Did Biden’s Treasury Secretary Janet Yellen Violate Her Ethics Agreement by Participating in Matters Involving Citadel?

It looks like newly-confirmed Treasury Secretary Janet Yellen may have violated her ethics agreement with the US Treasury Department according to New York Times reporter Kenneth Vogel who stated in a tweet,

“Unless JANET YELLEN receives a written waiver, she will be barred by her ethics agreement from participating in any matter involving CITADEL, which makes millions in fees from ROBINHOOD, until Oct. 2021 (or 1 year after her last paid speech to Citadel)”

Janet Yellen Ethics Agreement with U.S. Department of Treasury PDF

janet-yellens-ethics-agreement-dec-29-2020

First Squawk followed with a tweet saying, ‘US President Biden And Vice President Harris To Receive Briefing From Yellen Friday 11:00 ET.’

Bane Capital LLC tweeted, the following “About her resignation it better be” and added the following information,

The incoming US Treasury secretary, Janet Yellen, has been paid at least $7m (£5.1m) for speaking engagements at government-regulated banks, consultancies and hedge funds over the past two years, according to newly disclosed documents.
The former Federal Reserve chair disclosed a list of more than so paid speaking events for financial firms that included $67,500 from Goldman Sachs, $54,000 from an event at Barclays and $292,500 from a single speech for hedge fund Citadel.

According to Fox News, Yellen received $800G from the hedge fund involved in the Gamestop controversy, however the White House did not commit to recusal.

“Newly-confirmed Treasury Secretary Janet Yellen received around $810,000 in speaking fees from the hedge fund that bailed out one of the primary losers in the recent Gamestop frenzy.

Psaki: Treasury Secretary Yellen ‘monitoring’ GameStop stock situation

Jan. 27, 2021 – 1:43 – White House Press Secretary Jen Psaki answers reporter questions about Janet Yellen and the GameStop stock surge.

Surging GameStop stock creating chaos for hedge funds

Jan. 27, 2021 – 3:59 – FOX Business correspondent Kristina Partsinevelos joins ‘Your World’ with the latest

Yellen’s financial disclosure shows her making $337,500 for multiple days in Oct. of 2020 from Citadel. She similarly banked $292,500 in October of 2019 and $180,000 in December of that year.

The Senate confirmed Yellen on Monday, making her the first female US Treasury Secretary. She previously chaired the Federal Reserve after an appointment by former President Obama.

Both Citadel and Point72 infused almost $3 billion into Melvin Capital, which saw massive losses after betting against the video game retailer Gamestop. The White House said (see Psaki video above) on Wednesday that Yellen was monitoring the situation.

White House Press Secretary Jen Psaki was asked Thursday during the daily briefing whether Yellen would recuse herself from advising the president on Gamestop. Psaki did not commit one way or another.

The Treasury Department did not immediately respond to a request for comment.

Citadel does business with Robinhood, the trading app that helped fuel the massive stock activity that hit Melvin Capital. Robinhood said Thursday investors would only be able to sell their positions and not open new ones in some cases, and Robinhood will try to slow the amount of trading using borrowed money.

GameStop stock has rocketed from below $20 earlier to close around $350 Wednesday. The action was even wilder Thursday: The stock swung between $112 and $483. At midday it was down 27% at $255.

The Thinking Conservative
The Thinking Conservativehttps://www.thethinkingconservative.com/
The goal of THE THINKING CONSERVATIVE is to help us educate ourselves on conservative topics of importance to our freedom and our pursuit of happiness. We do this by sharing conservative opinions on all kinds of subjects, from all types of people, and all kinds of media, in a way that will challenge our perceptions and help us to make educated choices.

Columns

Trans-wormal

No worm ever said "I am anthropomorphizing, I am a butterfly" to a toad or flock of geese and expected acknowledgement and support.

How a Chinese Government Statistician Was Forced to Report Fake Data

Chinese local govt employee produced a non-authorized report on bees and was visited by police and threatened with being sent to a mental hospital.

‘This One Time, at Groomer Camp’

All Camp Brave Trails programs focus on helping LGBTQ+ youth find what they need most to thrive: their people, their place, and their passion.

Why Recognizing a Palestinian State Now Undermines U.S. Interests 

A recent American Conservative article suggests President Trump recognize a Palestinian state, but this would undermine the interests of the United States.

Harvard’s China Ties Under Scrutiny as US Targets Student Visas

Following Trump admin’s action to vet Chinese nationals studying in US for ties to the CCP, Harvard's involvement with Beijing has come to the fore.

News

Guatemalan Deportee Arrives in US After Judge Orders Trump Admin to Facilitate Return

“America’s asylum system was never intended to be used as a de facto amnesty program or a catch-all, get-out-of-deportation-free card,” McLaughlin said.

Trump-Musk Feud Escalates Over Spending Bill: 5 Things to Know

A public feud between Musk and Trump took a turn for the worse. Musk claimed president wouldn’t have won without him and president suggested Musk’s subsidies could be pulled.

Supreme Court Rules 9-0 Wisconsin Violated First Amendment by Denying Tax Exemption to Catholic Charity

Supreme Court ruled unanimously that WI violated the First Amendment by not granting Catholic charity an exemption from paying unemployment tax.

Appeals Court Rules San Diego’s Yoga Ban Is Unconstitutional

The city of San Diego’s ban on yoga classes in public parks and beaches was ruled unconstitutional by a federal appeals court.

Supreme Court Rejects Mexico’s Lawsuit Against Gun Companies

SCOTUS said gun companies should not face lawsuit in which Mexican govt was trying to hold them liable for cartel-related violence involving firearms from US.

FDA Not Recommending Newly Approved COVID-19 Vaccine: Official

FDA approved a new COVID-19 vaccine but is not recommending people receive it, the agency’s top vaccine officials said on June 4.

Self-Sufficiency Summits in Ohio Reflect Surging Interest in Homesteading

After an age of reliance on store-bought items, many Americans are returning to a self-sufficient lifestyle and growing and raising the food they consume.

Judge Requires Trump Admin to Provide Due Process for Deportees in El Salvador Prison

Boasberg ordered Trump admin to provide habeas relief for individuals it deported and are held in Salvadoran maximum security prison.
spot_img

Related Articles