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Nancy Pelosi Bought A Pro Football Team

From a memory deficient Politico:

Paul Pelosi, left, kisses Joyce Murtha, widow of Rep. John Murtha, as House Speaker Nancy Pelosi of Calif., looks on at right.

Pelosis lose big bet on pro football

By: Jake Sherman and John Bresnahan and Manu Raju
June 16, 2010

Speaker Nancy Pelosi’s husband Paul lost up to $5 million on his investment in a new professional football league, according to the latest congressional financial disclosure reports released Wednesday.

Mr. Pelosi, a wealthy investor, spent $12 million last year buying the California Redwoods of the United Football League, according to report last October in the Washington Post.

Isn’t that peculiar. Rush Limbaugh’s involvement in a syndicate to purchase the St. Louis Rams was very much in the news last October. And yet we don’t recall hearing any mention of Ms. Pelosi’s involvement in a strikingly similar venture at the time.

The Washington Post must have done as masterful job burying their scoop.

Yet the speaker’s annual disclosure report valued the team at only between $1 million and $5 million. It is unclear why there is a discrepancy in what Paul Pelosi paid for the Redwoods as described in the Post story and the team’s valued as stated in the disclosure report.

So not only did the highly political Nancy Pelosi buy a piece of a professional football team, she appears to have under-valued its worth by a measly $7 to $11 million dollars on her House disclosure form.

Will her personally created and staffed House Ethics Committee take up this matter? There certainly is the appearance of wrong-doing, which, if she were a Republican, would necessitate a thorough investigation and probably her resignation.

The disclosure report further shows that the Pelosis suffered a loss of up to $5 million on the football franchise, although no exact figure is provided.

So she undervalued the purchase and then declared a $5 million loss? No wonder she is rich.

The UFL was the brainchild of Bill Hambrecht, a Pelosi friend and deep-pocketed investment banker who helped take Google public in 2004. The UFL was designed to be an alternative to the mega-powerful National Football League in smaller media markets, but it hasn’t lived up to its backers’ expectations so far. The Sports Business Journal, a sports-industry publication, reported last fall that the UFL lost $30 million during its inaugural season, which is millions more than initially projected.

Pelosi’s office declined to comment on the financial losses the couple suffered.

Despite the football debacle, the Pelosis remain very rich by any objective standard. Overall, the Pelosis are worth between $24.6 million and $89 million, minus their liabilities.

That’s quite a range. Has Mr. Obama told them that they have made too much money yet?

Their holdings include a vineyard in St. Helena, Calif., worth between $5 million and $25 million; several commercial properties in San Francisco; hotel partnerships in Rutherford and Sonoma, Calif.; and an Asian investment fund worth up to $5 million.

All of the Pelosi commercial operations are reported to be non-union, by the way.

Paul Pelosi also sold between $5 million and $25 million in Apple stock last year. He may have used the proceeds from those sales to finances his purchase of the California Redwoods, since his first payment to the UFL took place only days after his initial sale of Apple stock in April 2009, according to the disclosure report.

As speaker, Pelosi herself earned $223,000 in congressional salary in 2009, plus another $102,161 in book royalties

But it’s okay. Ms. Pelosi is a champion of the little people.

And she is certainly anything but divisive.

This article was posted by Steve on Thursday, June 17th, 2010. Comments are currently closed.

6 Responses to “Nancy Pelosi Bought A Pro Football Team”

  1. Mithrandir says:

    Now you can EASILY understand why the Roman Empire fell: the government was so divided, that when the barbarian hordes were at the gate, each party gleefully let them in, to rid themselves of the other.

    That is exactly how Americans must feel looking at this stuff. Each side sees the other as corrupt, and there is no way to get rid the rampant corruption and hypocrisy.

    Let the barbarian hordes race across the Mexican border, maybe after the wrong people sneak in and destroy the country, the good people can start over, without a meddling government standing in the way–protecting all the weeds ruining the garden.

  2. canary says:

    Pelosi wanted fresh meat. The players shouldn’t let her mix their drinks.

    The Pelosi’s no doubt have illegal Mexicans working in their hotels. Coffee you know? c-o-f-f-e-e. si? comprehendo?

  3. proreason says:

    “plus another $102,161 in book royalties”

    wow. $51,080.50 per book sold.

  4. Right of the People says:

    So the Botox Queen and her hubby are worth at least a few hundred mil, explain to me again why she needs a private plane to fly back to Sodom on the Bay? With all of their bucks I’m willing to bet hubby has at least one Gulfstream at his disposal.

    Oh, I forgot the Democrat mantra, “Do what I say, not what I do.” Never mind, guess I’ll go crack open another bottle of Wild Turkey.

    • proreason says:

      Because it’s more about the power than money.

      These people are mentally ill.

      In all seriousness, the US has created so much wealth that it has spawned a class of mentally deranged people who have simply gone insane with lust for the ability to control people’s lives.

      Pelosi couldn’t check groceries as well as a teenage drop-out, but she gets to spend tens of millions of our hard-earned tax dollars splurging on power trips for herself. It’s a sick sick situation.

      She is worse than Marie Antoinette. At least Marie Antoinette was isolated from the world. Pelosi should know better.

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