Despite a conflict of interest of 810$ 000, the newly confirmed Treasury Secretary Janet Yellen will not shy away from advising President Joe Biden on the ongoing hedge fund mania with Robinhood and GameStop

When asked during a press conference at the White House Thursday whether Yellen would refuse to advise the president on the ongoing short sale of GME stock after receiving more than $ 1 million in speaking fees from Robinhood’s largest client Press Secretary Jen Psaki didn’t seem to have a problem relying on the lawyer for the new Democratic Finance Minister

“Aside from the GameStop issue, the Treasury Secretary is one of the world’s most renowned experts on markets and economics. It should come as no surprise that she was paid to provide her perspective and advice before taking office,” Psaki told Reporters, ignoring the obvious conflict of interest

Lol !! Only Republicans give back like idiots. Democrats are all, “Excuse me? That there is a conflict of interest is all the reason I am here! “https: // tco / Hu2rTBgUE4

Psaki also seemed to imply that it was sexist to mention Yellen’s conflict of interest because she is a woman

“I’m also delighted to reiterate that we have the first female Treasury Secretary,” said Psaki as she opened her answer to a reporter’s question and said Yellen’s communications team would normally answer those questions instead of her. p>

Citadel LLC, one of the hedge funds that partnered with Point72 Asset Management invested $ 2.75 billion to bail out Melvin Capital, one of Wall Street’s major losers in Gamestop-Snafu, paid Yellen a total of 810 in 2019 and 2020$ 000 in speaking fees Yellen’s financial statements show the new secretary has received $ 7 million speaking fees from financial firms over the past two years, raising questions about her loyalty to Wall Street >

Yellen’s conflicts of interest are particularly significant given the recent hype where a group of Redditors decided to beat Wall Street financiers at their own game when a hedge fund shorted out GameStop, borrowed the stock, and then sold and believed Since it could be bought back at a lower price and returned at a profit, the Redditors decided to buy tons of stock, raise the price, not sell them Forcing the hedge fund to pay borrowing costs until it returned the stocks it could no longer purchase at the price it needed to return for profit or breakeven

After the price of GameStop stock tumbled, Robinhood, a popular trading platform, began banning users from trading GME securities, Robinhood has also had incredibly close financial ties with the Citadel, according to June 2020 data from the Financial Times Robinhood’s income from the flow of orders for stocks and options increased to 91 million for the period USD 39 million from Citadel Securities USD ”

To make matters worse, when Bighood was criticized by Robinhood’s criticism of Wall Street, Big Tech stepped in to help Google reportedly deleted more than 100000 negative reviews of Robinhood app on his store Save corporate giants at the expense of powerless Americans with nothing but a Reddit account and a few bucks

Now, Yellen refuses to hold back from advising the president through the entire ordeal of GameStop-Robinhood-Citadel-Melvin Capital, despite her own financial entanglements and lucrative past with Wall Street giants

Those concerned about loose monetary policy, angry redditors and retail investors looking to get rich all jump into the crypto game hoping the value of their coins “rockets to the moon”

Despite a conflict of interest of 810The newly confirmed Treasury Secretary Janet Yellen will not withdraw $ 000 from the ongoing hedge fund mania with Robinhood and GameStop

The Wall Street Goliaths may have suffered a loss greater than Sierra Leone’s GDP – and it’s nowhere near complete

Ironically for the first month of 2021, a trading app promoting the “democratization of investment” shows that it is ready to suppress the little guy in order to keep hedge fund giants afloat

As cryptocurrencies become more mainstream and easier to buy than ever before, and inflation becomes a very real risk, assets like Bitcoin could continue to appreciate in value

Citadel

World news – FI – Yellen will not be reused on GameStop after Citadel has sold nearly 1 million Paid USD

Source: https://thefederalist.com/2021/01/29/treasury-secretary-janet-yellen-wont-recuse-on-gamestop-despite-getting-almost-a-million-from-citadel/