Nancy Pelosi and her husband must need cash for something (or are just greedy, I suppose), as Paul Pelosi just made a stock trade that raising eyebrows all across the country, spending millions on stocks in the highly important microchip sector just before the Congress is set to vote on a bill that would subsidize that sector of the economy in a major way as an attempt to compete with Red China, leading one well-known stock market update account to tweet out “Pelosi Capital is back! 💸“.
Perhaps that DUI was financially deleterious and he needed to make a quick buck.
Here are the details of the trade as reported by Fox Business:
Paul Pelosi, House Speaker Nancy Pelosi’s husband, made a stock purchase of over $1 million in a computer chip company just weeks before a potential vote in congress which would give a massive subsidy to the industry.
Mr. Pelosi made a purchase of between $1 million and $5 million shares of Nvidia, which is a semiconductor company, according to a disclosure filing made by Pelosi’s office. He exercised 200 call options, or 20,000 shares, the disclosure states.
Reuters reported that the Senate could vote on a bill that contains billions of dollars in subsidies within the semiconductor industry as early as Tuesday.
The bill could send as much as $52 billion in chip subsidies as well as tax credits in order to increase competitiveness with China.
YahooFinance, adding more details on what exactly it was that Paul Pelosi did, reported that:
Paul Pelosi exercised 200 call options, or 20,000 shares, of NVIDIA worth between $1 million and $5 million, according to the disclosure, which Nancy Pelosi filed Thursday with the House of Representatives.
Though Congress is yet to vote on the bill and whether or not it will pass is unclear, the nature of the trade and the close connection between was Nancy is trying to push through Congress and how Paul would likely make money on the trade (subsidies being good news for the stocks that pushes their prices up) has made many people uncomfortable.
For example, Craig Holman, who is a Capitol Hill lobbyist for a left-leaning think tank called Public Citizen, said:
“It certainly raises the specter that Paul Pelosi could have access to some insider legislative information. This is the reason why there is a stock trading app that exclusively monitors Paul’s trading activity and then its followers do likewise.”
Oh, and Pelosi supports the chip bill, as ZeroHedge reported, saying:
But then, what did Speaker Pelosi do just hours after disclosing the trade, on Friday? She threw her weight behind a stalled $50 billion CHIPS PLUS bill that “would provide $52 billion in funding for semiconductor manufacturing grants and investment tax credits for the chip industry,” according to RollCall.com.
Pelosi has long been a target of corruption hawks because of her husband’s suspiciously timed stock trades. The New York Post, for instance, reports that Paul Pelosi has made millions trading tech stocks at a time when Nancy Pelosi is being accused of slow-walking legislation that would regulate the tech sector, something that would likely hurt the prices of those stocks.
Pelosi herself was also initially firmly against a bill that would stop lawmakers from trading stocks, claiming that they should be able to because we’re a “free market” economy, though she later walked back that comment after being harshly criticized for it.