Nancy Pelosi Has Lost $2,000,000 “Insider Trading”
Video Summary
Nancy Pelosi, the Speaker of the House, has been in the spotlight recently for her stock trades, which have been the subject of much speculation and debate. As a member of Congress, she is required to file periodic transaction reports, which reveal her purchases and sales of individual stocks and options. In December 2021, Pelosi purchased call contracts on several companies, including Google, Micron, Roblox, Salesforce, and Disney.
Using Yahoo Finance, we can see that the value of these contracts has decreased significantly over the past six months. For example, the value of her Google call contracts has dropped by 72%, while her Roblox contracts are now worthless. Her total cost basis for these trades was around $2.6 million, but the current value of the contracts is only around $579,000, resulting in a loss of over $2 million.
The author of this article argues that insider trading in Congress is a problem and that it is legal for members of Congress to use their privileged information to buy and sell individual stocks. However, he believes that making them publicly disclose their trades and actions would be a more effective way to address the issue, rather than banning them from buying and selling individual stocks.
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