Nancy Pelosi’s been a leading member of the Washington, D.C. Swamp for decades.
But now Pelosi is facing a reckoning.
And Nancy Pelosi’s got mixed up in a new scandal that will leave you red with rage.
Nancy Pelosi called out for shady stock trade
Nancy Pelosi and her husband Paul continue to benefit from a series of fortuitously timed stock trades.
The latest example of the Pelosi’s financially benefiting for stock trades that just so happened to occur at precisely the right time took place when Paul Pelosi dumped $500,000 worth of Visa stock weeks before the Kamala Harris administration slapped the credit card giant with an antitrust lawsuit.
“Nancy Pelosi’s husband unloaded more than $500,000 worth of Visa stock — less than three months before the credit card giant was slapped with federal antitrust charges, public documents show . . .” the New York Post reported.
“Meanwhile, Christopher Josephs, the tech entrepreneur who runs the ‘Nancy Pelosi Stock Tracker’ on X, posted a screenshot of a congressional filing on July 3 which showed that the former House speaker’s husband, Paul Pelosi, had sold 2,000 shares of Visa worth between $500,000 and $1 million,” the New York Post added.
When Paul Pelosi sold off his Visa stock, there was no public indication an antitrust suit was on the way.
The Biden-Harris Justice Department accused Visa of engaging in monopoly practices with respect to online payment merchants.
“In its agreements with merchants, the Justice Department said Visa imposed an anticompetitive pricing structure that essentially forced them to route all debit transactions through its network or face stiff penalties. Visa also entered into agreements with technology companies including PayPal Holdings Inc., Apple Inc. and Block Inc., which were developing products that would have challenged its stranglehold over payment networks, paying them hundreds of millions of dollars to stay out of the market, the agency said,” Bloomberg reports.
In reaction to the Justice Department hitting Visa with an antitrust lawsuit, shares of the company plunged 5.5%.
By magically knowing to sell off his shares before this lawsuit went public, Paul Pelosi avoided taking a financial hit.
Nancy Pelosi’s exploding net worth
The Washington Free Beacon reported that since 2008 Nancy Pelosi’s net worth shot up by $140 million dollars.
“Her estimated net worth skyrocketed at the onset of the Great Recession, going from $31.4 million in 2008 to $101.1 million in 2010, a 220 percent increase in a window where the S&P 500 decreased by 13 percent. The speaker also reaped a significant return during the COVID-19 pandemic, seeing her estimated net worth jump from $106 million in 2019 to $171.4 million in 2021, an increase of 60 percent,” the Free Beacon reported.
The Free Beacon reported that the Pelosi’s wealth grew in “no small part to her husband’s fortuitous trades in companies she has worked to subsidize.”
This could also help explain why Pelosi is adamantly opposed to legislation banning lawmakers from trading stocks.
The Pelosi’s run of picking stocks that outpaces the increases in the market also led to calls from Americans for them to face an investigation on insider trading.
This type of wealth accumulation carries the whiff of corruption.
And it’s why many Americans continue to support Donald Trump as their vessel to send a message to Washington, D.C. that they are tired of the Swamp establishment.
