How is this Legal?
August 26, 2008
Nancy Pelosi, humble public servant, owns stock in a company. Based on the support (or lack thereof) she can offer by virtue of her public office, this stock price will rise or fall:
Turns out the speaker of the House of Representatives owns between $100,000 and $250,000 worth of stock in Clean Energy Fuels, a company that builds and runs natural-gas fueling stations for vehicles that run on compressed or liquefied nat gas, The Wall Street Journal reported last week.
Pelosi’s stamp of approval is huge because, without government incentives, gas stations that pump only nat gas are likely to go unused. So her investment in CLNE is “the clearest possible endorsement of natural gas as a transportation fuel,” Cramer said.
There’s a November ballot initiative in California, Pelosi’s home state, to authorize $5 billion worth of bonds to fund the replacement of 70,000 trucks and 150,000 cars with vehicles that run on nat gas and other clean fuels. If the initiative passes, that’s definitely good news for Clean Energy. With Pelosi’s support, there’s a good chance it will.
How is this legal?