Later On

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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

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Democrats — like Republicans — should strive for ethical behavior and honesty. This attempted deception by Janet Yellen seems disqualifying to me. I hope Biden will look for integrity in those he picks. Pam Martens and Russ Martens report in Wall Street on Parade:

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, Berkeley.

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 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 that 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.

Yellen’s first event on April 2, 2018 was reported by Reuters. Yellen was hosted by. . .

Continue reading. There’s more.

Later in the article:

We know that Yellen has not fully disclosed her financial entanglements with Wall Street because page 8 of her financial disclosure form asks her to list her “sources of compensation exceeding $5,000 in a year.” Under that heading, Yellen lists JPMorgan Chase, Morgan Stanley, Carlyle Investment Management. And she states the source of the income from those firms resulted from her being a “speaker.” But Yellen has not included those firms and others in her details of income for 2019 or 2020, leaving the reader to assume that she was paid for speaking events at these firms in 2018, while failing to report the specific amounts of income from each.

It’s disgusting if Joe Biden puts up with this sort chicanery.

Written by Leisureguy

6 January 2021 at 10:50 am

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