If it’s a news story about corporatism, chances are Tim Carney wrote it a year ago. That’s the case with the tale of IPO financier William Hambrecht and the money he made former House speaker Nancy Pelosi while she was pimping him as a job creator to the American people. But I won’t complain that Paul Singer at Roll Call is hammering Pelosi again, with new details, at Roll Call:
In May 2010, then-Speaker Nancy Pelosi took to a podium in the Capitol to introduce a half-dozen economic experts she had convened for a meeting on how to jump-start the economy. The group had met for several hours with top Democratic leaders, and Pelosi invited them to speak publicly on their perspectives on economic growth.
What Pelosi did not mention is that one of the men in the group was her son’s boss and a partner with her husband in more than a half-dozen investments, including one that generated more than $100,000 in income for the Speaker’s family last year.
It was the fourth time since 2007 that Pelosi had invited San Francisco investment banker William Hambrecht to be part of an economic policy forum on the Hill and the third time she appeared at a podium with him to speak to reporters. At none of those events did the then-Speaker reveal her financial ties to Hambrecht, and House rules did not require her to do so.
The whole thing is worth a read. And Kevin Williamson hits the Pelosi-Hambrecht connection, along with the Pelosi family’s considerable luck in getting into a number of other wildly profitable IPOs, in his recent (paywalled) cover story on the Washington-Wall Street nexus.