Lucky Timing: Paul Pelosi Sold $500k In Visa Stock Months Before Federal Antitrust Charges

Prescient Stock Trading by the Pelosi Family

In a recent development that can be categorized as a 'total coincidence', the Pelosi family, known for their uncanny stock-picking abilities, have made headlines again. This time, Paul Pelosi, the spouse of former House Speaker Nancy Pelosi, sold over $500,000 in Visa stock less than three months before the company faced federal antitrust charges. This information was reported by the New York Post.

Visa Faces Antitrust Lawsuit

The New York Post reported that Visa is currently facing a lawsuit accusing the company of illegal monopoly of the debit card market. This lawsuit is the result of a thorough investigation by the Justice Department’s antitrust division that spanned several years. According to the court documents, Visa is alleged to have misused its dominant market position to disadvantage customers and merchants who chose to use rival payment processors. The antitrust regulators claim that Visa coerces fintech firms into collaboration by threatening penalties for non-compliance. Visa has yet to issue a statement on these allegations.

Impact on Visa Stock

At the time of reporting, Visa's stock had taken a hit, with a decrease of about 6.5% over the last five days.

Details of the Visa Stock Sale

Christopher Josephs, who operates the "Nancy Pelosi Stock Tracker" on X, shared a screenshot of a congressional filing dated July 3. The filing showed that Paul Pelosi sold 2,000 Visa shares valued between $500,000 and $1 million. The sale was marked as "SP" for spouse. Interestingly, there were no public indications of the impending antitrust lawsuit against Visa at the time of the sale.

Statements from the Pelosi Camp and Others

A spokesperson for Nancy Pelosi told the Post that the Speaker does not own any stocks and had no prior knowledge or involvement in any transactions. However, Ron Geffner, a former enforcement attorney with the Securities and Exchange Commission, stated that members of the government have been known to engage in trading at critical inflection points in history, leading to conflicts of interest. He added that before judging Pelosi unfairly, it's crucial to determine who conducted the transaction on her behalf and whether it was part of a broader change in her portfolio.

Pelosi's Wealth and Stance on Stock Trading

Pelosi's net worth is in the hundreds of millions, largely due to her and her husband's investments. Despite bipartisan efforts to ban stock trading by lawmakers and their spouses due to potential conflicts of interest, Pelosi has consistently opposed such measures, according to the report.

Bottom Line

The timing of Paul Pelosi's sale of Visa stocks, just months before the company faced federal antitrust charges, certainly raises eyebrows. While it could be a mere coincidence, it does bring the potential conflicts of interest involving lawmakers and their spouses into the spotlight once again. What are your thoughts on this matter? Feel free to share this article with your friends and engage in a discussion. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.