Pelosis to Become Even More Filthy Rich Fueling Political Insider Trading Doubts

House Speaker Nancy Pelosi and her multimillionaire husband are about to become even richer.

Paul Pelosi is revealed to have bought millions of dollars worth of stock from a semiconductor company just as Congress considers a huge $52 billion package in subsidies to America’s domestic computer chip production.

Getting Filthy Rich Via Strategically Placed Stock Deals

Nancy and Paul Pelosi have a combined net worth estimated by different sources at more than $130 million.

Their fortune hasn’t exactly come for Nancy Pelosi’s taxpayer salary as a Democratic congresswoman from California.

The bulk of the Pelosis’ vast wealth was accrued over the past couple of decades via the House Speaker’s strategically placed buying and selling of corporate stock options.

It is precisely the highly successful stock market trade by Paul Pelosi that fueled suspicions of political insider trading.

(Napa police department)

Second Attempt to Cash In on Insider Knowledge

The Pelosis now seem set to cash in the new law, which seeks to boost the competitiveness of American computer chip and semiconductor manufacturers with sizable tax breaks and a total of $52 billion in federal subsidies.

The bill is expected to be voted upon by the Senate this week, as early as Tuesday.

Paul Pelosi, though, moved to that end well in advance. On June 17, he bought stock options of Nvidia, a major semiconductor producer based in Santa Clara, California, worth between $1 and $5 million.

The revelation was made by The Daily Caller, citing a new disclosure form filed by House Speaker Nancy Pelosi only last week. Nvidia is expected to be among the companies that will reap rich government subsidies based on the new law.

Interestingly, Paul Pelosi also purchased millions of dollars worth of Nvidia stock last year, right before the Senate started to consider subsidizing domestic semiconductor manufacturing.

Besides buying the new 20,000 Nvidia shares, Nancy Pelosi’s new disclosure revealed her husband sold Visa shares worth up to $5 million and also exercised 50 Apple call options in a deal worth from $100,000 to $250,000.

The report quoted US Rep. Ralph Norman who said that “obviously” Nancy Pelosi “would be aware” of the legislation’s “timing in the Senate.”

That is why her family’s purchase of millions of dollars worth of stock in an American chip-making company “just reeks of impropriety.”

Even though a number of Democrats have actually insisted on legal restrictions against stock deals by family members of US lawmakers, Nancy Pelosi has quite naturally and vocally opposed those.

The belief that Nancy Pelosi and her filthy rich husband are engaging in political insider trading seems to be so strong that Craig Holman, a lobbyist for think tank Public Citizen, pointed out an app for stock trading that monitors the market moves of Paul Pelosi and lets its users mimic them.

This article appeared in MorningPress and has been published here with permission.