Pelosi’s economic “experts” included son’s boss and her business partner in 2010

posted at 12:05 pm on December 19, 2011 by Ed Morrissey

Last week, Nancy Pelosi insisted that extending unemployment benefits would, er, save or create 600,000 jobs, and insisted that experts in macroeconomics told her so.  Who are the economic experts that advise Pelosi?  According to Roll Call, Pelosi hauled a few of them up to Capitol Hill to support her economic policy, but didn’t disclose her relationship with at least one of them:

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.

At a time when the connection between a Member of Congress’ personal finances and public role has been spotlighted by the proposed STOCK Act — which would prohibit lawmakers from trading on legislative knowledge — the case of Pelosi and her family’s investment adviser is a reminder of how few rules exist to govern these relationships.

How good of an economist is Hambrecht?  One of the partnerships between Hambrecht and the Pelosis is the United Football League, which “competes” with the NFL in four markets without teams.  The business plan apparently rested on the hope that the NFL and the NFLPA would endure a long strike/lockout when their CBA expired this year, and hoped to get some NFL stars to play in their league while the lockout remained in place.  Unfortunately for the UFL, the NFL and the players ended up resolving their issues before the start of the season, and the UFL ended up remaining in oblivion.

Roll Call reports that most of the Pelosi/Hambrecht partnerships have been a bust, but not for the Democratic Party.  Hambrecht has been a big donor to Democrats and the party, with more than $2 million in contributions in FEC records reviewed by Roll Call.  Pelosi never disclosed any of this while presenting Hambrecht as an economics expert in May 2010, nor did she mention that her son Paul Jr worked for Hambrecht at the time, either — which might call into question the access to information that guides the Pelosis’ investments with Hambrecht.

None of this apparently violates any ethics rules in the House.  However, the next time Pelosi talks about macroeconomics and job creation, consider who her sources are likely to be.


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My son says doesn’t have the same ring as “economic experts”.

originalpechanga on December 19, 2011 at 12:08 PM

Shocked.

CorporatePiggy on December 19, 2011 at 12:09 PM

I’ll be so glad when the witch retires. She’s harsh on the eyes and the brain.

I bet her broom will be glad too.

Schadenfreude on December 19, 2011 at 12:09 PM

None of this apparently violates any ethics rules in the House

The ethics rules in congress are the biggest joke ever, the only thing unethical is being a doctor and a senator

How anyone with a brain is not over outraged at the insider trading crap that has been going on forever is beyond me,

THEY MADE

OrthodoxJew on December 19, 2011 at 12:10 PM

The Dragon Lady.

Her district will still vote for her. She has a right to that Seat. Like Ted Kennedy in Mass.

Oil Can on December 19, 2011 at 12:11 PM

This is Boooosh’s fault. I’m sure of it.

search4truth on December 19, 2011 at 12:12 PM

Ethics and Democrats, it’s like oil and water.

they lie on December 19, 2011 at 12:13 PM

THEY MADE

OrthodoxJew on December 19, 2011 at 12:10 PM

^^^ They made rules according to the benefits of their investments, And the fact that the american public did not know about this is just mind boggling

OrthodoxJew on December 19, 2011 at 12:13 PM

It is a sad commentary on the fifth estate how the corrupt, incompetent idiot Pelosi gets away her crimes, due to their refusal to report anything negative on anyone with whom they agree with politically.

In short, our dysfunctional government is primarily due to our MFM. Democracy cannot function when the MFM is so sadly partisan.

NoDonkey on December 19, 2011 at 12:13 PM

Ethics? I personally believe that many of their acts, or refusal to act, is quite simply treason. And it’s not limited to any recent Congress either.

jb34461 on December 19, 2011 at 12:16 PM

Yup, nothing to see, move along

cmsinaz on December 19, 2011 at 12:16 PM

While she is already a disgrace, it would be quite delicious if she resigns under an ominous legal and ethical cloud. Of course, it’d be even sweeter if her next job was sitting behind a jail cell. Martha Stewart she isn’t.

