The infamous “Wolf of Wall Street” stockbroker Jordan Belfort has declared that members of Congress such as Rep. Nancy Pelosi (D-CA) should be banned from profiting from insider trading.
In an interview with Tucker Carlson Belfort argues that politicians “shouldn’t be allowed to trade.”
According to Belfort, banning congressional lawmakers from stock trading is the “only solution.”
Belfort appeared on “The Tucker Carlson Encounter” to discuss his previous experience in stock trading.
During the interview, Belfort highlighted the overlap between politicians and the stock market.
The former stockbroker called out “people in power” such as Pelosi.
He describes Pelosi as a “perfect example” of someone who operates with almost “impunity.”
Carlson then questioned how “any member of Congress” could be trading “without inside information,” baffled by how Congress members could be beating “the S&P average.”
“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,” Belfort stated.
“She’s not the only one.
“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? So, it’s hard to prove, though.”
“So if what you’re saying is true, and that is that the most sophisticated people in the world can’t beat the S&P average, then any member of Congress — and I think they are on average dumber than the population,” Carlson stated.
“Especially the career politicians,” Belfort interjected.
“For sure — there’s no possibility they could do that without inside information,” Carlson continued.
Belfort continued by stating that it may not be “possible” for Congress members to beat the S&P average without alleged insider knowledge.
However, he noted that it would take issuing subpoenas to actually prove the allegation.
The former stockbroker additionally noted people like Pelosi “should not be allowed to trade.”
“No, it’s not possible,” Belfort stated.
“But again — so how do you go proving that right?
“They have to issue subpoenas.
“And listen, I think that in this case they shouldn’t be allowed to trade, these people.
“They should not be allowed to trade. It’s insane that they’re allowed to.”
“You know, if it looks like sh*t, smells like sh*t – Well, guess what? It’s sh*t — and that’s — well, it’s bullsh*t in this case.
“So listen: She’s done incredibly well, in an area where like the most professional investors struggle to even match the index.
“So somehow she’s doing three times as well? I don’t know,” Belfort said.
WATCH:
Ep. 58 How did a not very bright thug like Nancy Pelosi get rich in the stock market? Because the system is rigged. Jordan Belfort, The Wolf of Wall Street, explains. pic.twitter.com/rZbkKc5bzD
— Tucker Carlson (@TuckerCarlson) December 29, 2023
Pelosi’s fortune has reportedly risen by $140 million since the 2008 financial market crash with the help of her husband’s stock trading, according to the Washington Free Beacon.
The former House speaker is not only one of the richest members of Congress but her net worth in 2021 was estimated to be $171.4 million, the outlet reported.
While Pelosi has denied sharing any inside information, her husband has received backlash for his stock trading that seemed to coincide with technology sector legislation, according to Bloomberg.
The former stockbroker is known for his memoir “The Wolf of Wall Street.”
The book was also made into a movie in 2013, detailing his time as a Wall Street trader.
Belfort co-founded the Stratton Oakmont financial firm.
However, he was later found guilty of crimes related to stock market manipulation in 1999, Investopedia reported.
While Belfort originally pleaded guilty to four years in prison, he only ended up serving 22 months before he started running his own sales training sessions and investment courses, according to Investopedia.
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