Welp, that didn’t take long.
Wie ich in February berichtete, in einem Artikel titled NFL star uses perfect analogy to blast members of Congress like Pelosi who trade stocks, Speaker Nancy Pelosi and her husband Paul have become multimillionaires during Madam Speaker’s 33 years in Congress. Coincidence? It’s your call.
House Speaker Nancy Pelosi and her husband Paul — who owns a San Francisco-based real estate and venture capital investment and consulting firm — have amassed an estimated net worth of somewhere between $46 million and more than $120 million, depending on the accuracy of various sources, despite Pelosi’s 33 years in Congress and current annual salary of $193,400.
Paul Pelosi purchased upwards to $1 million in Tesla options call options in December, an unreported transaction. Documents showed that Joe Biden had announced his plans to substitute the federal auto fleet entirely with electric cars weeks later. The number of Teslas in the federal car fleet was not specified. However, Mr. Pelosi is allowed to exercise his shares as long as the amount remains above $500.
You get the idea.
At the time of this writing, Tesla stock was trading at $916.30. For those of you keeping score at home, if the Pelosis sold their options at this price, they would realize a gain of $416.30 per share — In less than a month, more than 83%
Obviously, the Pelosis are “master” stock
Manipulatorstraders.
Pelosi appeared open to stock trading bans by spouses members of Congress in January, as I noted in the article. This is a drastic shift from her prior stance which members had. Their families Should be permittedTo make these financial transactions.
It was there, it is here. This Monday headline from Just the News tells Pelosi’s current tale: Pelosi evades extending individual stock trading ban to spouses of lawmakers
To revisit, while members of Congress and certain congressional officers or employees can invest in widely held investments, such as diversified mutual funds, managed investment portfolios, and exchange-traded funds, the Ban Conflicted Trading Act “prohibits a Member of Congress or certain congressional officers or employees from (1) purchasing or selling specified investments, (2) entering into a transaction that creates a net short position in a security, or (3) serving as an officer or member of any board of any for-profit entity.”
House Democrats are continuing to debate whether or not to expand the Act to their family members, as the majority caucus. Pelosi is Pelosi. She hems, haws, and stammers as the defiant, deflecting liar extraordinaire who has characterized her tenure in Speaker.
Just the News reported that Paul Pelosi’s stock purchase of millions has been a major story over the years. Pelosi was directly asked if Stock Trading Bans should be extended to include spouses of Congress. Pelosi responded immediately, and JTN transcribed her:
I’m a big believer in our committees [So what? Same thing she says every time. Of course she’s a “big believer” in her left-wing comrades], and we’ve tasked the House Administration Committee to review the options that members are putting forth — and they have different views on the subject. [Blah blah blah, blah blah blah blah blah.]
But I’d said that certain criteria [What criteria, specifically?]That was what I really wanted to see. [sic] whatever — whatever design they have for that, that’s one. [Classic Pelosi gobbledygook.]
We must also increase penalties for violators of the STOCK Act. [Those who get caught, she means.] It’s apparently not sufficient to deter [the] behavior. [Ya think? Look at your bank account, Madam Speaker.]
Pelosi then hedged her comments — being the master hedger she is — by pointing out that the judicial branch, specifically the Supreme Court, currently has zero disclosure rules around stock purchases.
There is no report of stock transactions. It makes crucial decisions each day. [In other words, suggests Pelosi, SCOTUS doesn’t deem looking into question stock trades by members of Congress and the spouses “important.”]
Believe in integrity and honesty in public servants. [Uh-huh, which she continues to say ad nauseam — every time meaningless.]
This is my goal. [You don’t give a damn what the public understands or not. See: “We have to pass the bill (ObamaCare) before you can see what is in it.”]
It is important to take this action to discourage something that we consider a problem. But it should not be taken as an issue of confidence. [Then why in the hell do you continue to flip back and forth on it like a drunken, crazed seal?]
And if That’s what the members want to do, then that’s what we will do. [Memo to Nancy: What a complete crock of crap. Your members do exactly what you tell them to do. Know why? Because they fear your wrath if they fail to obey.]
Pelosi also noted that members of Congress don’t pay capital gains taxes upon the sale of appreciated securities, which, as a Certified Financial Planner for 27 years, I find particularly troubling — from the “Why the hell not?” perspective.
“But it’s complicated, and members will figure it out, and then we’ll go forward with what the consensus is,” she said. Bullcrap. When you have the ability to pass laws favorable to yourself, what is “complicated” about that, Nancy? Please ‘splain it to me.
These people — Democrats — will never change.
Democrat Speakers, Democrat Senate Minority Leaders, Democrat Presidents all come and go. However, the tune remains the same. That is, unless you count the Biden Pelosi-Schumer trioika.
The song has become a sort of funeral dirge, for America as it is.
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