There is a part of me that almost wishes that the nutter, Cindy Sheehan would run for that seat again and win. Of course, the implications for that are far worse for the nation, but it wouldn’t be the first time we’ve had clowns in office… Al Franken and Barney Frank come to mind.

Logus on December 19, 2011 at 12:18 PM

Why are congressional members immune to insider trading rules? Retroactive audits for all!

DanMan on December 19, 2011 at 12:20 PM

Contessa Brewer wants to know if Pelosi’s son has a degree in economics.

BacaDog on December 19, 2011 at 12:20 PM

Hambrecht has been a big donor to Democrats and the party, with more than $2 million in contributions in FEC records reviewed by Roll Call. Pelosi never disclosed any of this while presenting Hambrecht as an economics expert in May 2010, nor did she mention that her son Paul Jr worked for Hambrecht at the time

Are you serious? Are you serious?

/

Thanks for posting this Ed, I read it this morning and was hoping you would.

Flora Duh on December 19, 2011 at 12:20 PM

This is Boooosh’s fault. I’m sure of it.

search4truth on December 19, 2011 at 12:12 PM

I know there’s an invisible /sarc tag there, but seriously, Pelosi and Reid were successful in TANKING THE ECONOMY and BLAMING BUSH IN THE PROCESS. (and yes, I’m yelling).

Five years ago, December 2006, Republicans controlled the House, the Senate, and the Presidency.

Unemployment was at 4.4%.

The national debt was under $8.7 Trillion.

Then, the Democrats took control and it’s been downhill ever since.

They blamed Bush for what they themselves did, and were rewarded with even more power in the 2008 elections.

Under Democratic “leadership”, unemployment more than doubled and has remained high long-term.

Under Democratic “leadership”, the national debt went from under $8.7 Trillion to over $15.1 Trillion.

Are you better off now than you were five years ago?

This holiday season, ask your friends and relatives if they are better off now than they were five years ago.

If not, it’s time for a CHANGE. Vote Republican in 2012.

ITguy on December 19, 2011 at 12:20 PM

None of this apparently violates any ethics rules in the House.

Nancy has ‘ethics’? Who knew?

GarandFan on December 19, 2011 at 12:21 PM

How many of our Republican brethren knew (know) about it but failed to make a stink? I expect it from Pelosi, and used to believe that our side would expose their side. Now, except for Issa, I am not sure if anyone is on our side.

Strike Twice on December 19, 2011 at 12:23 PM

None of this apparently violates any ethics rules in the House. However, the next time Pelosi talks about macroeconomics and job creation, consider who her sources are likely to be.

Um, yeah, like any associate of Pelozilla’s shouldn’t be suspect.

MisterElephant on December 19, 2011 at 12:24 PM

t is a sad commentary on the fifth estate how the corrupt, incompetent idiot Pelosi gets away her crimes, due to their refusal to report anything negative on anyone with whom they agree with politically.

In short, our dysfunctional government is primarily due to our MFM. Democracy cannot function when the MFM is so sadly partisan.

NoDonkey on December 19, 2011 at 12:13 PM

Any reporter with half an inquisitive brain should check this woman out from head-to-toe (okay, bad mental image.)

She constantly mis-uses or re-defines terms with traditionally-accepted meanings, and she speaks in such vague generalities that she is practically begging for someone to ask “what do you mean by that?”

The goofy thing is that she appears proud of her pretzel-tongue, almost like she wants to tell the MSM how she is conning everyone.

rwenger43 on December 19, 2011 at 12:26 PM

Well, if Jimmy Carter can ask his pre-teen daughter about nuclear issues, I imagine Pelosi can talk to anyone she wants. At least Jimmah was out in the open with it…

Odysseus on December 19, 2011 at 12:28 PM

This is Boooosh’s fault. I’m sure of it.

search4truth on December 19, 2011 at 12:12 PM

I know there’s an invisible /sarc tag there, but seriously, Pelosi and Reid were successful in TANKING THE ECONOMY and BLAMING BUSH IN THE PROCESS. (and yes, I’m yelling).

