The husband of House Speaker Nancy Pelosi (D-CA) is once again involved in an alleged case of insider trading. In the past, Paul Pelosi has been accused of using his wife’s influence in the U.S. Congress to obtain privileged information in the stock market.
This time, Paul Pelosi finds himself in the eye of the storm for buying up to $5 million worth of stock in graphics card manufacturer Nvidia on June 17, according to his wife’s financial disclosure.
The curious thing about the case is that the purchase occurred days before Congress approves a bill that will provide millions in subsidies for microchip manufacturing companies, among which Nvidia would be a recipient of these subsidies.
The bill will allocate more than $52 billion to boost the U.S. semiconductor industry. The package will range from direct grants to corporations to tax credits, according to a recent Reuters report.
Despite declines in the major technology indexes due to the current economic climate, Nvidia’s share price has been on the rise in recent days, possibly in anticipation of the bill’s passage.
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Last year, Paul Pelosi was again accused of insider trading when he bought a million-dollar amount of Amazon stock, just before it was announced that the Pentagon would initiate a contract with the retail and cloud computing giant for more than $10 billion.
The alleged insider trading of Nancy Pelosi’s husband has reached such a point that there are trading applications that follow his movements in the stock market, because a stock in which Paul Pelosi invests, a stock that will rise in value in a matter of days, almost always because of a legislative act in Congress or because of some news related to the Government.
Is Nancy Pelosi’s husband a financial guru or just a man with access to inside information he should not have?