Her husband’s Tesla electric car company call options soared this week when Democrat House Speaker Nancy Pelosi pushed a plan for the government to take billions of dollars in taxpayers’ money and hand it over for the benefit of the electric car industry, a Free Beacon report documents.
Article from our news partners at WND News Center.
The rules allow members of Congress and their spouses to buy and sell stock if it is not based on insider information, and they disclose their deals to the House Committee on Ethics.
But the report described Pelosi’s husband, Paul Pelosi, as hitting “pay dirt” because of circumstances that included her advocacy for doling out “tens of billions of dollars in subsidies to the electric vehicle industry, including Tesla, with provisions to build charging stations for cars and incentivize electric car purchases through tax credits.”
The issue already had been in the news, the report said, with Paul Pelosi’s purchase of as much as $1 million in Tesla call options, “one of the largest transactions of Tesla shares disclosed by a member of Congress.”
Even that, the report said, triggered Republican concern that Pelosi was cashing in on her government power.
And now Pelosi is working with the White House on Joe Biden’s massive spending spree that focuses trillions of taxpayer dollars on green projects such as electric car incentives.
The specifics likely will include some $34 billion for zero-emission vehicles, $42 billion in tax credits for people buying electric cars and tens of billions more for construction of charging stations.
The report explained there are other contributing factors to Tesla’s surge in value, which recently reached $1 trillion, including the popularity of the expensive vehicles and Tesla’s newly announced move from California to Texas which has no state income tax.
The issue is part of a larger concern expressed by critics that Pelosi, on a government salary that is lavish but not in the range of billionaires, has managed to accumulate a net worth of hundreds of millions of dollars.
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Image by Gage Skidmore from Peoria, AZ, United States of America, CC BY-SA 2.0, via Wikimedia Commons.
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Worse than insider trading is the insider trading done by those who also set the policies that ensure a stock will rise or fall.