Five years ago, December 2006, Republicans controlled the House, the Senate, and the Presidency.

Unemployment was at 4.4%.

The national debt was under $8.7 Trillion.

Then, the Democrats took control and it’s been downhill ever since.

They blamed Bush for what they themselves did, and were rewarded with even more power in the 2008 elections.

Under Democratic “leadership”, unemployment more than doubled and has remained high long-term.

Under Democratic “leadership”, the national debt went from under $8.7 Trillion to over $15.1 Trillion.

Are you better off now than you were five years ago?

This holiday season, ask your friends and relatives if they are better off now than they were five years ago.

If not, it’s time for a CHANGE. Vote Republican in 2012.

ITguy on December 19, 2011 at 12:20 PM

Yes, and with the Socialist National Media on their side they can incessantly push the narrative that the answer to the problem of Socialism is always More Socialism.

Chip on December 19, 2011 at 12:29 PM

Draining The Swamp!

FlatFoot on December 19, 2011 at 12:29 PM

I never liked the idea of term limits, because there are good people, serving some…but we need it nationally. We can’t do anything to someone like that SWAMP B!TCH, that affects ALL OF US in derogatory ways, because of the brain dead zoombies in her district! What a CORRUPT drone!

KOOLAID2 on December 19, 2011 at 12:30 PM

She was too upset about her Hot Or Not rating collapsing to care.

http://thewashingtonfancy.com/?p=202

I remember her.

Washington Fancy on December 19, 2011 at 12:30 PM

Having “ethics” and “Democrat” in the same sentence? Surely you jest!

Torch on December 19, 2011 at 12:31 PM

Color me as unsurprised. I wonder if they gave her economic advice as they rubbed her feet and poured her a toddy from the stuff on the top shelf.

Experts.

ted c on December 19, 2011 at 12:33 PM

A rich anti-Capitalist and a Anti-Catholic Catholic. Falso.

Hummer53 on December 19, 2011 at 12:40 PM

None of this apparently violates any ethics rules in the House

Any body that applies laws to you that do not apply to it is illegitimate.

roy_batty on December 19, 2011 at 12:40 PM

You talked about disclosure and no rules against not disclosing.. Why should there be rules for those in Congress to disclose the backgrounds of those they take advice from? I can understand if these people are receiving federal dollars for their “advice”. But that is far from clear in this instance.

NotCoach on December 19, 2011 at 12:46 PM

My son says doesn’t have the same ring as “economic experts”.

originalpechanga on December 19, 2011 at 12:08 PM

“economic experts” are frequently cited here on HA by our resident economic genius bayam. of course, they’re all anonymous.

Del Dolemonte on December 19, 2011 at 12:46 PM

Can Pelosi Galore even spell “macroeconomics?”

CantCureStupid on December 19, 2011 at 12:57 PM

Contessa Brewer wants to know if Pelosi’s son has a degree in economics.

I want to know where one puts one’s hand when operating the Contessa Brewer puppet.

For all of the garbage that spews out of Nancy Pelosi’s mouth, it’s a wonder it hasn’t yet been designated an EPA Superfund site.

clayj on December 19, 2011 at 1:00 PM

Let’s not forget that Nancy embraced the Occupy Movement, too. Even asked God to bless them, which is really ironic in light of this video which shows that the OWSers don’t like God too much.

bloggless on December 19, 2011 at 1:02 PM

It doesn’t take an economist to let you know that her policies will not work.

rjoco1 on December 19, 2011 at 1:03 PM

Its amazing the conviction she and others (see DWS – “unemployment NOT going up” last week w/Gretchen) speak with when you’re talking about promoting the entitlement society. The society that will not bite the hand that feeds it by voting accordingly at the ballot box.

