Joe Biden’s Treasury Secretary Janet Yellen has made over $7 million from speaking at Wall Street firms including Citadel – which has invested billions of dollars in the primary hedge fund now suffering as a result of the GameStop stock surge.
Yellen’s financial disclosures reveal over 60 speeches to financial firms, and items 25, 29, and 49 on the list shows her receiving a sum of $810,000 from Citadel in speaking fees.
Following a Reddit-induced skyrocket in the price of GameStop, a company heavily shorted by Melvin Capital Management, trading platforms including RobinHood have started to ban trading of the security. The move will likely lower the price of the stock and, perhaps, help rectify Melvin Capital’s immense losses.
The move has been widely viewed as protecting Wall Street hedge funds, whom Yellen has made millions speaking from, while “selling out” the little guy.
Citadel recently funneled billions into Melvin Capital Management according to The Wall Street Journal:
Citadel LLC and Point72 Asset Management are investing $2.75 billion in hedge fund Melvin Capital Management, an emergency influx of cash that is expected to stabilize what has been one of the top performing funds on Wall Street. […] Citadel and its partners are investing $2 billion and Point72, which already had more than $1 billion invested in Melvin as of 2019, is investing an additional $750 million, the funds said Monday. As part of the deal, Citadel, its partners and Point72 are receiving non-controlling revenue shares in the firm that eventually expire, a person familiar with the deal said.
What’s more, Citadel has a close financial relationship with RobinHood, as the trading platform “receives payment from Citadel Execution Services for directing equity order flow”:
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One summary of the Citadel-Robinhood relationship notes “Robinhood likely received a significant premium on its Payment for Order Flow (PFOF) from Citadel as it allowed Citadel to profit much more of Robinhood trades than other brokers.”
Citadel is founded by Ken Griffin, a major Republican donor who has funded the presidential campaigns of establishment candidates including Mitt Romney and John McCain.
Yellen will now face questions over her involvement in the move to stop ordinary traders on Thursday morning. She was cited as the front person of the Biden regime by Press Secretary Jen Psaki on Wednesday.