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Bessent comes for Pelosi over her stock trading, calls for a ban

"If any private citizen traded this way, the SEC would be knocking on their door"

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The Capitalist Magazine
August 14, 2025

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Hello Capitalists,

Here’s what you need to be paying attention to today:

  • Bessent Unloads on Pelosi for her insider trading

  • Phillips pours in another $150m for US based healthcare investment

  • Bitcoin soars to a new All Time High and Ethereum is right behind it

  • Former JP Morgan trader indicted for stealing his investors money

  • Peter Thiel backed “Bullish” explodes onto the NYSE on launch

Today’s markets:

  • DOW: 44740.93 - (⬇️0.40%) 🔴

  • S&P: 6455.83 - (⬇️0.17%) 🔴

  • NASDAQ: 21692.06 - (⬇️0.10%) 🔴

  • CBOE VIX Volatility Index: $15.17 (⬇️04.76%) ⚠️⬇️

Bessent goes there, calls out Pelosi for her “eye-popping” stock returns

Treasury Secretary Scott Bessent slammed lawmakers’ stock trading, urging a congressional ban Wednesday on Bloomberg TV, spotlighting “eye-popping” returns by Nancy Pelosi and Ron Wyden that erode public trust.

  • Pelosi Faces Scrutiny: Nancy Pelosi’s husband made highly successful trades, prompting criticism, though her spokesperson insists she owns no stocks and supports a Senate bill banning congressional stock trading.

  • Wyden’s Portfolio Soars: Sen. Ron Wyden’s 123.8% stock gains in 2024 fueled Bessent’s call for reform, with Wyden alleging Bessent hides Epstein-related bank records at Treasury.

  • Bipartisan Support Grows: Rep. Anna Paulina Luna has pushed a discharge petition for a House stock trading ban.

  • Ethics Concerns Persist: Reps. Mike Kelly and Rob Bresnahan both faced ethics probes for stock trades, highlighting conflicts of interest and the need for stricter congressional trading rules.

Former Zillow exec targets $1.3T market

The wealthiest companies tend to target the biggest markets. For example, NVIDIA skyrocketed nearly 200% higher in the last year with the $214B AI market’s tailwind.

That’s why investors are so excited about Pacaso.

Created by a former Zillow exec, Pacaso brings co-ownership to a $1.3 trillion real estate market. And by handing keys to 2,000+ happy homeowners, they’ve made $110M+ in gross profit to date. They even reserved the Nasdaq ticker PCSO.

No wonder the same VCs behind Uber, Venmo, and eBay also invested in Pacaso. And for just $2.90/share, you can join them as an early-stage Pacaso investor today.

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Quote of the Day:

"The short successes that can be gained in a brief time and without difficulty, are not worth much."

- Henry Ford

Phillips doubles down on US investment, adds another $150 million into US states

Philips is pouring over $150 million into U.S. manufacturing and research, boosting AI-powered health tech production in Pennsylvania and Minnesota, aligning with Trump’s push for domestic manufacturing growth.

  • Expanding AI Health Tech: Philips’ investment targets AI-enabled ultrasound systems and image-guided therapy, enhancing hospital care nationwide, including for the VA and Department of Defense.

  • Creating Skilled Jobs: The Reedsville, Pennsylvania, expansion will add 120 manufacturing jobs, while a new Minnesota medtech training center will create over 150 positions.

  • Building on Investments: This move complements Philips’ $900 million annual U.S. R&D spending and its workforce of 17,000 across 40 facilities, strengthening its domestic presence.

  • Navigating Economic Challenges: Despite high labor costs and skilled worker shortages, Philips intends to leverage U.S. energy resources and automation to support its manufacturing resurgence.

Bitcoin soars to new All Time Highs with Ethereum hard on its heels

Bitcoin soared to a record $124,496 Wednesday, while Ether neared its 2021 peak, as investors poured $1.5 billion into crypto ETFs, fueled by optimism over U.S. regulatory shifts.

  • Ether ETFs Surge: Inflows into Ether ETFs reached $1.5 billion this week, outpacing bitcoin ETFs’ $244 million, driven by regulatory tailwinds and stablecoin adoption.

  • Institutional Demand Grows: Bitcoin treasury companies and ETFs have purchased 3.8% of all Ether in circulation, signaling strong institutional confidence in crypto.

  • Stablecoin Impact Rises: The U.S. GENIUS Act’s passage boosts stablecoin use, enhancing Ethereum’s blockchain activity and driving Ether’s price toward its all time high of $4,866.01.

  • Market Outlook Bullish: This comes after Standard Chartered raised its Ether price target to $7,500 by year-end, citing increased decentralized finance activity and regulatory support.

Former Wall Street trader indicted for scamming investors and gambling (and losing) all their money

A former Goldman Sachs and JPMorgan executive, Richard Kim, was indicted in Manhattan for allegedly gambling away $4 million in investor funds meant for his online casino startup, Zero Edge, prosecutors said Wednesday.

  • Kim's Rapid Financial Loss: Richard Kim lost most of the $4 million within a week by gambling on another site, Shuffle, after diverting funds from Zero Edge’s seed financing round.

  • Galaxy Digital’s Involvement: Galaxy Digital, where Kim was a venture fund investor, lost money in the scheme and reported his actions to authorities after he left to start Zero Edge.

  • Misleading Investors: Kim concealed his gambling losses, falsely claiming they resulted from a "treasury management strategy," while admitting to the FBI his actions were "clearly wrong."

  • Legal and Financial Fallout: Arrested in April, Kim faces securities and wire fraud charges; Zero Edge, incorporated in the Cayman Islands, entered voluntary liquidation on December 20

Peter Thiel backed “Bullish” crypto exchange soars on its NYSE debut

Crypto exchange Bullish soared 83% in its NYSE debut Wednesday, raising $1.1 billion in an IPO priced above expectations, signaling robust investor confidence in digital assets under Trump’s pro-crypto stance.

  • Bullish’s Market Surge: Bullish’s stock hit $90 at open, peaking at $118, valuing the company at $10.25 billion with 150.684 million shares outstanding.

  • Institutional Investor Focus: Led by ex-NYSE President Tom Farley, Bullish blends decentralized finance with centralized security, targeting institutional investors.

  • Crypto Industry Momentum: Backed by Peter Thiel, Bullish’s success follows Circle’s $1 billion IPO, reflecting a crypto-friendly Trump administration.

  • High Trading Volume: Since its 2021 launch, Bullish - which also owns the crypto analytics firm CoinDesk- has executed over $1.25 trillion in trading volume.

Courts side with Trump over billions of dollars in Foreign Aid cuts

A U.S. appeals court ruled Wednesday that President Trump can slash billions in congressionally approved foreign aid, escalating his push to dismantle USAID and realign funds with his America First agenda.

  • Ruling Reverses Judge: The 2-1 decision overturned a federal judge’s finding that the Trump administration violated constitutional separation of powers by withholding congressionally mandated foreign aid funds.

  • Challengers Lack Standing: Judge Henderson ruled that nonprofits and businesses suing over the cuts lacked legal grounds, limiting their ability to contest the administration’s impoundment actions.

  • Dissent Highlights Concerns: Judge Pan dissented, warning that the ruling ignores serious rule-of-law implications, potentially undermining Congress’s authority over federal spending.

  • Broader Impact Unclear: The decision’s effect on other lawsuits challenging Trump’s funding freezes remains uncertain, with possible appeals to the full DC Circuit court pending.