Rep. Nancy Pelosi (D-CA) has already made millions of dollars in suspected insider trading schemes in 2024. She’s far from the only Member of Congress who seems to outperform the S&P 500 every year. One member of Pelosi’s party just made what is being called the largest stock trade ever by a sitting Representative.
Rep. David Trone (D-MD) has just filed a series of purchases and sales worth more than $97 million. Every single one of the trades was reported well past the deadline required by the STOCK Act, which was written to try to prevent Members of Congress from insider trading based on knowledge the general public doesn’t have access to. Some of the sales in Trone’s late filing were over a year old.
The group known as Nancy Pelosi Stock Tracker on X notes that most of the purchases and sales involved government bonds. Trone’s purchases outweighed sales by more than $70 million. Investment experts say that Trone’s huge purchase of bonds right now indicates that he probably believes the economy under Joe Biden is going to get even worse in the coming months.
We’re not investment advisers, but… do what you want with that information.
Trone’s late filing comes at a time in history when the American people are completely fed up with insider trading. The contempt held for Representatives and Senators has been higher than normal since January 2020, when three US Senators attended a classified briefing on the coronavirus threat.
The Senators then sold millions of dollars worth of stocks in biotech companies, hotels, and other industries that were facing massive losses once word of the pandemic got out. More recently, Nancy Pelosi and her husband made a $1.4 million profit on Nvidia stocks they purchased right before Congress granted the company a government contract to develop a new AI program.
