Paul Pelosi, the husband of House Speaker Nancy Pelosi, has been accused of insider trading using his wife’s resources.
Pelosi recently exercised $5 million of shares in a semiconductor company just weeks before Congress is due to vote on huge subsidies for the industry. If they pass the vote, the Pelosi family is set to make a massive windfall off of the political buy.
Paul Pelosi bought up 20,000 shares of Nvidia, a Santa Clara company, in a move that was revealed by a recent House financial disclosure made by his powerful wife.
This isn’t his first investment in the company, either. Last year Paul bought up millions of shares of Nvidia while the Senate was voting on semiconductor subsidies in a bill the House never took up.
The Pelosi pair has been accused of insider trading in the past as well after accruing of over $135 million mostly through her husband’s investment activities. While some Democrats and Republicans have supported bills to stop spouses of Congresspeople from trading stocks around issues being decided on in Congress, Rep. Pelosi has consistently opposed the bills.
“Obviously, Speaker Pelosi would be aware of the timing of this legislation over in the Senate,” Rep. Ralph Norman (R-SC) told the Daily Caller. “On the heels of that vote, for anyone in her orbit to purchase seven-figures worth of stock of an U.S.-based chip manufacturer just reeks of impropriety.”
Paul Pelosi was also recently arrested for a DUI while driving back from a party in Napa.
Despite the criticism, it is unlikely that the 82 year old Congresswoman will change her stripes anytime soon. Do you think Pelosi would be rich if they weren’t allowed to make sketchy trades from a position of power?