For quite some time, insider trading by members of Congress has been viewed as a problem by much of the American public.
This is because lawmakers are privy to information impacting stocks that others do not have. As a result of this, lawmakers have the bonus advantage of being able to capitalize on gains and minimize losses, unlike other investors who are not in Congress.
In spite of efforts to crack down against insider trading, issues with how lawmakers and their families deal with the stock market continue to cause controversy.
Right now, former House Speaker Nancy Pelosi is under fire for how she and her family handled stock in their possession, per The Daily Wire.
Shedding Google Stock in a Hurry?
Not too long ago, the Justice Department revealed an antitrust lawsuit against Google’s parent company, Alphabet. This was prompted by allegations that Google is intentionally seizing widespread control over the website publishing tools relied upon for advertisement sales.
Amid the news of this lawsuit from the Department of Justice, Google saw a 6% drop in its stock cost. However, in the weeks leading up to this lawsuit, Pelosi conveniently sold off 30,000 shares of Google.
Pelosi selling off millions in Google stock weeks before the DOJ filed a lawsuit against them tells you exactly how she became worth $200+ million on a government salary.
— Rep. Lauren Boebert (@RepBoebert) January 25, 2023
Due to the timing of this and the information that Pelosi would have as a high-level government official, there are speculations that she knew about the incoming lawsuit from the Justice Department.
Having this knowledge would allow Pelosi to sell and therefore avoid the losses that followed from this antitrust legal action. Granted, this same stock is now currently up by 8%.
All things considered, the American people want honest answers about how much Pelosi knew and what influenced her decision to sell stock when she did.
No Word From Pelosi
So far, the former House Speaker has not come out regarding her sale of stock tied to Google’s parent company. Furthermore, there’s no indication that Pelosi will ever provide an honest account or draw additional attention to this matter.
Some critics of the Democratic congresswoman are alleging that if anyone else handled stock in the manner that she does, they’d be sitting behind bars. Pelosi is likewise being accused of white-collar crime, gaming the system, insider trading, and more.
REPORT: Pelosi sold $3 Million of Google stock 4 weeks ago. Yesterday, the DOJ opened a lawsuit against Google to break up their tech monopoly.
Pelosi gets a free pass for white collar crime. Anyone else would be in jail.
— Collin Rugg (@CollinRugg) January 25, 2023
This is far from the first time that the former House Speaker has found herself facing controversy of this nature. Many Americans allege that Pelosi’s net worth doesn’t match the salary she earns as a government official.
Hence, it’s been speculated that Pelosi has spent years, if not decades, relying on information she has as a congresswoman to game the stock market.
What do you think about the latest scandal that Nancy Pelosi is facing for alleged insider trading? You can share your views about this in the comments area.