Pam and Russ Martens: Treasury nominee's $7 million haul from Wall Street is just the tip of the iceberg

Section:

Janet Yellen's Cash Haul of $7 Million Is Just the Tip of the Iceberg; She Failed to Report Her Wall Street Speaking Fees from JPMorgan and Others in 2018

By Pam and Russ Martens
Wall Street on Parade
Wednesday, January 6, 2021

On December 29 we needed a clarification from former Treasury Secretary Larry Summers about his opinion column against Congress issuing $2,000 stimulus checks. We sent him an email at 10:13 a.m. and received a very clear response from him directly at 12:51 p.m. that day -- a span of a few hours.

Compare that timely response to Janet Yellen's respect for the media's obligation to report a full set of facts to the American people. Three days ago we contacted Yellen at four different entities with which she is affiliated. Only the Brookings Institution responded, saying she was on leave. President-elect Joe Biden's media team did not respond at all, nor did the Washington Speakers Bureau and University of California at Berkeley.

... Dispatch continues below ...



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Yellen is Biden's nominee for U.S. Treasury secretary. In anticipation of her Senate confirmation hearing, she has released her financial disclosure forms, which showed a windfall of more than $7 million in speaking fees since she left her position with the Federal Reserve. The bulk of that money came from Wall Street firms, which are variously regulated and bailed out by the Fed.

Our question for Yellen is an uncomfortable one: Why did her financial disclosure form report her cash haul from Wall Street's serially charged trading houses for just the years 2019 and 2020 when common sense suggests that her biggest haul would have been in 2018, when her knowledge of the thinking at the Fed was most timely?

Yellen stepped down as chair of the Federal Reserve on February 3, 2018, when President Trump failed to renominate her for the position of chair. Yellen was a Fed governor before becoming its chair and that term didn't expire until 2024. Yellen could have remained at the Fed and functioned as a public servant.

Instead, in the very same month in which she stepped down at the Fed, she signed an exclusive contract with the Washington Speakers Bureau.

Less than two months after stepping down from the Fed, Yellen was raking in huge fees for chumming around with and delivering her bits of wisdom to the mega trading houses on Wall Street: the very same folks who blew up the U.S. financial system in 2008 and received a super-secret $29 trillion bailout from the Fed.

The details of the Fed's obscene bailout were made public three years after the fact under a federal court decision and government audit. ...

... For the remainder of the report:

https://wallstreetonparade.com/2021/01/janet-yellens-cash-haul-of-7-mill...

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