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January 29, 2021
Biden Treasury Secretary Paid $800K by GameStop Firm, WH: 'It Shouldn't Be a Surprise ...'
Biden's Treasury Secretary Janet Yellen — the first female to hold the position EVAH — made a buttload of money speaking to Wall Street firms. Like, to the tune of seven million dollars. $800K of it came from Citadel, the hedge fund at the center of the GameStop/Reddit/WallStreetBets brouhaha. Which, if you're still confused about, this is the best explainer I've seen. Yellen's current job is to advise President Biden on how to handle the GameStop situation. Which involves a Wall Street firm that paid her a lot of money.
Could that possibly be a conflict of interest? Press secretary Jen Psaki says, "Meh."
WH Dodges Whether Janet Yellen should Recuse Herself from GameStop, Robinhood Controversyyoutu.be
Separate from the GameStop issue, the secretary of Treasury is one of the world renowned experts on markets, on the economy. It shouldn't be a surprise to anyone she was paid to give her perspective and advice before she came into office — before she came in to be the treasury secretary, I should say.
I personally don't have a problem with Yellen having given speeches. Girl, get yourself paid. But it creates a dilemma. Wall Street vs. Main Street is a common debate in politics. It's what a lot of populism stems from. The GameStop story -- hedge funds vs. Reddit bros -- is the clearest example of that I can remember. The person whose job it is to advise the president has a past financial interest in the hedge fund half of that dispute. Is it reasonable to consider that a conflict of interest? I'd argue it at least deserves a better answer than we "shouldn't be surprised." Or at least it would if Yellen, Psaki, and Biden were all Republicans.
Main Street feels the system is rigged against it. It's difficult to change the perception when your top adviser has been paid millions of dollars by the people (allegedly) doing the rigging.
Time for an Explanation...youtu.be
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