'Wolf of Wall Street' tells Tucker Carlson how lawmakers beat the stock market
The impressive stock trading successes realized by former House Speaker Nancy Pelosi and her husband in recent years have been the stuff of legend, and last week, the so-called “Wolf of Wall Street” sat for an interview with Tucker Carlson to offer insights into how the couple – and those like them – pull off such improbable financial coups time and time again, as Townhall reports.
According to Jordan Belfort, the answer to the Pelosis' market-beating good fortune is simple and has to do primarily with their ability to leverage inside information within a system that is fundamentally “rigged.”
Belfort lets loose
Carlson began discussion of the controversial topic by noting, “It appears that members of Congress consistently beat the S&P 500 in their personal investment,” an observation that led Belfort to immediately reference Nancy Pelosi's well-known history of massive gains and her ballooning personal fortune.
“So how does that...is Nancy Pelosi, do you think a stock-picking genius?” Carlson inquired, as the Daily Caller noted.
Belfort pulled no punches in his reply, saying, “No, she has to be operating on information that's non-public.”
“It's like we're living in an alternative universe right now where people in power, especially on the Left – right – can operate almost with impunity, and Pelosi is a perfect example. She's not the only one,” Belfort continued.
He went on, adding, “But it's inconceivable that someone could have that high return on the market when everyone else can't do it. So what's the edge? The edge is she knows key legislation -- and also, you know, maybe someone's whispering in her ear. Okay? Because, you know, they want to be on her good side, right?”
Trading prohibition floated
Belfort explained that while he believes it impossible for people like the Pelosis to consistently beat the S&P average in the absence of insider information, it is exceedingly difficult to prove that sort of misconduct without issuing subpoenas.
As such, Belfort states, legislators should not be permitted to trade in the stock market while in office, echoing sentiments expressed by a number of prominent lawmakers in recent years.
In early 2023, Sen. Josh Hawley (R-MO) introduced a bill to prevent such activity among members of Congress, aptly naming it the Preventing Elected Leaders from Owning Securities and Investments Act (the PELOSI Act), as The Hill noted at the time.
Announcing his measure in January, Hawley said, “Members of Congress and their spouses shouldn't be using their position to get rich on the stock market,” and with Tipranks.com observing that some market commentators routinely referred to Pelosi as “the stock market's biggest whale” and a veritable securities “psychic,” that seems to be precisely what has been taking place.
Despite existing limitations on legislators' participation in the market, such as the STOCK Act of 2012, it appears that the hurdles impeding prosecution of such offenses remain too substantial to truly thwart the type of conduct of which Belfort complains.