Yellen is perfect for the job. In the past two years, Yellen has made several appearances in front of high-level banking executives. During these appearances -- many of which have been virtual -- Yellen has received massive “speaking fees.” These Big Bank speaking fees -- sometimes topping $1 million -- are nothing more than bribes and payoffs. What do bank executives really gain by listening to a former fed chair who has participated in the destruction of the US dollar? Are banks bringing in more customers and locking in more deposit accounts after they pay Yellen hundreds of thousands of dollars?
No, it’s incredibly obvious that the banks know the right people to pay to get what they want. How much lobbying/policy advice did she offer them? Yellen has not provided the public with any transcripts of her speeches to Wall Street banks, even though she has pledged to ethics officials to take steps to "avoid any actual or apparent conflicts of interest." Her lack of transparency on the revolving door with Wall Street banks is telling.
Yellen, a 'world-renowned expert on the economy', has received suspicious levels of cash from the biggest banks. Now she is suddenly in a position of power to protect the big banks and the hedge funds.
According to the Wall Street Journal, Yellen collected “more than $7 million in speaking fees” in a two-year tenure, which included “more than 50 in-person and virtual engagements.” According to financial disclosures, one of the nation’s largest banks, Citi, paid Yellen $952,200! Yellen has also collected large sums from PIMCO, Barclays (BCS), BNP Paribas, UBS (UBS), Credit Suisse (CS), ING, Standard Chartered Bank and City National Bank, Goldman Sachs, Google, City National Bank, Salesforce, and Citadel LLC.
Citadel, which paid Yellen more than $800,000 in “speaking fees,” is now infamous for bailing out the first hedge fund that was decimated by crowd-sourced stock buying. When Melvin Capital tried to short sell stock from a retailer named Game Stop, a Reddit forum with 2 million subscribers collectively bought up Game Stop stock, forcing Melvin Capital to take over $1 billion in losses. Citadel and Point 72 came to the rescue with a $3 billion bailout for Melvin Capital. (Read more: Populist financial uprising may tear down the entire RIGGED system.)
Because of this activity, Yellen is likely to clamp down on the free market and impose “legal and regulatory repercussions” for people who conspire online to bankrupt a hedge fund through group stock purchases. It should be pointed out that Yellen deserves no authority in the matter, for she is mired in a conflict of interest and has already takes hundreds of thousands of dollars in “speaking fee” bribes straight from the billionaires she’s trying to protect.