(FreedomBeacon.com)- One month before the federal government placed restrictions on the tech company Nvidia which caused its stock price to crater, Speaker of the House Nancy Pelosi and her multimillionaire husband Paul sold off their shares in the company saving hundreds of thousands of dollars.
Isn’t that a coincidence?
In June, Pelosi purchased the stock in Nvidia just as Speaker Pelosi was overseeing legislation that would grant billions in subsidies to microchip manufacturers like Nvidia.
But in July, Paul Pelosi sold all of their 25,000 shares in Nvidia.
And in late August, the government ordered Nvidia to stop selling microchips to China or Russia without authorization. The government’s move cost the company up to $400 million and sent its stock price plummeting.
By selling out ahead of the government’s decision, the Pelosis saved about $600,000.
It’s almost as though they knew what was coming in advance.
Paul Pelosi, who runs the venture capital and investment firm Financial Leasing Service, Inc, has over the years made big bets on the very high-profile companies his wife is supposed to regulate, including Amazon, Apple, and Google.
The Speaker has long maintained that she has no personal involvement in or prior knowledge of Paul’s trading decisions and she does not own any stock herself.
And while Pelosi is not violating the law, nor has she ever been accused of insider trading, Walter Shaub, the former director of the US Office of Government Ethics believes that Pelosi’s windfall of wealth would not be possible but for her position in Congress. Shaub believes lawmakers have built-in privileged information which gives them an advantage over the average investor.
In 2012, Congress passed the STOCK Act which requires all lawmakers to disclose any stock purchases or sales within 45 days.
In the nearly 10 years since the STOCK Act was enacted, not one member of Congress has been prosecuted under the law.