It’s curious that members of Congress who live and work in one of the most expensive U.S. cities and make $170,000 a year in pay seem to fight for that job. We’re told by their frequent motions for personal pay increases they cannot afford to work and live in D.C. And they expect us to bow and thank them for their working for government sacrifice for Americans. Yeah, Right!
They all start at the same salary, and they almost all end their Congressional careers as multi-millionaires.
Their secret? Job “fringe benefits.”
Let’s look at how just one member of the House of Representatives “brings home the bacon:” Nancy Pelosi.
Nancy Pelosi married into bucks. She came from bucks herself. But none of those “bucks” amounted to near what the Pelosi family is worth today. And Nancy opened the door to those big dollars — maybe ALL legally. After all, it seems that Congress is the place to go if one wants to become powerful and enjoy all the perks that go with that job in Congress.
Don’t get me wrong: there are plenty of wonderful and honest people who are serving the nation and their constituents honestly in Congress. Then there are plenty of others who maybe don’t cross the line when it comes to the Law, but they certainly get as close to the line as they can without stepping over.
I’ll put Speaker Pelosi in the latter. How so?
Before becoming Speaker, Nancy steered more than a billion dollars in subsidies to a light rail project that benefitted a company run by a high-dollar Democratic donor and in which her husband is a major investor. When cloud computing giant Salesforce sold a large plot of land to the Golden State Warriors, it had House Minority Leader Nancy Pelosi to thank for helping to swell real estate prices in the area.
Pelosi worked for more than a decade to steer taxpayer funds to a light rail project in San Francisco’s Mission Bay neighborhood, where Salesforce had planned a new campus. Experts say the project boosted the value of Mission Bay real estate. The company’s CEO, Marc Benioff, is a high-dollar Democratic donor. Pelosi and her leadership PAC are among the recipients of his generous campaign contributions. Pelosi’s husband is also a major Salesforce investor. Pelosi’s tireless advocacy for federal support for San Francisco’s light rail system has come under scrutiny for potentially enriching another liberal billionaire, hedge fund manager Tom Steyer. (Does that name sound familiar? Like, in the impeachment of Donald Trump)
In Salesforce’s case, Pelosi’s work appears to have financially benefitted not just a Democratic mega-donor, but also a company in which Pelosi’s direct family owns a large stake as well as valuable real estate holdings in her husband’s portfolio. Salesforce paid $278 million for 14 acres in Mission Bay in 2010. It bought the land from a group called Alexandria Real Estate Equities, which had purchased it from FOCIL-MB, a division of Democratic financier Tom Steyer’s hedge fund. The exact dollar figure of its sale to the Warriors was not released. “We paid a very pretty penny,” the team’s co-owner said.
Real estate values in Mission Bay have skyrocketed over the past decade as the city works to transform the former industrial neighborhood. “From a decrepit and seemingly abandoned old rail yard 15 years ago, Mission Bay has sprouted into San Francisco’s fastest-growing neighborhood,” the San Francisco Business Times reported. San Francisco real estate is some of the most expensive in the nation, and Mission Bay has seen some of the fastest-growing property values in the city in recent years….[ ]