WASHINGTON, March 1, 2018: Bay Area Democratic and House Minority Leader Nancy Pelosi is just too right-wing for some in her district, which encompasses most of San Francisco. After all, she has a net worth of $29.35 million, making her the 15th wealthiest member of Congress.
Nancy Pelosi and her IPO path to millions
Pelosi’s liberal bonafides notwithstanding, her interest is in her expanding her bank account as it is in her expanding government power. When the Credit Card Reform Act of 2008 was making its way through the House, Visa lobbyists approached then-Speaker Pelosi, offering her a chance to get in on the ground floor of the company’s initial public offering (IPO).
As Steve Kroft of CBS’s “60 Minutes” noted:
“Undisturbed by a potential conflict of interest the Pelosis purchased 5,000 shares of Visa at the initial price of $44. Two days later it was trading at $64. The credit card legislation never made it to the floor of the House.”
Kroft’s report was televised in 2011. And even with recent market pullbacks, Visa is currently trading at around $123 a share.
Rigging the DNC party
After the Democratic National Committee rigged their party’s primaries against democratic socialist Bernie Sanders and in favor of Hillary Clinton, her campaign website expressed the candidate’s concern for America’s poor:
“Nearly 40 percent of Americans will experience a year in poverty at some point during their lives.”
“Increase the minimum wage and eliminate the ‘tipped-minimum wage.”
Hillary is worth an estimated $52 million.
Nancy Pelosi vs. Bernie’s bro
Getting back to Pelosi, one of her Democratic primary challengers, attorney Stephen Jaffe, is a former Bernie Sanders supporter who recently filed suit against the California Democratic Party claiming its Soviet-style apparatchiks worked to prevent him from:
“challenging the party’s automatic endorsement of Pelosi. As a result, Pelosi avoided facing a vote during the state party’s annual convention in San Diego,” says the Sacramento Bee.
It looks like Pelosi is about to do to Jaffe, and her two other challengers is what Hillary did to crazy, old Bernie. Rig the nomination.
A political leach’s path to millions
For Pelosi, power provides a path to wealth, the kind of riches that are far beyond the expectations of naive, progressive San Franciscans, whose median income sits at a modest $49,986.
An income Pelosi would no doubt describe as “crumbs.”
The Democratic Party has long been accused by the right of possessing an authoritarian, elitist streak, with Nancy Pelosi serving as its perfect personification.
Meanwhile, the Sacramento Bee puts Pelosi’s re-election chances at 70 percent.
“Pelosi raises millions of dollars from big-dollar donors and corporate PACs,” said the Bee. “Indeed, Pelosi’s prolific fundraising was one of the factors in her rise to – and hold on to – power in Washington.”
The so-called party of the poor and downtrodden is fueled by cash, lots of it.
It’s used by its elitist hierarchy to maintain power within the party structure.
As former DNC Chair Donna Brazile noted in her book “Hacks: The Inside Story of the Break-ins and Breakdowns That Put Donald Trump in the White House”:
“In exchange for raising money and investing in the D.N.C., Hillary [Clinton] would control the party’s finances, strategy, and all the money raised. Her campaign had the right of refusal of who would be the party’s communications director, and it would make final decisions on all the other staff. The D.N.C. also was required to consult with the campaign about all other staffing, budgeting, data analytics, and mailings.”
DNC: The party of big money
Money equals control in the Democratic Party. Something the wealthy Pelosi and Clinton say they are against when it comes to the Koch brothers or the evil lobbyists at Standard Oil.
Both Pelosi and Clinton have made a lot of noise about money since the U.S. Supreme Court ruled McCain/Feingold’s restrictions on campaign financing unconstitutional.
As if to validate the wisdom of the high court’s ruling, Donald Trump’s presidential campaign triumphed despite being outspent by the Clinton campaign, according to CNN, “7-to-1.”
Money, like Hillary Clinton, has a fading effect on national politics.
Democrats have poured tons of cash into special elections around the country to little effect. Cash is failing to fuel the Trump “resistance.”
Ironically, 25-year-old Ryan Khojasteh, a young Democratic rival seeking Pelosi’s seat, told the Bee he was inspired to run for office after Georgia Democrat Jon Ossoff, whose election the media said would be a referendum on Trump, was defeated handily by his Republican opponent Karen Handel.
“I just remember all the headlines the next morning,” Khojasteh told the Sacramento Bee, “‘Handle beats Ossoff after link to Pelosi.’ While we respect all that Pelosi has done, maybe it’s time to pass the torch.”
That’s unlikely to happen as long as Pelosi’s campaign war chest buys her control of California’s Democratic Party apparatus and her House seat.
And, more importantly, if her position in Congress continues providing opportunities to get in on the ground floor of the next Wall Street IPO.