New SEC filings indicate House Speaker Nancy Pelosi - much like other Members of Congress - has traded individual stocks in the leadup to grants that were federally approved for the very companies she was trading.
This includes Microsoft and gaming platform Roblox.
This is something that became an issue during the leadup to the pandemic when reports emerged that the Senate had a closed door briefing about the severity of the pandemic early on in 2020. And during that time several senators apparently traded stocks which led to quite a win in the stock market.
The latest info shows to what extent these lawmakers used their inside knowledge to make decisions about the stock market that they were invested in.
Twitter user unusual whales points out that Pelosi 'just exercised 10 million in $MSFT shares on 03/19. $MSFT then launched a 22 [billion] military deal. She sits directly on relevant committees."
The twitter account also shared pictures of the receipts showing the purchases.
"We're talking about a $10 million contract, it's going to be helpful to that company and it's going to increase the price of its shares, and Pelosi bought this much of their shares before the deal was announced publicly," said Ana Kasparian.
Unfortunately, Pelosi is not the only lawmaker who is involved in insider trading. Unusual Whales cited other examples as follows:
July 22: Congressmen Mo Brooks, Ed Perlmutter and Mike Conaway all bought Pfizer stocks in June/July right before the US gov signed a $1.95 billion vaccine contract.
August 5: US Gov announces $1 billion COVID vaccine contract with Johnson & Johnson. Congressman Kevin Hern, who sat on the House Committee on Budget, and Carol Miller (Oversight and Reform) purchased JNJ stocks in July.
March 18: Former Congressman Greg Gianforte purchased up to $1 million in GlaxoSmithKline stocks (+25% at 2020 peak). The company eventually signed a contract with US Gov through Operation Warp Speed.
July 29: US Gov announces $2.1 billion deal with Sanofi and GSK for vaccine development.
"The list goes on and on guys," said Kasparian before showing a graph that explains the extent these members of government are trading as they are making decisions about individual companies.
"Why would they do the right thing and represent the interests of the American people when they can make a buck?" questioned Kasparian before pointing out that this kind of insider trading is also legal.
"These people are trying to make the rules, to referee the owners and gatekeepers of society. while also being enriched personally by those same people. It cannot work," said co-host Wosny Lambre.
"In order for lawmakers to be barred from investing in stocks you would need legislation. Are these people going to legislate against themselves? Come on," concluded Kasparian.