The rules are for thee, not for me.
Recently, Speaker of the House of Representatives Nancy Pelosi said at a presser that there was absolutely no problem with members of Congress buying and selling securities despite just about all of the Congress critters having inside information about what industry trends are in the works due to legislation.
Private citizens are not supposed to use such information for an unfair advantage in playing the stock market, but it is okay for members of Congress.
Yeah.
So, it should come as no surprise that Queen Nancy and her husband took advantage of her status, and exercised a whole lot of stock options on profitable companies.
The Democratic majority leader and her husband, Paul Pelosi, recently bought millions of dollars worth of call options for stocks including Google, Salesforce, Roblox, and Disney, financial disclosures published Thursday show.
The purchases occurred from Dec. 17 to Dec. 21 — just days after Pelosi insisted in a press conference that members of Congress should be allowed to trade individual stocks despite often being privy to insider information that can move markets.
“We’re a free-market economy,” Pelosi told reporters, adding that members of Congress “should be able to participate in that.”
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.
Mr. Pelosi runs an investment company that includes real estate, venture capital, and more.
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.
“They’re trying to ride the momentum,” Hayes told The Post. “The Pelosis live in San Francisco — they’re around a lot of hype so I’d see how they’re caught up in the euphoria.”
And if Nancy knows something that the rest of us don’t.
Well, it seems that’s just too bad.
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