Democratic House Speaker Nancy Pelosi was called out for her very profitable insider trading Tesla stock deal that she made shortly before the Biden administration released plans to make the federal automobile fleet electric.
Tesla stock has been a darling of Wall Street for years, and the company, as well as corrupt members of Congress, stand to reap huge profits if the federal government mandates that their 645,000 car fleet be overhauled to only consist of electric vehicles.
Pelosi’s Tesla Stock
Pelosi’s most recent financial disclosure report documented that the couple had made 25 stock market maneuvers, known as call options, which will allow Pelosi to buy Tesla shared at $500 a share up to March 2022.
Last month, the stuttering alcoholic speaker of the House’s henpecked husband Paul Pelosi, a wealthy venture capitalist, suddenly bought up to $1 million of Tesla stock when the price was roughly $640.34 a share.
The timing of the moves proved fortuitous.
Shockingly, NOT shockingly Tesla’s stock price has since skyrocketed to $838 a share on the NASDAQ exchange.
This roughly equates to Nancy Pelosi pulling in a cool $300,000 from those 1560 Insider Trading Tesla shares.
Pelosi’s spokesperson called accusations of Insider Trading “not-relevant” since it was Nancy Pelosi’s husband, not the stuttering alcoholic who made the Tesla stock buy.
Capital Hill Criminals
John Pudner, the executive director of TakeBack.org, a conservative political reform organization focused on pay-to-play corruption, blasted Pelosi’s insider trading:
“It’s corrupt and unacceptable for members of Congress, particularly the speaker, to trade stocks in companies affected by their votes in Congress.
Elected leaders from all political parties should live up to a standard of ethics that ordinary Americans see as vital to the country.”
Grumbling about politicians profiting on insider information has dogged figures in both parties over the years.
In 2020, several Republican and Democratic senators were accused of reaping stock market gains after early briefings for Congress on the upcoming shock COVID-19 would deliver to the nation’s economy.
While the Senate’s Ethics Committee cleared its members of wrongdoing in the trades, the allegations haunted former Georgia Republican Sens. David Perdue and Kelly Loeffler who both lost runoff elections earlier this month, tipping the balance of power in the Senate to Democrats.
The Justice Department ultimately closed the investigation against all the senators without charges.
The perception of elected officials enriching themselves on information they obtain that is not always available to average investors is enough to warrant barring them from playing the stock market.
“We know that mere disclosure of securities trades is not enough. The need for a stricter rule is abundantly clear,” Donna M. Nagy, a law professor at Indiana University law professor, wrote in a recent op-ed for Bloomberg Law.
In 2012, Congress passed the Stop Trading on Congressional Knowledge (STOCK) Act, but some critics feel that measure is insufficient.
A complete ban would be better if only to save Congress members embarrassment, said James Trusty, a former federal prosecutor who currently works inside trading cases at Ifrah Law.
“Even if the actual charges are not provable beyond a reasonable doubt or trigger SEC action, the timing of trades with potential insider information always looks bad.
The best route for eliminating the problem would be to have true blind trusts imposed while people serve in Congress.
Not ‘peek-a-boo’ stories or anything murky, just a blanket rule while you’re in office so there’s not even a temptation to cash in on access to information.”
Last month, Massachusetts Hypocrite Democrat Senator, Elizabeth Warren reintroduced anti-corruption legislation that would ban stock trading by congress members.
“After nearly four years of the most corrupt president in American history and with U.S. senators brazenly trading stocks to profit from a raging pandemic, the Anti-Corruption and Public Integrity Act is more urgent than ever,”
As expected, Elizabeth Warren’s office did not respond to questions about whether she believed Pelosi’s sudden Million dollar Tesla stock purchase was not only corrupt but further evidence her legislation was needed.
Don’t hold your breath believing that Elizabeth Warren takes her bill seriously, or will push for its passage.
As TuskerDaily just reported Pocahontas has long painted herself as not only a Native American but also a champion of Middle-Class Americans and a critic of Wall Street.
But on Friday the lying hypocrite through her supposedly beloved middle-class American GameStop traders under the proverbial bus, after she came to the defense of Wall Street Hedge Fund managers.