President Trump announced Tuesday that he was immediately suspending funding to the World Health Organization (WHO). The State Department was otherwise poised to hand over to the WHO $893 million over the next two years. The President’s move came in response to the actions of the WHO and particularly its Director, Tedros Adhanom Ghebreyesus, in defending China’s handling of the coronavirus pandemic. Estimates are that 95% of the deaths worldwide from the ongoing pandemic could have been avoided had Chinese authorities not lied about the scope of the outbreak and had instead warned the world of the scope of the problem on their soil.
In making the announcement that funding would be withheld the President also noted that an investigation was being launched into the actions of the WHO stating that the WHO had put “political correctness over lifesaving measures” and that the WHO was “China-centric.”
“We have deep concerns over whether America’s generosity has been put to the best use possible,” Trump said. He noted that the WHO had a duty to warn the world of what was really happening in China and that “The WHO failed in this duty and must be held accountable.” He added that the WHO had also ignored “credible information” in December 2019 that the virus could be transmitted from human to human.
Wednesday, the Speaker of the House, Nancy Pelosi attacked President Trump’s decision, saying it was “dangerous” and “illegal.” She vowed to fight the decision and to maintain funding to the WHO.
The senior member of the United States House of Representatives confronting the President and vowing to go to the mat and ensure that almost a billion dollars of the taxpayers’ money be handed over to an international organization at the same time the average American – out of work and locked down – is struggling to pay the rent and buy groceries? Strange.
Or maybe not that strange.
The real issue here is China and holding it and its minions – like WHO Director Ghebreyesus – accountable for the damage its lies and disinformation have done to global efforts to combat the pandemic. And, when it comes to China, Pelosi chose sides a long time ago.
Pelosi may present herself as the defender of the little guy. She is anything but. In 2018 her net worth was roughly $160 million. She is married to Paul Pelosi who runs a top tier investment and real estate firm in San Francisco. Over the course of decades, as Nancy has risen through the ranks of the Democratic Party, the Pelosi’s have gotten fabulously wealthy.
There have been any number of allegations over the decades that Nancy and her husband have profited in ways that are clearly illegal from the access a senior politician enjoys. Over a span of years, Nancy Pelosi used her influence to steer more than $1 billion to the expansion of a light rail line into a San Francisco neighborhood where her husband owned commercial property and in which business associates of his then purchased additional properties. The value of real estate in the area exploded with the arrival of light rail, and the Pelosi’s made a killing.
There has also been an almost unending number of allegations that Paul Pelosi has benefited from what is known as insider trading. That is, he has made sometimes enormous purchases of stocks based on information allegedly provided to him by Nancy, who was privy to sensitive, non-public information by way of her position.
The most recent example occurred earlier this year. Nancy Pelosi had meetings in mid-February where she was handed secret information about the Coronavirus that the rest of the country was not given. Immediately following those meetings Paul Pelosi made massive purchases of stocks in tech companies in which he had not previously invested. All those companies have since substantially outperformed the market, and Pelosi has made huge profits.
In 2014 Paul Pelosi invested in a company called SunEdison solar energy. Shortly thereafter with the assistance of his wife, SunEdison received $1 billion in federal subsidies.
There is something else at work here, however. Paul Pelosi does not just buy and sell commercial real estate. He doesn’t just cash in on his wife’s influence and privileged status. He invests, and much of that investment is in Asia generally and China specifically.
Nancy Pelosi has long condemned the outsourcing of manufacturing jobs to foreign countries by American corporations. But the Pelosi’s investment portfolio contains no investments in any domestic manufacturing companies. Instead, it has extensive holdings in dozens of companies such as Cisco, Sun Microsystems, Apogee Networks, and Netclerk that outsource jobs and have non-unionized workforces.
According to her 2011 financial disclosure statement, Pelosi received between $1 million and $5 million in partnership income from Matthews International Capital Management LLC, a group, which brags about its “singular focus on investing in Asia.” Paul Pelosi was listed as one of the Directors of Matthews International Capital when it was formed in 2010. Funds managed by the company include the Asian Growth and Income Fund, the China Dividend Fund, the Pacific Tiger Fund, and the China Fund.
The description of the Matthews China Fund reads in part, “Under normal market conditions, the Matthews China Fund seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in the common and preferred stocks of companies located in China.” The most recent SEC report for Matthews International shows huge stock holdings in Chinese companies like BiliBili, China Mobile, Huazhu Grou, Weibo and Yum China Holdings. Matthews has $24 billion in investments under management.
Paul Pelosi’s longtime business partner is San Francisco investment banker William Hambrecht. At various points, Paul has had holdings in at least a half dozen companies tied to Hambrecht’s investment banking firm WR Hambrecht and Co. Hambrecht has also been invited more than once to Washington, D.C. by Nancy Pelosi and introduced by her as an economic expert. Nancy and Paul’s son, Paul Jr., worked for Hambrecht for several years.
WR Hambrecht specializes in Asian investments and earned Paul Pelosi somewhere from $100,000 to $1 million in income in 2011. As of that date, Paul Pelosi also maintained a brokerage account with Hambrecht’s firm worth $500,000 to $1 million.
The Pelosi’s are America’s 21st century 1%. They have not gotten wealthy building industries here or employing Americans. They have gotten rich by betting on the rising economy of a totalitarian Communist regime and a globalist agenda that consigns the average American to irrelevance.
The pandemic has changed none of that. As the world trundled toward crisis earlier this year, Paul Pelosi exercised stock options he owned to buy huge numbers of shares in Amazon. Americans locked down at home, out of work and watching their savings vanish are now more than ever forced to rely upon Amazon and purchase made- in -China products online. The Pelosi’s are getting rich off that misfortune.
As we go forward after the pandemic and contemplate how to change the nature of our relationship with China and “decouple,” Nancy and her husband and all of their globalist friends are “the opposition” we will have to overcome. You may think climbing in bed with Beijing and its cronies was a very bad idea. The Pelosi’s beg to differ.
Nancy may be Speaker. She’s not speaking for you.