Nancy Pelosi’s time in Congress has coincided with a rapid ascent into the crony skies of massive wealth for her and her husband.
On the SunEdison deal it looks like Paul Pelosi will lose. Getting out at the right time is as hard as getting in sometimes. Even in “crony” investing.
Or maybe someone just needed a tax loss.
(From The Washington Free Beacon)
SunEdison told regulators last week that it is eyeing bankruptcy under the weight of $11.7 million in debt. But in late 2014, investors were bullish on the company, which manufactures and operates solar and wind power facilities.
Its 2014 purchase of wind energy company First Wind “further bolstered the reputation of the company,” wrote one market-watcher at the time. “Perhaps unsurprisingly, SunEdison’s stock soared an astounding 29% on news of this acquisition alone.”
Pelosi’s husband, Paul Pelosi, had invested just in time. He bought between $100,000 and $250,000 in SunEdison stock on Oct. 24, 2014, according to congressional financial disclosures. The company announced its First Wind acquisition on Nov. 17.