Nancy Pelosi’s husband bought millions in tech stocks as Congress works on legislation that would benefit industry. Mike Papantonio & Farron Cousins discuss more.
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*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Nancy Pelosi’s husband bought millions in tech stock as Congress works on legislation that would clearly benefit industry. Wow. You know, I saw this story and the, it, it’s almost as if the writer completely missed the point. Don’t you think? Tell, why don’t you set it up. Okay.
Yeah. You know, we got this story from Yahoo finance. They talk about, oh, you’ve got Paul Pelosi. He, he exercised options is the way they put it. He bought $5 million worth of stock, is what.
Yeah. Which is fine.
Right. But then they didn’t explain at all in this particular piece.
Yahoo finance, this is Yahoo finance.
Yeah. Why that matters? You know, why, why do I even care that you’re reporting that Paul Pelosi bought 5 million in Nvidia stock?
Yeah.
Well, the real reason that this Yahoo finance reporter forgot to mention is that Congress is considering legislation to boost semiconductor production in the United States.
Right.
Basically hand a ton of money over two companies like Nvidia that’s gonna benefit the people who own the stock.
Isn’t this what we’re talking about? Here’s a reporter that does a two page report, talks about Pelosi and his, Pelosi’s husband and selling, he sold 200 options, he, call options 20,000 shares, $5 million over the count. Doesn’t ever tie it up. Why the hell do I care? How about this? The guy goes out and sells and buys semiconductor stock the week before, oh, by the way, coincidence, that Nancy Pelosi is pushing through this bill that’s going to bolster production of semiconductors. I mean, it’s, how does a reporter miss that?
Right. I mean, that is the actual heart of the story. That’s why this matters. I don’t care about, you know, Paul Pelosi’s random stock purchases.
It doesn’t.
Tie it up to something that has to do with Congress and then it suddenly does become an issue here. And this absolutely is a big issue. I know Paul Pelosi is not in Congress, but his, his spouse here is running Congress.
She’s running Congress. She knows a vote’s coming up that’s going to put a ton of money into the semiconductor business. Hey baby, you know, what’s gonna happen next week? We’re gonna do this. Why don’t you go buy some stock? Nancy Pelosi of course, kicking and screaming says, I will not change the law that allows congressmen and congresswomen to trade shares. I, I’m just not gonna do it. And all of a sudden she’s caught red-handed. I, I haven’t heard an explanation. Nobody’s asked her the tough question, ma’am this is insider trading. If anybody else did that besides you, they would be in prison for insider trading. But you can do it? Really?
Yeah. And that’s the big problem with this, is she disclosed it on her financial forms. So she said, yep, here it is. It happened. I’m reporting it like I’m supposed to. And because she did that, there is no criminal penalty whatsoever.
Yeah.
And even if there were, it would only be a $200 fine for Pelosi’s husband.
It’s and announce, it’s an announcement, isn’t it? Isn’t it, Farron?
Yeah.
It, the announcement is this, I’m going to engage in insider trading. Since I’ve told you I’m gonna do it, I’m gonna be free to do it. If anybody else do it, did it, they’re gonna end up in prison. Wow.
Anybody outside of Congress.
Anybody out.
Because the rest of them can do it too.
Exactly. But, but, and she’s the one that’s fighting desperately to keep the right to be able to do that in Congress.
Well, and we have seen look, dozens and dozens. We’ve talked about this. It’s Democrats, it’s Republicans.
Oh, it’s.
It’s most of them.
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