"The evil of aristocracy is not that it necessarily leads to the infliction of bad things or the suffering of sad ones; the evil of aristocracy is that it places everything in the hands of a class of people who can always inflict what they can never suffer." - G.K. Chesterton
I guess this reminder is what set me off today:
I have a thousand examples in my murdered Twitter feed of what a rolling disaster Janet Yellen has been, but I could rest my case right here: Yellen’s only regret as Fed chair: Low inflation
Imagine thinking like that.
How out of touch with most Americans can someone be? (It’s very common. The entire FOMC is like this. Fed diversity, or something, yada yada yada.)
TL;DR: Janet Yellen is a bad person, a captured, failed-regulator and general policy idiot who should not be in any position of influence, anywhere.
Yellen gets post-Fed payday in private meetings with Wall St. elite
Later, over the penthouse dinner of lobster, beef short ribs and matzo in the trendy Tribeca neighborhood, Yellen held court with executives from hedge funds, private equity firms and companies
The outstanding investigative team of Pam Martens and Russ Martens provide more color on Janet’s many paydays:
Yellen heaped suspicions on herself when she decided to trade her reputation as an impartial Fed wonk for millions in cold, hard cash in speaking fees from Wall Street banks and hedge funds after leaving the Fed in 2018.
After Biden nominated Yellen to be Treasury Secretary, the Office of Government Ethics released her financial disclosure form. It showed a windfall of $8 million in speaking fees after she left her position as Chair of the Federal Reserve. More than $5 million of that came from Wall Street related entities.
That $5 million figure is definitely not the full tally. Yellen’s financial disclosure form reported her cash haul from Wall Street for just the years 2019 and 2020. It is likely that her biggest haul would have been in 2018 when her knowledge of the Fed would have been most timely. Yellen had immediately signed up with the Washington Speakers Bureau after she stepped down from the Fed on February 3, 2018. She acknowledges receiving speaking fees from Wall Street banks in 2018 but doesn’t say how much those fees amounted to.
Yellen was a Fed Governor before becoming Fed Chair and that term didn’t expire until 2024. Yellen could have remained at the Fed and functioned as a public servant. Instead, she opted for cash windfalls from the very same mega banks that 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 bailouts were only made public after the Fed waged and lost a multi-year court battle to keep the size of the bailouts a secret [How about that transparency, huh? - RH].
The largest recipient of the Fed’s bailouts was Citigroup. It received a cumulative total of more than $2.5 trillion in below-market rate loans from the Fed from 2007 through at least the middle of 2010. Yellen’s financial disclosure report showed that she spoke three times at Citigroup, on March 6, March 11, and March 12, 2019. She made $217,200 for each event, for a total of $651,600. [That was just for 2019. Here is Yellen’s financial disclosure report - RH]
Yellen also raked in a cash haul from Citadel [the Ben Bernanke charity], a giant hedge fund now under scrutiny before the Senate Banking and House Financial Services Committees. Yellen’s financial disclosure report showed she had been paid $992,500 for speaking engagements at Citadel and had refunded it $50,000 to $100,000 for a cancelled event.
As Jesse Eisenger noted in January 2021:
Deeply troubling two-fisted money grab from banks by Janet Yellen. This is corruption, but isn’t called that because it’s so quotidian. Govt service is less about service and has become a deferred compensation plan…how arrogant is it to imagine that money corrupts everyone but you?
Oddly, Janet never replied to me.
It’s a big club, and Janet’s at the center of it.
To add insult to injury, if you’ve never heard Janet speak, she is the worst - literally mind-numbingly awful. She has the charisma of turnip. Nelson Peltz is riveting compared to Yellen.
If you want more, in 2017 I wrote this article, after reading a typically ridiculous MSM article on how Janet Yellen was “a true populist.” I think it aged well.
Same with this thread. Our financial media LOVES the Fed; drools over it, constantly. It’s a very serious problem, a complete failure of journalism.
If I could use one word to describe Janet Yellen, it would be SOCIOPATH!
Her husband George Akerlof is also an economist.....He wrote Animal Spirits in 2010 "Animal Spirits offers a road map for reversing the financial misfortunes besetting us today." They must never talk to each other!!!