I’m surprised she didn’t ask Corzine to testify. After all… he’s endorsed by PBHO and VPJB… and more importantly, the first person people think of on economic issues.

VietVet_Dave on December 19, 2011 at 1:11 PM

There’s nothing to see here. I have a document here that shows her actions were reviewed by special prosecutors Mickey Mouse and Adolph Hitler, and they say she didn’t do anything wrong.

The Rogue Tomato on December 19, 2011 at 1:11 PM

shameless and nasty is no way to go through life you treasonous vile “serpent…. errr,servant of the people.

acyl72 on December 19, 2011 at 1:12 PM

If Ms. Nancy gave a tenth of the attention to her job that she does her 70 year old grill, after market chest and dyed hair, she might not come off as an absolute moron. Where did they find her? How does SF keep electing her? Why would anyone listen to her? Is she a high school graduate or a GED?

StevC on December 19, 2011 at 1:30 PM

None of this apparently violates any ethics rules in the House.

Apparently nothing does.

squint on December 19, 2011 at 1:31 PM

Maybe we need to listen to these experts as well?

They are smart enough to get Nancy doing what they want. They probably know quite a bit more than anyone is letting on.

Lawrence on December 19, 2011 at 1:36 PM

Why are congressional members immune to insider trading rules? Retroactive audits for all!

DanMan on December 19, 2011 at 12:20 PM

yay! and after, lets get the pitchforks! (not joking)

nathor on December 19, 2011 at 1:37 PM

Frankly, I was expecting the Magic 8 Ball

ICanSeeNovFromMyHouse on December 19, 2011 at 1:43 PM

“Pelosi Stands to Benefit from Pending Clean Energy Legislation”…crazy pelosi retains the despicable title of “MOST CORRUPT member of the Washington swamp.”

We all know about her insider-trading special treatment on Visa’s IPO. Anybody know how many pre-IPO shares of Facebook she’s got stashed away?

TeaPartyNation on December 19, 2011 at 1:43 PM

Like Oprah on a ham, Peloski has never seen a bloated spending bill she didn’t like.

franciscodanconia on December 19, 2011 at 1:47 PM

Need I say this? I will, just to make myself feel better (if that’s possible at this point);

Nancy Pelosi has to be the #1 corrupt witch politician of all time. She’s broken every record I think. Everyone, including democrats, need to push for a full investigation of EVERY SINGLE thing she’s done, every dollar movement she has had her hand in, since the moment she stepped into congress.

She’d be burned at the stake, but it’d also benefit the dems because they’d pin ever evildooer deed done by dems on her since the beginning of time, right around the day she was hatched.

Hitler had nothing on Pelosi. She makes him look like a piker.

Wolfmoon on December 19, 2011 at 1:49 PM

Only another reason to expect California to economically implode. Glad I don’t live there.

kens on December 19, 2011 at 1:54 PM

No person who says “SPEND MORE, TAX MORE” is an economic expert.

angryed on December 19, 2011 at 1:54 PM

William Hambrecht? I knew I had heard that name before. This is the i-banker that took Apple public. He’s mentioned in Isaacson’s bio on SuperSteve, FWIW.

JRCash on December 19, 2011 at 2:02 PM

I love that Sea Hag screenshot. “You’re questioning MOI???”

SickofLibs on December 19, 2011 at 2:03 PM

Contest–Answer the following question:
Who is the most disgusting, disingenous, corrupt, and boorish person in Washington–Nancy Pelosi or Barney Frank?

This is a way more difficult decision than any OOTW that Ed or Allah could ever come up with.

NOMOBO on December 19, 2011 at 2:10 PM

How does SF keep electing her? Why would anyone listen to her? Is she a high school graduate or a GED?

