Here’s another tale from the vaults of the world’s most powerful ‘democracy’. Brought to us by Glenn Greenwald, it showcases one example of how conflicts of interest, if they ever did bother senior US politicians, have long ceased to do so.
Nancy and Paul Pelosi Making Millions in Stock Trades in Companies She Actively Regulates
The Speaker, already one of the richest members in Congress, has become far richer through investment maneuvers in Big Tech, as she privately chats with their CEOs.
4 hours ago.
House Speaker Nancy Pelosi (D-CA) is the sixth-richest member of Congress, according to the most recent financial disclosure statements filed in 2019. As the California Democrat has risen through party ranks and obtained more and more political power, her personal wealth has risen right along with it. Pelosi “has seen her wealth increase to nearly $115 million from $41 million in 2004,” reports the transparency non-profit group Open Secrets. Even by the standards of wealth that define that legislative body — “more than half of those in Congress are millionaires” — the wealth and lifestyle of the long-time liberal politician and most powerful lawmaker in Washington are lavish.
And ever since ascending to the top spot in the House, Pelosi and her husband, Paul, keep getting richer and richer. Much of their added wealth is due to extremely lucrative and “lucky” decisions about when to buy and sell stocks and options in the very industries and companies over which Pelosi, as House Speaker, exercises enormous and direct influence.
The sector in which the Pelosis most frequently buy and sell stocks is, by far, the Silicon Valley tech industry. Close to 75% of the Pelosis’ stock trading over the last two years has been in Big Tech: more than $33 million worth of trading. That has happened as major legislation is pending before the House, controlled by the Committees Pelosi oversees, which could radically reshape the industry and laws that govern the very companies in which she and her husband most aggressively trade.
To underscore the towering conflict of interest at the heart of Speaker Pelosi’s self-enrichment, consider the company in which the Pelosis traded most often: Apple. Buying and selling in that one company accounted for 17.7% of the Pelosis’ overall trading volume. And yet, during this same period, Pelosi held at least one private conversation with Apple CEO Tim Cook about the state of Apple and possible effects on the company from various pending bills to reform Silicon Valley.
On June 22, The New York Times reported on “a forceful and wide-ranging pushback by the tech industry since the [antitrust reform] proposals were announced this month.” In particular, “executives, lobbyists, and more than a dozen think tanks and advocacy groups paid by tech companies have swarmed Capitol offices, called and emailed lawmakers and their staff members, and written letters arguing there will be dire consequences for the industry and the country if the ideas become law.” But one of the most important steps taken against these bills was a personal call placed by Apple’s CEO directly to Pelosi …