In this short article, originally published on his Edu/Pol Newsletter, veteran US progressive activist Mike Klonsky draws a connection between Pelosi’s Taiwan visit and the shady dealings of her venture capitalist husband, currently under investigation for an insider trading scandal involving semiconductors made on the island.
If Nancy Pelosi’s aim was to destabilize the region and pull the rug out from under Biden’s upcoming meeting with Xi, her stopover in Taiwan was a resounding success. Her visit to Taiwan could also have a large impact on the semiconductor business, which has a heavy presence in China and Taiwan.
China now says it is canceling or suspending all dialogue with the U.S. on issues from climate change to military relations and anti-drug efforts in retaliation.
China is canceling all communication between its area commanders and defense department, along with talks on military maritime safety. Cooperation on returning illegal immigrants, criminal investigations, transnational crime, illegal drugs, and climate change will also be suspended.
China also announced unspecified sanctions on Pelosi and her venture-capitalist husband, Paul, who is currently under investigation for an insider-trading scandal involving semiconductors, made in Taiwan.
Can’t say they weren’t warned.
Early in July, it was disclosed that Paul Pelosi had exercised call options for as much as $5 million worth of Nvidia stock ahead of deliberations in Congress about a bill that would boost the U.S. semiconductor industry.
It wasn’t the first time Paul Pelosi had invested in a semiconductor company as momentum built behind congressional funding for the industry, which produces computer chips needed for a broad range of technology.
On her brief stopover in Taipei, Pelosi met with Mark Liu, Chairman of Taiwan Semiconductor, a company with a market capitalization of more than $430 billion. The recently passed CHIPS Act provides funding to the semiconductor sector and encourages the building of foundries in the U.S., something that was likely discussed between Pelosi and Liu.
Pelosi, who has said the CHIPS Act could create an opportunity for U.S. cooperation with Taiwan, recently came under scrutiny for her husband exercising call options of NVIDIA Corp. The Pelosis eventually sold their shares in NVIDIA.
Taiwan Semiconductor is building a $12-billion plant in Arizona.
In July, Pelosi claimed that her husband has “absolutely not” made any stock trades based on information from her.
Paul Pelosi was also busted recently for causing a crash while driving his Porsche while drunk.