They keep electing her because she’s good at begging for money from her state when SF runs out. SF’s annual budget is $6Billion (yes that’s a B)it’s more than some countries. Still, with their unicorn fantasies and bats**t policies thay manage to come up short every year. That’s when Nan runs to the state legistlature and starts her po-hoing. Somehow she always manages to squeeze money out of the state to bail SF out.

NapaConservative on December 19, 2011 at 2:13 PM

None of this apparently violates any ethics rules in the House.

The same can be said of Boehner’s insider trading or the Newt glibly pocketing $1.6 million in bribes from Freddie Mac. (See here).

One problem the Americans face is that there is no reliable mechanism for getting stories like this one by Ed about Pelosi or any major Dem out of the “echo chamber.”

A second difficulty is that even if news of this sort on rare occasion does make its way to the broad public, the likely and not untrue response is that “both parties” or “all politicians” do things like that all the time.

Perhaps the best “defense” that Newt could offer would be sheer distraction or counter-accusation: O himself chose a Countrywide Mortgage executive or criminal to chair his VP selection committee. But that would probably go over about as well as Newt’s protestations that his being on the take from Freddie Mac and Mitt’s running the Bain “chop shop” are morally equivalent. I even saw people on this site buy that line.

kunegetikos on December 19, 2011 at 2:18 PM

Nancy has ‘ethics’? Who knew?

GarandFan on December 19, 2011 at 12:21 PM

She comes by them naturally, all you have to do is read a little bit about her father.

RickB on December 19, 2011 at 2:19 PM

Nancy Pelosi has the same bewitching charm as Eric Cartman

Wallythedog on December 19, 2011 at 2:21 PM

Most transparent EVA!

RedManBlueState on December 19, 2011 at 2:25 PM

MSM: Nothing to see here. Keep moving…

Hard Right on December 19, 2011 at 2:28 PM

I’m sure she knows stories like this don’t get much further than the Washington echo chamber (where they are dismissed as business as usual for everyone) and the minute portion of the population that actually pay attention to more than the 6 o’clock news sound bites.

If the general population paid more attention, they would probably be appalled. The fact so few do pay attention is pathetic, and is what allows these a**hats to continue to get away with this garbage while re-electing them.

They take us for buffoons, and then we put them back into office to prove we’re buffoons.

gravityman on December 19, 2011 at 2:51 PM

Pelosi should be wearing an orange jump suit. Prison orange would go good with that scary face of hers.

jqc1970 on December 19, 2011 at 2:53 PM

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

And the economy has been in a nose dive since 2007, coincidence?

DSchoen on December 19, 2011 at 2:55 PM

How good of an economist is Hambrecht

Let’s overlook the fact that William Hambrecht is a legendary silicon valley investment banker, highly regarded on Wall Street. It’s ludicrous that you suggest a single business failure somehow proves that he’s not qualified to offer economic advice to national leaders.

To anyone with a finance background, his firm Hambrecht & Quist is practically a household name.

bayam on December 19, 2011 at 3:12 PM

One problem the Americans face is that there is no reliable mechanism for getting stories like this one by Ed about Pelosi or any major Dem out of the “echo chamber.”

It’s even more amazing that you don’t realize when you’re fed right wing echo chamber propaganda. It’s hard to believe that an individual is described as an unqualified failure by Ed, and no one seems to have the slightest idea that the attack is directed at a legendary banker and capitalist.

So what’s the story here, that some people believe any kind of slanted drivel written on right wing blogs?

bayam on December 19, 2011 at 3:19 PM

So what’s the story here, that some people believe any kind of slanted drivel written on right wing blogs?

The story is and has been that the LSM won’t cover anything that might be detrimental to their liberal socialist progressive cause. God forbid anyone get in their way on their march to a communist state.

The amazing thing is how many liberals think this is a good thing.

*baaaaaaa* (that’s a liberal sheep, conservatives are much more baritone)

Wolfmoon on December 19, 2011 at 3:22 PM

Odd. I thought they were Bert and Ernie.

