‘Let them eat ice cream’: US politicians rake in money while citizenry struggleAugust 5, 2022
Sky News host James Morrow says while he is thrilled US House Speaker Nancy Pelosi has “done something halfway decent” with her visit to Taiwan, questions should be asked about how she made her fortune.
“Whenever Nancy Pelosi’s name comes up this question always hangs in the air: how the hell did she get so damn rich?” he said.
Mr Morrow said part of the answer is the “weird rules around playing the share market” American politicians can abide by – but the “greater scandal” is how legislators line their pockets while “ordinary people suffer”.
“Basically, the rules around insider trading that would see you or me banged up in prison for years simply don’t apply to members of the US Congress, even as they pass legislations and regulations that are worth billions to publicly traded companies,” he said.
Mr Morrow said Ms Pelosi’s husband Paul Pelosi “snapped up millions” in a computer chip company while the house speaker “was shepherding subsidies for computer chip manufacturers through the Congress”.
“A recent analysis by Unusual Whales, a service that sells financial data, concluded that Congressional lawmakers last year traded $290 million in stocks, options, cryptocurrency and other assets, and that they outperformed the market, on average,” he said.
“As ordinary Americans struggle with food shortages and high prices, Nancy Pelosi, well, she’s happy to go on a late-night talk show and say let them eat ice cream.”