Americans Are Being Sold Out by Government Insiders | RealClearPolitics
Stock picking by members of Congress should be illegal because they have an unfair edge over the rest of us. They’re privy to the regulatory burdens or legal changes these companies are likely to face. And top leaders, such as House Speaker Nancy Pelosi, actually control what’s ahead for these companies.
That control is like gold. Pelosi and her husband, venture capitalist Paul Pelosi, report trading tens of millions of dollars of assets a year, largely in Big Tech. The Nancy Pelosi Portfolio Tracker, based on these reported trades, estimates the couple is outperforming Wall Street titans such as Warren Buffett. Fox Business’s Larry Kudlow marvels that the Pelosis bested the S&P 500 by nearly 15% in 2020. All the while, she’s tamping down demands to regulate Big Tech.
Members of Congress are not the only ones double dealing. On Jan. 14, Federal Reserve Vice Chair Richard Clarida stepped down, following resignations of both the Dallas and Boston Fed chiefs. They’re in trouble for trading stocks and mortgage-backed securities while making Fed policies that impacted those markets.
I was a teensy bit concerned that some student would rat me out for criticizing Nancy Pelosi for insider trading when we covered that topic in my Corporations class last year. (Yup, that’s what it’s like.) I also mentioned some prominent Republicans who are not averse to dipping their beaks. Gordon Gekko has been out-greeded by the Pelosis, and the Crenshaws, of our ruling elite. What I don’t get is why they don’t reckon themselves to be rich enough. The Pelosis are worth hundreds of millions. How would a hundred million more make a difference? Why don’t they just stop?