(DCWatchdog.com) – Paul Pelosi, the multimillionaire husband of the Democrat Speaker of the US House of Representatives, Nancy Pelosi, has sold at a loss his newly bought and potentially highly lucrative stock following public backlash over the purchase.
At the same time, a former head of the Federal Reserve in Dallas has stated that the Pelosis seem to have taken advantage of their situation in which Nancy Pelosi receives crucial political information, and then Paul Pelosi makes strategic sales or acquisitions on the stock market.
It is overwhelmingly thanks to Paul Pelosi’s highly lucrative stock market trading that the couple has amassed a fortune of at least $130 million.
That has occurred mainly over the past 20 years, during which Nancy Pelosi has served twice as Speaker of the House.
Last week, it was revealed that in June, Paul Pelosi acquired up to $5 million worth of shares from Nvidia, a major semiconductor producer, just ahead of a Senate vote to pass the CHIPS bill, which will provide $52 billion in federal aid to semiconductor manufacturers in the US.
Due to the public anger and doubts that the Pelosis have been involved in political “insider trading,” on Tuesday, Paul Pelosi sold the 25,000 Nvidia shares he had bought last month, and he did it at a loss of $341,365.
Pelosi spokesman Drew Hammill issued a statement and a periodic transaction report showing the loss he netted.
“Mr. Pelosi bought options to buy stock in this company more than a year ago and exercised them on June 17, 2022. As always, he does not discuss these matters with the Speaker until trades have been made and required disclosures must be prepared and filed,” Hammill stated.
“Mr. Pelosi decided to sell the shares at a loss rather than allow the misinformation in the press regarding this trade to continue,” he added, as cited by The Daily Mail.
Meanwhile, Richard Fisher, a former President of the Dallas Federal Reserve, has said that the Pelosis indeed seem to have been involved in insider trading.
“Clearly people have taken advantage of insider information forever. I’m not against their tapping that down,” Fisher declared on CNBC.
“I’m sorry to see that Paul Pelosi, Nancy Pelosi, and others appear – all appearance right now we don’t know the facts – to have taken advantage of insider information/ Something needs to be done,” the ex-President of the Dallas fed insisted.