant on semiconductors. The House passed a bill in February that included $52 billion in domestic subsidies for the semiconductor industry, and chip companies, including Nvidia, demanded Congress in June move forward on finalizing semiconductor subsidies for domestic manufacturing.
The Pelosis were not able to recover from the scrutiny they received.
“It certainly raises the specter that Paul Pelosi could have access to some insider legislative information,” government affairs lobbyist for left-wing think tank Public Citizen, Craig Holman, told the Daily Caller News Foundation. “This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise.”
The trade received so much hostility, that Paul had to make a move- according to the Washington Examiner:
House Speaker Nancy Pelosi’s (D-CA) husband sold $4.1 million in Nvidia stocks at a loss, according to a filing. The Pelosis had been facing criticism over the purchases, as they were disclosed while Congress considers legislation offering billions of dollars in subsidies and tax credits to assist the U.S. semiconductor industry.
Paul Pelosi lost $341,365 in the transaction, selling 25,000 shares, according to the filing. Shares have since jumped 7.8%, Forbes reported.
“Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue,” Drew Hammill, Nancy Pelosi’s deputy chief of staff, said in a statement.
Nancy Pelosi has denied any wrongdoing regarding her husband’s stock purchases.
“The Speaker does not own any stocks. 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,” Hammill told the Washington Examiner on July 18.
Conservative Brief added that in May, Paul Pelosi was charged with driving under the influence of alcohol causing injury, and driving with .08 percent blood alcohol level or higher causing injury.
Though it took some time and pressure from a few media outlets like Fox News, eventually authorities released his mugshot.
Pelosi’s attorney released a statement following his arrest.
“Several news reports about Saturday night’s traffic incident involving Paul Pelosi have included incorrect information,” the attorney said. “Mr. Pelosi was attending a dinner party at the home of friends near Oakville.”
“He left that party at 10:15 PM Saturday, to drive to his home a short distance away. He was alone in his car,” the statement continued. “After stopping at the intersection of Walnut Drive and Highway 29, and proceeding across Highway 29 to Oakville Cross Road, his car was hit on the back fender by a Jeep heading southbound on Highway 29.”