It’s not just Nancy Pelosi — plenty of government insiders are trading stocks at our expenseBy Betsy McCaughey
January 18, 2022
The Washington wheeler-dealers are making patsies out of the rest of us.
Members of Congress get million-dollar-plus expense accounts, lifetime pensions and lavish perks — but for the greedy, that’s not enough: They’re also racking up big bucks trading stocks in the very same companies Congress regulates.
Stock picking by members of Congress should be illegal because they have an unfair edge over the rest of us. They’re privy to the regulatory burdens or legal changes these companies are likely to face. And top leaders — like House Speaker Nancy Pelosi — actually can control what’s ahead for these companies.
That control is gold. Pelosi and her husband, venture capitalist Paul Pelosi, report trading tens of millions of dollars of assets a year, largely in Big Tech. The Nancy Pelosi Portfolio Tracker, based on these reported trades, estimates the couple is outperforming Wall Street titans like Warren Buffett. Fox Business’ Larry Kudlow marvels that the Pelosis bested the S&P 500 by nearly 15% in 2020. All the while, she’s tamping down demands to regulate Big Tech.
Members of Congress aren’t the only ones double dealing. Federal Reserve Vice Chair Richard Clarida stepped down Jan. 14, following the resignations of the Dallas and Boston Fed chiefs. They’re in trouble for trading stocks and mortgage-backed securities while making Fed policy affecting those markets.
A Wall Street Journal investigation found some jurists also climbing aboard the stock-picking gravy train. Sixty-one federal judges actually traded a company’s stock while the company was a litigant in their courtroom.
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Source:
https://nypost.com/2022/01/18/its-not-just-nancy-pelosi-plenty-of-government-insiders-are-trading-stocks-at-our-expense/