Horace on December 19, 2011 at 4:11 PM

As a resident of No. CA (but not in Nanzi’s district) I wish I could answer the “Why does SF keep electing her?” question. But then again have you seen SF lately? A beautiful city that has been destroyed, in one generation no less, by liberalism…

ccrosby on December 19, 2011 at 4:13 PM

A native New Yorker, who is well-traveled in the United States and world, I lived in San Francisco for a few months in 2008. It was my first time going to San Francisco. I traveled there for a job and wanted to try out San Francisco to see if I would like living on the West Coast. Having lived in New York my entire life, I had never been so afraid for my safety before. My father traveled to San Francisco with me initially – he too also lived in New York since the early 1970s and as a former Marine, he too also felt unsafe in San Francisco. I was working in the Tenderloin so I had to commute there everyday and would sometimes venture out for lunch. Fortunately, the area of Golden Gate Avenue I worked near was not terrible because it was a business area in the day, but I would recommend do NOT venture further east into the TL on Golden Gate Avenue past Van Ness INCLUDING during the daytime. In the TL, you will see the same crackheads daily asking for money, I saw a pregnant prostitute on the corner near the KFC soliciting for men, you see people shooting up drugs in broad daylight and the poverty is on another level. One day I missed my bus stop on my way to work in the morning, and ended up deep in the heart of the tenderloin. The bus let me off not to far from the Glade Memorial Church (featured in Pursuit of Happyness) and there a lot of people and homeless milling the streets in the morning looking for trouble. My father one day after leaving me near my work office walked the “wrong way” and saw a line of black men (we are also black) staring at him in a menacing way, wondering why he was new to their hood. He quickly and frighteningly walked out of that area. The area near the Macy’s on Market Street is also very sketchy and if waiting by anyone near the Macy’s or the mall (Civic Center/TL/SOMA), just be aware of your surroundings and try not to wait too close to Golden Gate Avenue. At night in the Tenderloin, you will see and hear police sirens, prostitutes screaming, broken bottles and other noisy activity.

When I initially moved to San Francisco, it was to stay with family in the Bayview’s/Hunter’s Point Area. Like I said earlier, this was my first time venturing out into SF. Bayview was the worst neighborhood I had been in my entire life. There were bullet holes in the Bus station glass, blood stains from murders on storefront sidewalks, crackheads and drug addicts galore, and it is not safe as a young woman to walk Anywhere alone – not even to Walgreens, to a store, restaurant, nor barely even to catch the city train. Believe me when I say after a few days, I moved right out of that area and into Inner Richmond which is a more expensive area, but I rather be safe than fear for my life every morning when going to work or trying to enjoy myself as a young person in a new city. Cars are broken into as a normal occurrence; radios are stolen; and car parts. I would also avoid the Western Addition and Fillmore areas which while I was staying here had murders frequently on certain blocks and you would not want to be in the wrong place at the wrong time. In the Financial District one night, I saw a homeless man yell at two tourists who were retrieving money from an ATM machine because they would not give him any money. The tourists were shocked and did not seem to know it was a bad idea to take money out (even in a “good area” of San Francisco) after dark. I don’t know if they eventually gave him some or all of their money.

Some SF residents are in denial about how unsafe their city is compared with other major cities in the USA. New York City is like Disneyland in terms of how safe you feel on a day to day basis as compared with San Francisco. I guess in NYC you have more options as to which areas you frequent and larger portions are the city are very safe with a small minority of neighborhoods in the extreme, but in SF, the crime is block-by-block and unsuspecting tourists or newcomers have no idea what they are in for. Needless to say, I decided San Francisco was not the city for me.

This is what San Francisco has become under decades of progressive rule. They get what they wished for.

NapaConservative on December 19, 2011 at 4:43 PM

Can Pelosi Galore even spell “macroeconomics?”

CantCureStupid on December 19, 2011 at 12:57 PM

I’M IN TEARS!!!!

hoosierma on December 19, 2011 at 8:19 PM