Former House Speaker Nancy Pelosi’s husband reportedly sold over $500,000 worth of Visa stocks months before Visa was hit with federal antitrust charges.
Visa was hit with the charges on Tuesday for allegedly “illegally maintain[ing] a monopoly over debit network markets by using its dominance to thwart the growth of its existing competitors and prevent others from developing new and innovative alternatives,” according to a DOJ press release.
Justice Department Sues Visa for Monopolizing Debit Markets
: https://t.co/TGgT1mvqjZ pic.twitter.com/HGlcjbElog
— U.S. Department of Justice (@TheJusticeDept) September 24, 2024
Visa specifically allegedly used its market dominance to punish customers and merchants who dared to try and use alternate payment processors.
Following the filing of the charges, Visa shed five percent of its stock market value.
Here’s where Pelosi’s husband, Paul, enters the picture. According to a report from tech entrepreneur Christopher Josephs, who runs the “Nancy Pelosi Stock Tracker” account on X, Paul sold 2,000 shares of Visa earlier this summer.
BREAKING: Pelosi is back on the Trading Desk
She just bought ~$5M of Broadcom $AVGO and another $1.2M of Nvidia $NVDA
She also sold ~$500K of Tesla and ~$536K of Visa $V pic.twitter.com/RGQoG4oW3F
— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) July 3, 2024
Speaking with the New York Post, a spokesperson for Pelosi was in full denial mode.
“Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions,” the spokesperson said.
Of course, she doesn’t own any stocks — her husband owns them. As for her alleged lack of involvement in her husband’s stock-picking decisions, critics remain doubtful.
“At various critical inflection points in history, members of our government have engaged in trading at a time which their conflicts are called into question,” Ron Geffner, a former enforcement attorney with the Securities and Exchange Commission, told the Post.
Fox News host Jesse Watters previously in 2021 exposed how Pelosi’s family wealth exploded AFTER she became a congresswoman.
Watters started by noting that sometime after Pelosi’s husband opened the real estate and venture capital investment and consulting firm Financial Leasing Services, Inc., he used his newly made “connections” to push her into politics, “helping her get elected to Congress in 1987.”
Following her election to office, their wealth exploded.
“The couple has timed the market perfectly over the years while Nancy’s been a Washington insider,” Watters said. “Real, estate stocks — the Pelosis always know what the right investment is. Since getting married, they’ve acquired a mansion in Napa Valley, a vineyard home worth up to 25 million — [a] real luxury.”
“It’s on 16 acres. Pelosi has a gorgeous waterfront condo in the exclusive K Street region in D.C. now worth over two million. She has a multi-million dollar red brick mansion in California’s Pacific Heights. And Paul owns at least two commercial properties in San Francisco,” the Fox News host continued.
Watters probes Pelosi’s wealth explosion, says she and husband seem to ‘always know what the right investment is’ https://t.co/asvHBwgDiN pic.twitter.com/g26O9V8Ihr
— BPR (@BIZPACReview) October 10, 2021
The most recent wealth explosion occurred after Pelosi became House speaker again in 2018.
“That year, her financial disclosure report revealed a net worth of over 114 million. Then in 2019, Pelosi’s assets totaled up to a whopping 271 million. And in 2020, those numbers went up even more to as high as 315 million bucks. Quite a lot of crumbs,” Watters said.
He then asked the question on everyone’s mind: “Where’s the money coming from?”
According to Watters, the evidence suggests — but does not definitely prove, he stressed — that the Pelosis have been engaging in insider trading.
“In 2007, Visa worried the new Democrat Congress would target their swipe fees, costing them billions, so they hired a team of lobbyists who descended on Pelosi,” he said. “Visa’s CEO personally met with her. She got donations from him. One of Nancy’s advisers left and became a Visa lobbyist himself — the ol’ inside-outside game.”
“Now get this: Suddenly [that same year], Paul Pelosi got a phone call from his broker; he was in luck. Paul was offered a pre-screened invite to get in early on Visa’s 18-billion-dollar IPO. Did Nancy and her husband hesitate? No, they bought between one million and five million worth of Visa stock.”
Watters continued by noting that similar patterns of behavior have been spotted numerous times in the past few years alone.
“In March, Paul Pelosi exercised two million dollars worth of Microsoft options just two weeks before the tech giant got a 22 billion dollar contract to equip the U.S. Army with high-tech headsets,” he said. “In January, the Pelosis got a million dollars worth of Tesla stock right before Joe Biden announced electric car incentives.”
“In June, the Pelosi family cashed in big time. Just before Congress was set to pounce on big tech, Mr. Pelosi exercised options on Google’s parent company, Alphabet, making an easy 5.3 mill,” he added.
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