Nancy Pelosi and her husband have invested millions of dollars in call options. Several Days After She Defended Congress, She Was Permitted To Purchase Stock: Report
House Speaker Nancy Pelosi (D-CA) and her husband, Paul Pelosi, purchased millions of dollars worth of call options on stocks just days after she defended members of Congress’ ability to purchase stocks. Pelosi and her husband purchased the call options on stocks through a mutual fund they established.
Earlier this month, Pelosi engaged in the following conversation with a reporter, which is reproduced below:
REPORTER: Madam Speaker, Insider just completed a five‑month investigation finding that 49 Members of Congress and 182 senior Congressional staffers have violated the STOCK Act, the insider trading law. I’m wondering if you have any reaction to that. And secondly, should Members of Congress and their spouses be banned from trading individual stocks while serving in Congress?
NANCY PELOSI, HOUSE SPEAKER: No, I don’t – no, to the second one. Any – we have a responsibility to report in the stock – on the stock. But I don’t – I’m not familiar with that five month review, but if the people aren’t reporting, they should be.
REPORTER: Why shouldn’t they be banned?
PELOSI: Because this is a free market and people – we are a free market economy. They should be able to participate in that.
Nancy Pelosi and her husband purchased millions of dollars worth of call options on companies like Google, Salesforce, Roblox, and Disney only a few days after making the statements, beginning on December 17th and continuing through December 21st, according to the public records.
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As reported by the New York Post:
The Pelosi family’s trades this month include Google and Salesforce call options worth between $500,000 and $1 million each, as well as Roblox call options valued at between $100,000 and $250,000. The duo also bought up between $250,000 and $500,000 in calls for chipmaker Micron Technology and between $100,000 and $250,000 of Disney call options.
Paul Pelosi runs Financial Leasing Services, a real estate and venture capital investment and consulting firm. In recent years he’s made big-money bets on companies his wife is supposed to regulate, including Amazon, Apple and Google. December’s calls — which are set to expire in late 2022 and early 2023 — show that the Pelosis believe tech stocks are going to continue their current bull run in the new year, according to Thomas Hayes of Great Hill Capital.
Nancy Pelosi has received a significant amount of criticism for supporting the right of members of Congress to own stock, including criticism from members of the political left.
House Speaker Nancy Pelosi is once again attempting to “luck” in the stock market, this time by purchasing millions in call options on companies like Google, Roblox, and Disney, according to journalist Glenn Greenwald on Twitter. “I believe Pelosi will be successful. “It is difficult to gamble against one of the wealthiest politicians on the planet, particularly considering her stock market prowess,” says the author.