Memo to Janet Yellen: you’re supposed to manage the money, not take all of it!
Yellen is on pace to make Hillary and Barack style money for speaking engagements.
Of course some people will say that they aren’t really being paid for speeches at all, but for INFLUENCE.
I would never say that, but some do.
Perhaps it’s because when your speaking fees are close to $1 Million, it raises some questions…
And when that money comes from Citadel and then you end up having to make regulatory decisions that will affect Citadel and the entire Robinhood fiasco, well….you get what you pay for?
Here’s the back story…
It turns out that Janet went and did some ‘speaking’ at Citadel Group; the fund that is behind Robinhood, and has lost several billion dollars as a result of a short gone bad.
She reportedly made $700,000 on that one.
Reports have surfaced that she had to consult with ethics lawyers before she called the meeting to discuss the Gamestop stock surge…..I wonder why?
Take a look:
Treasury Secretary Janet Yellen consulted ethics lawyers before calling a meeting with the government’s top financial regulators to discuss the GameStop stock trading frenzy, according to a report from Reuters.
Yellen’s sought an ethics waiver after media reports pointed out that she received $700,0000 in speaking fees from Citadel, LLC. Yellen has said she would not act in an official capacity in matters involving the firm without receiving a written waiver from Treasury ethics officials.
Citadel, alongside another fund, extended a $2.75 billion bailout to hedge fund Melvin Capital Management. Melvin had suffered billions in losses because of its bet against GameStop. Robinhood, the app-based broker that sparked outrage when it restricted trading in so-called meme stocks, is paid by Citadel Securities for privileged access to its users’ trades.
Daily Caller had more:
Citadel had paid Yellen $292,500 for a speech on Oct. 17, 2019, another $180,000 for a speech on Dec. 3, 2019, and $337,500 for her appearances during a series of webinars between Oct. 9-27, 2020, the Daily Caller News Foundation previously reported.
Citadel was founded by billionaire Ken Griffin, who also founded Citadel Securities, a separate company that pays the popular brokerage app Robinhood hundreds of millions of dollars to process the trades made on the platform.
Robinhood became embroiled in the GameStop saga when, as Melvin Capital was losing billions of dollars due to retail traders buying the stock en masse, it prohibited its users from purchasing the security. The move immediately caused GameStop stock to plummet, a boon for hedge funds like Melvin Capital that had heavily-shorted positions in the stock.