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Pelosi, Accused of Insider Trading, Makes Major Stock Move

© AP Photo / Nathan HowardHouse Speaker Nancy Pelosi of Calif., speaks with reporters before signing the PACT Act of 2022 during a bill enrollment ceremony on Tuesday, Aug. 9, 2022, in Washington.
House Speaker Nancy Pelosi of Calif., speaks with reporters before signing the PACT Act of 2022 during a bill enrollment ceremony on Tuesday, Aug. 9, 2022, in Washington.  - Sputnik International, 1920, 26.03.2024
Last week also saw the arrest of a protester who demonstrated at the powerful US lawmaker’s home. The activist is being held on felony charges.
Congresswoman Nancy Pelosi (D-CA) raised eyebrows recently with the revelation the former US House Speaker placed a big bet on a little-known San Francisco tech startup.
A disclosure made last week showed the powerful Democratic Party politician purchased $5 million in stock of the privately-held company Databricks, a cloud data company.
The stake is one of dozens Pelosi holds in US tech companies, some obscure and some well-known such as Tesla and Microsoft. The lawmaker has reportedly invested more than $120 million in stock purchases since entering federal government in 1987. Her net worth is thought to be over $100 million, although her current salary as a US congresswoman is just over $220,000.
Pelosi has never been convicted of criminal wrongdoing in her investment activity, although her portfolio’s impressive return of 65% last year might suggest the legislator is more informed than average traders. US stock indices grew an average of 26% in 2023.
“From an ethical perspective, I believe it is extremely harmful for politicians to trade individual stocks,” said Chris Josephs, the founder of a stock trading service, to US media. “There are numerous jobs out there that don't allow employees [to conduct] trading, yet our most powerful Americans can.”
House Speaker Nancy Pelosi of Calif., speaks during a press conference on Capitol Hill, Wednesday, August 10 , 2022, in Washington. - Sputnik International, 1920, 26.02.2023
Netizens Amused as Pelosi Gets Heckled Over 'Stock Trading', Aid to Ukraine
Pelosi opposed attempts to ban lawmakers from buying and selling stocks in 2021 under the claim such activity could be viewed as insider trading. “We are a free-market economy,” she said at the time. “They [Congress members] should be able to participate in that.”
Former director of the US Office of Government Ethics Walter Shaub slammed the argument as “ridiculous.”
“She might as well have said 'let them eat cake,’” said Shaub, referring to famous comments by the French queen Marie Antoinette. “Sure, it's a free-market economy. But your average schmuck doesn't get confidential briefings from government experts chock full of nonpublic information directly related to the price of stocks.”
In this July 19, 2016 file photo, Rep. Chris Collins, R-NY. speaks in Cleveland. - Sputnik International, 1920, 09.08.2018
New York Rep. Argues Insider Trading Indictment Against Him 'Meritless'
Late last week it was announced that an activist involved in pro-Palestine protests at the California lawmaker’s home had been arrested on felony vandalism charges. Cynthia Papermaster, 77, is reportedly being held on a $50,000 bond.
“We want to see a permanent and immediate ceasefire,” said Papermaster in an interview recently. “We can't control what the Israelis do, but we can control what our own government does, or at least that's the aspiration.”
Pelosi called for the anti-war activists to be investigated by the FBI in an appearance on US television after the incident earlier this year. Pelosi first claimed the demonstrators were being paid by China, then later clarified she believed Russia was behind the act of civil disobedience.
The former House speaker joins the ranks of opponents of US civil rights with her comments; detractors frequently claimed racial justice protests in the 1960s and 70s were fomented by Russia to sow discord in the United States.
Nancy Pelosi, former US House Speaker delivers a laudatio for Jens Stoltenberg, Secretary General of the North Atlantic Treaty Organization (NATO), this year's recipient of the Henry A. Kissinger Prize at the Deutsche Telekom Representative Office in Berlin on November 10, 2023 - Sputnik International, 1920, 29.01.2024
Russians Under the Bed: Pelosi Says Moscow Funding Pro-Palestine Protests
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