Nancy Pelosi Under Scrutiny Over 'Odd Timing' of Her Huge Stock Trade and DOJ Lawsuit
Criticism has erupted upon the revelation that in the closing days of her reign as House speaker, and weeks before the Biden administration filed an antitrust lawsuit against Google, Democratic Rep. Nany Pelosi of California sold a chunk of her Google stock.
The sales, between Dec. 20 and Dec. 28, came roughly one month before Tuesday’s announcement that the Department of Justice filed the lawsuit, according to Newsweek, which in its headline on the report called the sales “odd timing.”
Pelosi’s disclosure form showed that on Dec. 20. Dec. 21 and Dec. 28, Pelosi sold 10,000 shares of her Google stock.
The disclosure form gave a range of valuation, and each was in the range of between $500,001 and $1 million, meaning Pelosi could have unloaded at least $1.5 million and up to $3 million worth of stocks.
The website InvestorPlace noted that Google stock took a hit Wednesday after the lawsuit was announced, ending the day down about 3 percent.
Nancy Pelosi has been criticized for her husband Paul’s stock trading activities, with his success in investing spurring allegations of insider trading.
The new sales spurred a fresh round of criticism, with one Twitter using calling the news “wild” and another noting, “Anyone else would be in jail.”
The DOJ has officially opened up a lawsuit against Google to break up its Ad Technology Monopoly
Pelosi sold $3 Million dollars worth of Google just four weeks ago
— Nancy Pelosi Stock Tracker ♟ (@PelosiTracker_) January 25, 2023
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
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
Republican Sen. Josh Hawley of Missouri, who on Tuesday re-introduced his bill to ban members of Congress and their spouses from dabbling in stock, tweeted “People have asked why I named my stock trade ban the PELOSI Act. Now you know.”
People have asked why I named my stock trade ban the PELOSI Act. Now you know https://t.co/qMKDNx5buK
— Josh Hawley (@HawleyMO) January 25, 2023
“For too long, politicians in Washington have taken advantage of the economic system they write the rules for, turning profits for themselves at the expense of the American people,” a statement from Hawley read.
“As members of Congress, both Senators and Representatives are tasked with providing oversight of the same companies they invest in, yet they continually buy and sell stocks, outperforming the market time and again,” the statement continued.
“While Wall Street and Big Tech work hand-in-hand with elected officials to enrich each other, hardworking Americans pay the price. The solution is clear: we must immediately and permanently ban all members of Congress from trading stocks.”
Congress last year showed some support for a proposal from Democratic Rep. Abigail Spanberger of Virginia and Republican Rep. Chip Roy of Texas called the TRUST in Congress Act, according to Business Insider.
The act, which had almost 50 co-sponsors, would require members of Congress, their spouses and any dependent children to put their assets in a blind trust.
Truth and Accuracy
We are committed to truth and accuracy in all of our journalism. Read our editorial standards.