Nancy Pelosi’s husband bought millions in tech stocks as Congress works on legislation that would benefit industry. Mike Papantonio & Farron Cousins discuss more.
Transcript:
*This transcript was generated by a third-party transcription software company, so please excuse any typos.
Mike Papantonio: Nancy Pelosi’s husband bought millions in tech stock as Congress works on legislation that would clearly benefit industry. Wow. You know, I saw this story and the, it, it’s almost as if the writer completely missed the point. Don’t you think? Tell, why don’t you set it up. Okay.
Farron Cousins: Yeah. You know, we got this story from Yahoo finance. They talk about, oh, you’ve got Paul Pelosi. He, he exercised options is the way they put it. He bought $5 million worth of stock, is what.
Mike Papantonio: Yeah. Which is fine.
Farron Cousins: Right. But then they didn’t explain at all in this particular piece.
Mike Papantonio: Yahoo finance, this is Yahoo finance.
Farron Cousins: Yeah. Why that matters? You know, why, why do I even care that you’re reporting that Paul Pelosi bought 5 million in Nvidia stock?
Mike Papantonio: Yeah.
Farron Cousins: Well, the real reason that this Yahoo finance reporter forgot to mention is that Congress is considering legislation to boost semiconductor production in the United States.
Mike Papantonio: Right.
Farron Cousins: Basically hand a ton of money over two companies like Nvidia that’s gonna benefit the people who own the stock.
Mike Papantonio: Isn’t this what we’re talking about? Here’s a reporter that does a two page report, talks about Pelosi and his, Pelosi’s husband and selling, he sold 200 options, he, call options 20,000 shares, $5 million over the count. Doesn’t ever tie it up. Why the hell do I care? How about this? The guy goes out and sells and buys semiconductor stock the week before, oh, by the way, coincidence, that Nancy Pelosi is pushing through this bill that’s going to bolster production of semiconductors. I mean, it’s, how does a reporter miss that?
Farron Cousins: Right. I mean, that is the actual heart of the story. That’s why this matters. I don’t care about, you know, Paul Pelosi’s random stock purchases.
Mike Papantonio: It doesn’t.
Farron Cousins: Tie it up to something that has to do with Congress and then it suddenly does become an issue here. And this absolutely is a big issue. I know Paul Pelosi is not in Congress, but his, his spouse here is running Congress.
Mike Papantonio: She’s running Congress. She knows a vote’s coming up that’s going to put a ton of money into the semiconductor business. Hey baby, you know, what’s gonna happen next week? We’re gonna do this. Why don’t you go buy some stock? Nancy Pelosi of course, kicking and screaming says, I will not change the law that allows congressmen and congresswomen to trade shares. I, I’m just not gonna do it. And all of a sudden she’s caught red-handed. I, I haven’t heard an explanation. Nobody’s asked her the tough question, ma’am this is insider trading. If anybody else did that besides you, they would be in prison for insider trading. But you can do it? Really?
Farron Cousins: Yeah. And that’s the big problem with this, is she disclosed it on her financial forms. So she said, yep, here it is. It happened. I’m reporting it like I’m supposed to. And because she did that, there is no criminal penalty whatsoever.
Mike Papantonio: Yeah.
Farron Cousins: And even if there were, it would only be a $200 fine for Pelosi’s husband.
Mike Papantonio: It’s and announce, it’s an announcement, isn’t it? Isn’t it, Farron?
Farron Cousins: Yeah.
Mike Papantonio: It, the announcement is this, I’m going to engage in insider trading. Since I’ve told you I’m gonna do it, I’m gonna be free to do it. If anybody else do it, did it, they’re gonna end up in prison. Wow.
Farron Cousins: Anybody outside of Congress.
Mike Papantonio: Anybody out.
Farron Cousins: Because the rest of them can do it too.
Mike Papantonio: Exactly. But, but, and she’s the one that’s fighting desperately to keep the right to be able to do that in Congress.
Farron Cousins: Well, and we have seen look, dozens and dozens. We’ve talked about this. It’s Democrats, it’s Republicans.
Mike Papantonio: Oh, it’s.
Farron Cousins: It’s most of them doing this and it’s hundreds of their staffers too, that do this.
Mike Papantonio: It’s not party driven.
Farron Cousins: And nobody gets in trouble.
Mike Papantonio: It’s just, it’s okay because they’re a Congressman. It’s, it’s.
Farron Cousins: It’s, it’s one big club and we’re not in it.
Mike Papantonio: Yeah. And it’s disgusting.
