Biden Treasury Secretary Janet Yellen has received $7 million in speaking fees over the past two years, and according to Breitbart’s John Nolte, the fees were nothing more than a way to legalize bribes and payouts to Yellen and other liberal elites.
Days after the Senate confirmed Yellen, her financial disclosures were released. Yellen had nearly 50 speaking engagements since 2018 and will have to avoid consideration of matters dealing with some 17 banks and other financial institutions for at least a year because her past dealings would create conflicts of interest, The Wall Street Journal reported. Additionally, she will have to resign from a consulting position with Magellan Group of Australia now that she has been confirmed as treasury secretary.
Citi Bank alone gave Yellen nearly a million dollars, and she also received large payments from PIMCO, Barclays, Citadel, BNP Paribas, UBS, Credit Suisse, ING, Standard Chartered Bank and City National Bank, according to Fox Business.
Yellen and her husband have stocks, bond-fund shares and bank accounts with a value of between $8 million and $19.6 million, The Journal reported.
America’s financial elite
When Biden press secretary Jen Psaki was asked about the disclosures, she replied, “The Treasury Secretary is a world-renowned expert on the economy. It should not be a surprise to anyone that she was paid to give her expert advice before she came into office.”
Nolte pointed to Yellen’s ties to Citadel, which bailed out hedge funds in financial trouble over skyrocketing GameStop shares those funds had shorted, as evidence that Yellen could already have undue influence over the financial community.
“Sorry, but these speaking fees are nothing more than America’s elites figuring out a way to legalize bribes and payoffs,” Nolte wrote. “That’s it. That’s all that’s going on here.”
“While it may not be legal for me to hand you an envelope full of cash, it’s perfectly legal for me to fly you out in a private plane (or first class), put you up in a suite, wine you and dine you, and then hand you a gazillion dollar check for an hour’s work,” he continued.
Nolte likened Yellen’s speaking fees to hefty book advances that elites are often paid, such as New York Gov. Andrew Cuomo’s $783,000 advance in 2014 for a memoir that only sold 3,800 copies.
“Why would a publisher be willing to take a beating like that?” Nolte asked. “Gee, could it be that Harper Collins is New York-based and Cuomo is New York’s governor and this was a legal way to funnel him close to a million dollars in the form of legalized graft?”
Nolte’s concluded that the system is “rigged” to allow elites to collect big payouts, even if they add little value to a company’s position.
“Funnel a few million to Yellen, give CNNLOL and CNBC some nifty stock tips … That’s all it costs Wall Street to protect its billions and destroy the Reddit barbarians, whose only sin is outsmarting you,” he said. “And it’s all legal.”